Users in the Phantom protocol typically take on one or more of the following roles.
Builder: The builder opens CDP to create synthetic assets that correspond to the assets specified in the over-collateralization agreement. These newly created synthetic assets can then be traded and used for liquidity mining.
Traders: Traders buy and sell synthetic assets to participate in traditional financial asset-based cryptocurrency trading.
Liquidity miners: Liquidity miners create trading pairs of synthetic assets and other assets and add liquidity in DEX to obtain LP Tokens. Then they can pledge LP tokens on Phantom for liquidity mining and gain PHM rewards over time.
Arbitrageurs: Users who sell high and sell low synthetic assets in DEX, or risk hedge arbitrage with other markets.