The winners and losers of Phantom’s Hyperliquid integration

Key Points

1. Phantom, Solana's leading wallet with 15 million monthly users, integrated with Hyperliquid, a move that diverges from expectations of partnering with a native Solana perps DEX like Drift or Jupiter.

2. xStocks is launching on BNB Chain, with Kraken and Backed enabling deposits and withdrawals of BEP-20 stock tokens, indicating a trend toward multichain tokenized assets.

3. The integration of Phantom and Hyperliquid supports both the 'Fat Wallet' and 'Fat App' theses, emphasizing the importance of user ownership by wallets and the value of specialized applications.

4. Kraken, while a significant exchange, is noted to be less dominant than Robinhood, which has 14 million users, influencing Kraken's strategic moves.

5. Tokenized stocks, initially Solana-first, are expanding aggressively across multiple chains, with Bybit also integrating xStocks.