Phantom, the popular digital asset wallet, has decisively dismissed rumors concerning a potential token airdrop after unveiling its latest social discovery feature. Speculation was ignited when users began to believe that following others or amassing followers might yield token rewards. However, in a statement released on January 3, 2025, Phantom clarified that there are no plans for a token launch, reaffirming that their priority is to enhance user experience rather than offer rewards.
The newly introduced social discovery feature, which debuted in December 2024, permits users to establish profiles, connect with friends, and choose privacy settings ranging from public to private or invisible. While currently exclusive to Phantom’s mobile app, the company has intentions to extend this feature to its Chrome extension in the near future. Despite some market analysts predicting a token launch in 2025, Phantom’s announcement was aimed at squashing these rumors, underlining that the enhancement’s intent is to cultivate a richer social experience, entirely independent of token-based incentives.
Beyond the social features, Phantom is also set to incorporate the Sui blockchain, signifying the wallet’s expansion to include a fourth layer-1 blockchain, joining the likes of Bitcoin, Ethereum, and Solana. Although a specific timeline for the Sui integration hasn’t been disclosed, there are hints of a rollout in early 2025. This follows the addition of Base, an Ethereum layer-2 network, which Phantom implemented in November 2024.
With approximately 7 million active monthly users as of April 2024, Phantom has established itself as a notable contender in the crypto wallet sphere. The app even experienced a brief rise to second place in the Apple App Store’s utilities category, especially following the surge in the crypto market after the U.S. presidential election. Yet, the path hasn’t been without obstacles. In late 2024, Phantom issued an emergency update to address issues faced by iPhone users, who encountered incidents of app resets that locked them out of their wallets. This troubling issue led one user to report a staggering loss of $600,000.
Founded in 2021 by CEO Brandon Millman, CPO Chris Kalani, and CTO Francesco Agost, Phantom has rapidly ascended in the non-custodial wallet market. It’s not merely a vault for cryptocurrencies; it also offers services to secure non-fungible tokens (NFTs). With the forthcoming integration of Sui support, Phantom is poised to augment its blockchain capabilities and fortify its foothold in the dynamic crypto sector. Despite recent hurdles, the company’s commitment to refining its offerings and boosting user satisfaction remains unwavering.
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