Hyperliquid partners with Phantom to enter the Solana ecosystem, creating a new landscape for Liquidity.

In the competitive landscape of the cryptocurrency market, Hyperliquid officially enters the Solana ecosystem and collaborates deeply with the Phantom wallet. This initiative is not just a simple multi-chain deployment, but rather demonstrates Hyperliquid's ambition to become a cornerstone of the blockchain by providing liquidity support through the Phantom wallet.

Hyperliquid's strategic positioning is quite distinctive; it is neither like spot DEXs such as Uniswap nor like contract trading platforms such as dYdX and GMX. Its core objective is to become the ultimate source and destination of liquidity for various protocols and applications, establishing itself as a foundational player in the on-chain ecosystem with ultra-high liquidity.

In terms of technical architecture, Hyperliquid adopts a unique design. Its closed HyperCore is responsible for spot and contract trading, while HyperEVM handles blockchain-related functions. This structure allows Hyperliquid to maintain a balance between decentralization and centralization, ensuring efficient matching efficiency while preserving a decentralized brand image.

The collaboration model between Hyperliquid and Phantom is also quite innovative. Users can directly operate Hyperliquid's functions within the Phantom interface. The flow of funds involves SOL being bridged into the Hyperliquid system, then converted to USDC as margin. This design increases the flexibility of funds, allowing users to trade various assets supported by Hyperliquid and choose different leverage multiples based on their capital.

However, this cooperation model also brings some potential risks. Users need to maintain a high level of trust in Hyperliquid, especially regarding the safety of funds and the execution of trades. Additionally, during extreme market fluctuations, the entry and exit of bridged assets may face challenges.

From a strategic perspective, Hyperliquid's move is not just a simple collaboration with Phantom, but a direct challenge to the local DEX in the Solana ecosystem. This reflects Hyperliquid's ambition to dominate market liquidity and will force all parties, including traditional centralized exchanges, to reconsider their market strategies.

In terms of profitability models, both Hyperliquid and Phantom have demonstrated strong capabilities. Both have set multiple fee points during the trading process, ensuring revenue while potentially sparking discussions in the market about the level of fees.

As the cryptocurrency market matures, a single product type can no longer support business development. Hyperliquid chooses to attract more new users through wallets, while Phantom aims to break through the limitations of the Solana wallet and expand into a broader market. This cooperation reflects the current market flow nearing a bottleneck, with increasing competition, mergers, and collaboration among various platforms.

In the new market cycle, whether Hyperliquid can challenge Binance's position and whether Solana can compete with Ethereum will be the focus of industry attention. This competition surrounding Liquidity and user base will undoubtedly reshape the landscape of cryptocurrency trading and public chain ecology.