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Key Takeaways
- Phantom integration exposes Hyperliquid to 10M+ new users, massively expanding its reach.
- Builder codes and HIP-3 create a scalable referral and incentive model for apps and wallets.
- Analysts forecast a $100B+ market cap, positioning HYPE as a potential blue-chip DeFi asset.
Hyperliquid [HYPE] has scored a significant adoption milestone this week by integrating with Phantom wallet, giving over 10 million users direct access to its perpetuals (perps) trading infrastructure. This game-changing partnership cements Hyperliquid’s place as a rising liquidity powerhouse in decentralized finance (DeFi).
Huge congrats to the Phantom team on their perps launch! We're honored that they chose Hyperliquid as their infrastructure, tapping into the best onchain liquidity with permissionless monetization via builder codes.
— jeff.hl (@chameleon_jeff) July 9, 2025
By building on Hyperliquid, the Phantom team can focus on their… https://t.co/FUxIXMUxaz
Industry insiders now believe Hyperliquid could eventually disrupt centralized exchanges (CEXs), thanks to its unique architecture and plug-and-play integration model.
VCs Back Hyperliquid’s Liquidity Layer Vision
Crypto venture capitalists are increasingly bullish on Hyperliquid’s long-term potential. Ryan Watkins, founder of Syncracy Capital, emphasized the importance of builder codes, a referral mechanism that lets apps and wallets route users to Hyperliquid’s perps engine and earn a cut of the fees.
When I first underwrote Hyperliquid, I assigned little value to builder codes.
— Ryan Watkins (@RyanWatkins_) July 9, 2025
I now believe it’s one of the most important features that enables Hyperliquid to outcompete CEXs.
The thesis is simple: builder codes enable Hyperliquid to scale distribution faster than any…
Watkins explained that this system allows apps like Phantom—or even MetaMask—to offer perps trading powered entirely by Hyperliquid in the background. “This means you get magic moments like onboarding 10M+ Phantom users in one shot,” he said.
HIP-3 Proposal Could Spark a New Era of DeFi Growth
Hyperliquid’s forward-looking HIP-3 (Hyperliquid Improvement Proposal) could soon enable builders to spin up custom perps markets while sharing in protocol fees. This further decentralizes liquidity and incentivizes broader platform adoption.
By acting as a liquidity infrastructure layer, Hyperliquid enables seamless, white-labeled integrations for regional fintech apps, wallets, and protocols—without users needing to know what powers the engine under the hood.
Market Cap Projections Suggest Massive Upside
VCs like Simon Dedic of Moonrock Capital believe Hyperliquid is poised for explosive growth, especially with the Phantom deal now live. Dedic said, “Now imagine how much fees the best crypto apps will print once we are at tens of millions of daily active users.”
Let it sink in that Hyperliquid is printing more than half a billion USD in annualized fees from only 40k daily active users.
— Simon (@sjdedic) July 9, 2025
Now imagine how much fees the best crypto apps will print once we are at tens of millions daily active users or even more.
Because this is exactly where… pic.twitter.com/JTrZjzaJ4v
Earlier projections from Watkins estimated Hyperliquid could reach a $100 billion market cap, while A1 Research suggested a range of $70B to $120B within a year—up to 3.5x its current valuation. That implies a potential price target for the HYPE token between $69 and $120.
Also Read: Hyperliquid Revenue Soars to $310M as HYPE Price Targets $48
Hyperliquid’s integration with Phantom wallet marks a breakthrough moment for DeFi infrastructure. Its model—offering infrastructure as a service—could redefine how users access perps trading while enabling apps to plug into a shared liquidity layer effortlessly.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
