Phantom, the self-custodial crypto wallet, has racked up $20 million in builder code revenue on the Hyperliquid platform in less than a year. The milestone underscores how quickly developers are turning to Hyperliquid's high-performance blockchain for building decentralized applications.
The $20 Million Milestone
Builder code revenue, a metric tied to fees generated by smart contracts deployed on Hyperliquid, hit the eight-figure mark for Phantom within months of the wallet's integration. The figure reflects activity from users interacting with Phantom-powered dApps on the network. No other wallet has disclosed a similar revenue figure on Hyperliquid, placing Phantom in a rare spot among the platform's early adopters.
What Builder Code Revenue Means
On Hyperliquid, builder code revenue refers to the fees collected by developers whose smart contracts process transactions. Each time a user triggers a contract — say, to swap tokens or open a perpetual position — a portion of the fee goes to the code's creator. Phantom's $20 million haul suggests heavy usage of its embedded swap and bridge functions, which rely on Hyperliquid's on-chain infrastructure.
Phantom’s Role in the Ecosystem
Phantom, best known as a Solana wallet, expanded to Hyperliquid in early 2024. The move gave users a familiar interface to tap into Hyperliquid's order-book-based perpetuals and spot trading. With over 7 million monthly active users across chains, Phantom brought a ready audience to the platform. The $20 million figure indicates those users didn't just show up — they transacted, and they did so at scale.
Hyperliquid’s Growing Pull
Hyperliquid, a Layer-1 blockchain built for speed, has become a magnet for developers chasing low-latency DeFi. Its builder code revenue model aligns incentives: coders earn directly from the usage of their dApps. Phantom's success on the platform could encourage other wallet providers to follow suit, though none have announced plans yet. The question now is whether Phantom can sustain that revenue pace as more wallets and dApps enter the Hyperliquid ecosystem.
