Why Phantom Is Launching Perps + Why Bit Digital Ditched BTC for ETH - Ep. 866
Episode publishedPodcast: UnchainedUnchained
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Unchained wants to hear from you. Help us continue being your no hype resource for all things crypto. By filling out our quick survey, you could win a free one year subscription to bits and bits premium coming soon. Visit unchainedcrypto.com/survey. That is unchainedcrypto.com/survey or check out the show notes for this episode. Hi, everyone. Welcome to Unchained, your NOAA high resource for all things crypto. I'm your host, Laura Shin. Heads up, everyone. Today is another doubleheader interview. First, I chat with Brandon Millman of Phantom Wallet about its Perpetual's launch, and then with S
Thanks. Appreciate the invite, Laura. And, yeah, I've been a long time listener, of the podcast and show. So, yeah, pretty awesome to be on.
Yeah. It's great to have you. This week, the crypto community was super excited when on Tuesday, Phantom announced that it was launching perpetual swaps using HyperLiquid. Tell us about this product.
Well, yeah, like you said, we put out a launch announcement, earlier this week and actually started rolling out the feature, to users. Yeah. Targeting sort of, like, a 100% rollout before the end of this week. And, yeah, the reception's been overwhelmingly positive. The crypto community at large is sort of really excited about it. And, yeah, I think, it was sort of a pretty obvious thing for us to do, frankly, in the sense that, you know, our our mission is basically to try to take crypto and accelerate the adoption of it by by focusing in specifically on sort of the safety and usability aspec
I mean, you know, so perps have been one of the most popular products in crypto for quite a while. Famously started at BitMax. I think Arthur Hayes was one of the people who came up with the idea. You know, but Phantom also has been around for a while and, you know, during that time, Perps were also available. So why did you decide to launch Perps right now? Yeah.
That's a good question. Well, I'd say, yeah, perhaps have definitely been around for a while in sort of different forms. So you've always had sort of, like, initial centralized venues like Bitmax, but there's never really been, like, a true, like, centralized exchange scale, decentralized, opportunity or, like, decentralized option for users. And that has really come on the scene this year with Hyper Liquid. There were a number of different attempts in the past. Obviously, d y d x, g m max, and some folks, like that. But I think, I think the op operative word for me is sort of centralized exch
do it. And
so, the Perf's on Phantom will have 40 x leverage. You're gonna start with a 100 markets. How did you decide on the 40 x? And then, you know, how will you decide which new markets to list?
Yeah. So we're basically treating, you know, treating Hyper Liquid as an open permissionless system that we're helping users get access to. So, sort of the access to the markets and the amount of leverage available is is sort of a function of what's of just available on hyperliquid itself. So it's not necessarily that we chose, markets or specific leverage more that we just chose to get access people to get access to people what's access, what's available on hyperliquid. And so, yeah, I believe not all markets have up to 40 x, but I believe some of the more robust ones do, for example, Bitcoin
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