Solflare Launches Perpetual Contracts—Wallets Are Evolving into Full Trading Terminals The product boundary between wallets and exchanges is becoming increasingly blurred. ① Solflare has launched perpetual contracts on mobile, powered by Phoenix Trade, covering over 65 markets. Users can directly go long or short price movements without needing to hold the underlying asset first. ② This means users can now manage custody, spot trading, leveraged trading, and position management—all without leaving their wallet. For product growth, the trading path is significantly shortened. ③ However, a shorter path also means users are more exposed to leverage risks. Perpetual contracts involve funding rates, liquidation prices, order book depth, and oracle risks—don’t treat them like a simple swap just because the entry point is within a wallet. ④ My personal view: Wallets will become the financial operating system of crypto, but “more features” isn’t the only competitive advantage. The one who can effectively unify trading, risk warnings, and asset security will truly retain mainstream users. High leverage isn’t suitable for most people. NFA.