An innovative collaboration has surfaced within the decentralized finance (DeFi) sector as Hyperliquid merges with Phantom, which could significantly impact the ecosystem.
How Will Phantom Enhance DeFi?
Phantom, initially the dominant wallet choice on the Solana network, has expanded its services to various networks, even amidst market downturns. The recent integration with Hyperliquid reflects its strategic move towards DeFi prominence. Like other platforms that have gained traction since 2021, Phantom’s integration signals a new chapter for DeFi users.
What Impact Could This Have on Trading Volumes?
With 15 million active users monthly and $25 billion in asset custody, Phantom rivals some major centralized exchanges. The potential introduction of these vast assets to Hyperliquid is a remarkable leap forward for the DeFi space. Phantom’s annual swap volume of $20 billion and high daily app launches showcase its activity level. Even if only a small percentage, say 10%, of its users engage with Hyperliquid, it would introduce 1.5 million new participants each month.
Prospects for HYPE Coin
HYPE Coin experienced volatility recently, dropping to $37 but quickly recovering to $39 post-announcement. If this support from Phantom continues to reflect positively in application data, the upward trajectory might hold steady. Should HYPE Coin stabilize around a $40 growth base, breaking through $42 may revisit its all-time high (ATH) regions. Active participation by Phantom users and renewed market interest could push its value beyond $45.
The partnership between Hyperliquid and Phantom opens new opportunities for the DeFi sector, attracting new users and enhancing trading volumes, which in turn could positively affect the value of HYPE Coin.
