Phantom Wallet’s Strategic Shift: Embracing Hyperliquid Over Native Solana Perps DEXs

In a surprising move, Phantom Wallet, Solana's leading wallet with 15 million monthly active users, has integrated Hyperliquid for perpetual trading, diverging from expectations to support native Solana decentralized exchanges (DEXs) like Drift or Jupiter. This decision redirects user activity to a competing platform, offering no immediate advantages to Solana's fee structure or total value locked (TVL). Meanwhile, Kraken and Backed's tokenized stock product, xStocks, has expanded to BNB Chain, signaling a broader trend of cross-chain interoperability in the crypto space. As of July 2025, these developments highlight the dynamic and competitive nature of the blockchain ecosystem, where strategic partnerships and integrations continue to reshape user experiences and platform loyalties.

Phantom Wallet Integrates Hyperliquid, Diverging from Solana-Centric Expectations

Phantom, Solana's dominant wallet with 15 million monthly active users, has unexpectedly integrated Hyperliquid for perpetual trading—bypassing native solana perps DEXs like Drift or Jupiter. The move redirects user flow to a rival platform, offering no direct benefit to Solana's fee structure or total value locked.

Meanwhile, Kraken and Backed's tokenized stock product xStocks expands to BNB Chain just weeks after its Solana debut. Bybit's integration underscores the product's multichain ambitions, aligning with Backed co-founder Adam Levi's vision of neutrality and broad accessibility.

Bitget Expands into Tokenized Equity Trading via xStocks Integration

Bitget has launched tokenized stock trading on its Onchain platform, enabling crypto users to access global equities without traditional brokerages. The integration with Kraken's xStocks infrastructure, announced on July 9, includes tokenized versions of Tesla (TSLAx), Nvidia (NVDAx), and other major equities.

The move marks a strategic expansion into hybrid financial products, blending crypto agility with traditional market exposure. Bitget Onchain combines CEX usability with direct blockchain settlement, supporting Solana (SOL), Base, and BNB ecosystems.

xStocks' 24/5 trading model bypasses conventional market hours, offering near-continuous access with instant settlement. "This represents a new phase of market access," said Bitget CEO Gracy Chen, emphasizing the complementary potential of crypto and traditional assets.

Solana (SOL) Gains 3.78% Amid Institutional Partnerships and Record Transactions

Solana's price ROSE to $156.71, marking a 3.78% increase in the past 24 hours. The blockchain platform continues to demonstrate resilience despite a weak bullish trend, with growing institutional interest and network activity driving momentum.

The Solana Foundation recently secured partnerships with major financial institutions to advance real-world asset tokenization. This strategic MOVE bridges decentralized finance with traditional markets, potentially accelerating SOL's adoption curve.

Network fundamentals remain robust, with Solana processing over 1.5 million daily transactions—a new milestone that reinforces its position as one of crypto's most scalable LAYER 1 solutions. Exchange listings continue expanding across tier-1 platforms, improving liquidity access for institutional and retail traders alike.

Jupiter and xStocks Partner to Expand Solana DeFi Access

Jupiter Exchange, a leading DeFi aggregator on Solana, has partnered with xStocks Alliance to enhance access to tokenized real-world assets (RWAs). The collaboration aims to bridge traditional finance with decentralized protocols, leveraging Solana's growing infrastructure.

Jupiter has processed over $70 billion in trading volume and facilitated 116 million swaps, serving 1.5 million users. The platform aggregates liquidity from sources like Meteora and Raydium, offering competitive pricing through integrations such as Pyth Network Express Relay.

This partnership marks a significant step in bringing tokenized equities and financial innovation to Solana's DeFi ecosystem. The move underscores the blockchain's rising prominence in decentralized finance.

Pump.fun to Allocate 25% of Revenue to PUMP Token Holders Ahead of ICO Launch

Pump.fun will distribute a quarter of its platform revenue to holders of its native PUMP token, according to four sources familiar with the matter. The Solana-based launchpad confirmed its initial coin offering will commence on July 12, with 33% of the total supply allocated to the sale. Dragonfly Capital's Haseeb Qureshi noted the token could rank among crypto's highest-grossing revenue-sharing assets.

The revenue-sharing model aligns with predictions made by 6th Man Ventures' Mike Dudas in June, who hinted at value accrual mechanisms for tokenholders. Institutional buyers will receive 18% of the ICO allocation, with 15% reserved for public participants. At a fully diluted valuation of $4 billion, the public sale portion represents approximately $72 million in token supply.

SEC Crypto Task Force Head Warns Tokenized Securities Remain Under Regulatory Scope

Hester Peirce, head of the SEC's Crypto Task Force, delivered a stark reminder that blockchain tokenization does not alter the fundamental nature of securities. Tokenized shares, notes, or entitlements remain subject to existing federal securities laws, requiring full compliance from issuers and intermediaries.

The bulletin highlights two tokenization models: direct issuer minting versus custodian-wrapped securities. The latter introduces counterparty risks, as token holders become dependent on custodians' solvency and control of underlying assets. Peirce specifically cautioned that some token structures could be classified as security-based swaps, prohibited from retail trading outside exchanges.

This regulatory clarification comes as Solana-based tokenized equity products gain traction, particularly those issued by Backed Finance. The SEC appears to be drawing clear boundaries ahead of anticipated growth in on-chain securities activity.