In an thrilling improvement, Phantom, a San Fransisco-based cryptocurrency pockets used within the Solana ecosystem, has witnessed a major rise in its person base over the previous 12 months.
Phantom’s Consumer Base Reaches New Peak
The platform’s chief govt officer (CEO) and co-founder, Brandon Millman, revealed the most recent improvement in an interview with TechCrunch.
Within the interview, Millman revealed that the variety of energetic customers of Phantom has tripled previously 12 months. Particularly, the platform reached over 3.2 million Month-to-month Energetic Customers (MAUs) in January 2024, a 220% rise from its 1 million MAUs within the earlier 12 months.
The community additionally noticed a surge in installs from 167,000 to about 941,000 throughout the identical interval, indicating an increase of over 463%. This surge in month-to-month energetic customers and installs marks a serious milestone for the crypto platform, placing it within the highlight.
Notably, Phantom was launched as a Solana-only crypto pockets in January 2021. Nonetheless, it has grown to accommodate different blockchains, equivalent to Bitcoin, Ethereum, and Polygon. Milman said:
We consider the way forward for wallets is multichain, simply the best way crypto exchanges have developed. Coinbase began as a Bitcoin-only trade, then added assist for Ethereum, and one factor led to a different. Nobody can fathom a world the place exchanges solely have one coin. Wallets will observe the identical path.
The agency plans to extend its energetic customers to turn into the go-to place for these new to cryptocurrency and wallets. Phantom generates income simply as different main wallets by providing in-app options. Nonetheless, Millman asserted that this isn’t the corporate’s main focus.
“The extra customers that join, the extra builders are drawn to constructing on the ecosystem, and the extra purposes and customers we get,” Millman said. He added that the corporate goals to “develop as quick as attainable” to attain its purpose.
Airdrops Making Most Of The Rise
In line with Millman, Phantom’s rise in person base was on account of a number of Solana-based airdrops previously 12 months. He additional highlighted that earlier airdrops like Jito (JTO) and Jupiter (JUP) served as a “turning level” for the ecosystem.
“Solana has reached escape velocity and proved itself to be a first-class ecosystem, attracting among the greatest builders on the planet,” Millman said. In line with Millman, these airdrops display the worth of composability and the next surge of customers.
One other issue underscored by the CEO is the rising exercise within the Decentralized Finance (DeFi) sector. Milman identified that airdrops supplied by DeFi protocols are enhancing adoption, and cryptocurrency wallets are progressively serving as the principle “level of entry” for brand new customers within the crypto panorama.
Featured picture from Charlie DeFi, chart from Tradingview.com
