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Phantom Wallet yesterday announced that it has integrated high lipid Perps into its wallet interface.
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This is amazing. Mainly, Phantom is Solana’s Marquee Wallet, far ahead of competing wallets such as Solflare and backpacks, with 15 million active users (MAUS) per month.
If Phantom wanted to cut the Perps market, I think I would have naively hoped it would become a partner beginning Native Solana perpulates dexes like drift and Jupiter.
But drift and Jupiter may be your hometown favorites, but high lipids are where you already have money.
sauce: Sand Dunes
Therefore, wallets with millions of millions of Solanas are used as shepherds to rival venues.
Just this morning, Kraken and Bucked announced that Xstocks will also be on sale on the BNB chain.
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Soon, eligible Kraken customers can withdraw these BEP-20 stock tokens by depositing them directly from the exchange.
Xstocks is a tokenized stock product for Kraken and Backed, and it debuted in Solana two weeks ago (I wrote about it last week).
Tokenized stocks may have been Solana First, but they will be violently multi-chine. Bybit also integrates Xstocks.
The move to the BNB chain of XStocks is no surprise. Think about supporting co-founder Adam Levi with the goal of “becoming a neutral, public good asset class” and ultimately “expanding XStocks to other exchanges and chains.”
What investor mental models do these news affirm?
Phantom X Hyperquid News appears to be checking both the Fat Wallet Paper and the Fat App paper at the same time.
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Building a phantom-like wall wallet, as the user owns the wallet, not the app.
Or build a great app like high liquid, as users follow the app rather than the underlying chain.
But if possible, you should build fat exchanges like Robinhood and Kraken. This is because you can take users to your favorite chain.
Kraken is a fat exchange, but it’s not as fat as Robinhood’s 14 million Mauss.