Phantom, a leading non-custodial crypto wallet provider, has denied speculation about a potential token airdrop following its announcement of a new social discovery feature. The company clarified its stance in a Jan. 3 post on X, stating, “We do not have any plans to launch a token.”
Social Discovery Feature Sparks Rumors
The rumors began after Phantom revealed its upcoming social discovery feature on Dec. 19. The feature will allow users to create profiles, add friends, and select privacy settings, including public, private, or invisible modes.
Some users, such as X user “Slim,” speculated that Phantom would reward users with tokens for gaining followers and engaging with the feature. However, Phantom swiftly debunked these claims, emphasizing its focus on delivering a great user experience rather than launching a token.
“We’re incredibly excited about social discovery on Phantom and are actively working on ways to make it something everyone loves,” the company stated.
Expanding Blockchain Support
On Dec. 6, Phantom announced plans to integrate the Sui layer-1 blockchain into its platform, adding to its existing support for Bitcoin, Ethereum, and Solana. The integration is expected to go live in early 2025, further broadening Phantom’s multi-chain capabilities.
Phantom has solidified its position as a leading wallet provider during this crypto bull cycle, boasting 7 million monthly active users as of April 2024.
Rapid Growth and Challenges
Phantom briefly became the second most popular app in the Apple App Store’s utilities category on Nov. 20, during the post-election crypto market surge following Donald Trump’s presidential victory.
However, the wallet has faced challenges in recent months. Phantom developers were forced to issue an emergency update for iPhone users after a bug caused some apps to reset, locking users out of their wallets unless they remembered their recovery phrases. One user reportedly lost $600,000 due to the issue.
Founded in 2021 in San Francisco by CEO Brandon Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost, Phantom provides non-custodial wallet services for cryptocurrencies and non-fungible tokens (NFTs). It has grown into one of the most widely used wallets in the crypto space, thanks to its user-friendly interface and robust security features.
As Phantom continues to expand its features and blockchain integrations, it remains focused on providing secure, user-centric solutions. Despite rumors, the wallet provider has made it clear that launching a token is not part of its current plans.
