On Tuesday, Phantom announced it would launch perpetual swaps using Hyperliquid.

It’s a bold move for the Solana-first wallet, and a clear signal about where the team sees the future of DeFi. 

In this episode, Phantom CEO Brandon Millman breaks down why they’re entering the high-leverage world of perps, why Solana DEXes didn’t make the cut, and why wallets (not exchanges) might become the new front door to crypto.

Plus: social features, mobile-first UX, and why Phantom sees itself evolving into a full-on consumer finance platform.