In March, Phantom became the first passive software provider to receive no-action relief from the CFTC. We're grateful to the CFTC for working with us to chart a new path for non-custodial software providers to connect people with regulated markets, all while the provider never holds users' funds or makes decisions about their trades. Now the CFTC has opened that same path to other software providers, and that's a win for the whole industry. This is how it should work: software built to protect consumers, paired with regulated partners, giving more people safe access to the financial services they want 🤝.

I agree with @vibhu and the Solana foundation: the crypto ecosystem has evolved and the wallet needs to evolve as well. As a product, Phantom has been undergoing big transformations over the past year. A lot of this work is already live: seedless login via Apple or Google, seamless swaps that abstract away gas and bridging, social usernames over raw wallet addresses, unified cash balances funded by built-in onramps (fund with everything from Apple Pay to ACH). And there’s definitely more to come. In order to power this this evolution, we’ve rebuilt our self-custody and onchain finance stack from the ground up, giving us the foundation to redefine what a wallet can be: hiding the sharp edges of crypto while giving users the power of open, permissionless markets.

over the course of the last year, pre-IPO perpetuals have proven their usefulness as accurate pricing signal for private companies this is a great step towards making these instruments safer, more standardized, and eventually available to Americans

Despite having deep roots in the Solana ecosystem, @phantom chose Hyperliquid for its perps product. @alvinhsia explains how the decision came down to the numbers: liquidity, usage, volume, battle-tested infrastructure, and an integration model built for distribution.

excited to talk about builder codes at the Hyperliquid NYC summit today! @phantom is the largest distribution partner in the Hyperliquid ecosystem, enabling anyone to access open markets with deep onchain liquidity

as the child of immigrants who came to the United States in search of a better life, i’m deeply grateful to the founding fathers and to all those who have defended their noble ideals over the last 250 years may the great American experiment endure. happy july 4th 🇺🇸

Proud to share that the @Ventuals team is joining Phantom: @AlvinHsia, @EmHsia, and Aris Samad start with us this week. I’ve been following their work for a long time, and am so excited to work alongside them at Phantom.

Thrilled to share that Ventuals is joining Phantom! We started Ventuals with one simple belief: perps are still early, and global, open, 24/7 markets will be central to how people trade, invest, and move value. As we got to know the team, it became obvious that Phantom is the company to take this future mainstream. Phantom is trusted by millions of people globally and has been Hyperliquid’s largest distribution partner to date. The team is clearly obsessed with creating a world-class user experience, and has the ambition to build a truly generational consumer finance brand. We couldn’t be more excited to get to work.

a year ago, we had a crazy idea — what if you built perps for private companies? many people told us it would never work, but we thought it was worth trying anyways. and over the course of the past year, we proved it could be done. it was by no means a perfect system. but for much of this year, Ventuals became the go-to venue for realtime pricing information on the most important private companies well before their IPOs. and most importantly, for the first time ever, exposure to private companies was open to everyone — with instant execution, no paperwork, no management fees, and no performance fees. since our mainnet launch, over 11,000 traders have done over $1B in annualized volume across our markets, and Ventuals has ranked in the top 10 RWA perps DEXs measured by open interest. and for me, the personal anecdotes made it all the more fun. several traders have put on multi-million dollar positions in our pre-IPO markets. employees at SpaceX, OpenAI, and Anthropic, along with several late-stage VC funds, have reached out to tell us they have been using Ventuals to price their own shares. but all good things come to an end, and this ending is making room for what’s next. today we announced that we’re winding down Ventuals, and will be joining another team building in the Hyperliquid ecosystem. we’re really excited to share more on that soon, but today’s announcement is focused on the wind down. over the next few days, all Ventuals deployed HIP-3 markets will be settled and halted for trading. please read the full article for details. starting on June 19, all vHYPE holders will be able to withdraw their deposited HYPE. users can expect to get their HYPE back 1:1, plus any accrued native staking yield since their deposit. since inception, Ventuals has never earned any fees from vHYPE. thank you to all of the traders, stakers, and market makers who gave us a shot. thank you also to the Hyperliquid team, and all the other ecosystem builders who we’ve partnered with over the last year. while it’s bittersweet that this part of the journey is coming to an end, i am incredibly proud of what our small team pulled off, and we couldn’t have done it without your support. more to share soon on what’s next. onwards!

The SpaceX IPO is today! For purposes of resolving the SPACEX market, Ventuals will use 13,075,865,175 basic shares outstanding. This share count is based on the latest publicly available offering materials and reflects the post-offering basic shares outstanding, excluding the underwriter option. The resolution valuation will be calculated as: First-day closing stock price × 13,075,865,175 shares At market close today (4pm ET), Ventuals will: - Freeze the mark price to the resolution valuation - Halt trading in the SPACEX market - Settle all open SPACEX positions at the final mark price Ad astra.