Phantom, a leading crypto wallet entrenched within the Solana ecosystem, has witnessed an unprecedented surge in its active user base, more than tripling over the past year, according to CEO and co-founder Brandon Millman in an exclusive conversation with TechCrunch.
As of January 2024, Phantom boasts a staggering 3.2 million monthly active users (MAUs), marking a remarkable 220% increase from the previous year’s 1 million MAUs. Additionally, the platform recorded a substantial uptick in installs, totaling 941,000, representing a staggering 463.5% surge compared to the same period last year. Millman emphasized that these figures represent the platform’s peak performance, surpassing metrics observed during the crypto bull market of 2021 and early 2022.
Millman attributed this exponential growth to pivotal events within the Solana ecosystem, notably the Jito Network and Jupiter airdrops in late 2023 and early 2024, respectively. These airdrops, which rewarded users of their respective platforms with tokens, played a significant role in attracting both new and existing users to Phantom.
The surge in user activity within the Solana ecosystem, compounded by the recent frenzy surrounding Solana memecoins, has positioned crypto wallets as the new entry point for individuals entering the crypto space, Millman highlighted. Traditionally, users would onboard through centralized exchanges like Coinbase, but there’s been a paradigm shift towards downloading crypto wallets as the initial step into the world of cryptocurrency.
Phantom’s role extends beyond a mere storage and trading platform, aiming to provide a secure gateway to web3 experiences. During the Jupiter airdrop, Phantom’s website facilitated 1.1 million visits to the Jupiter claim site, preventing users from falling victim to malicious links and scams, Millman noted.
As Phantom continues its expansion, Millman emphasized a growth-centric approach over revenue generation, positioning the platform as a premier destination for newcomers to the crypto space. With multichain support for Ethereum, Polygon, and Bitcoin in addition to Solana, Phantom aims to capitalize on its strong user base to attract developers and expand its ecosystem.
Echoing sentiments on the future trajectory of crypto wallets, Millman predicts a shift towards multichain functionality, mirroring the evolution of crypto exchanges like Coinbase. With a focus on innovation and user experience, he anticipates crypto wallets to serve as a window into a vibrant and interoperable crypto landscape, driving further adoption and ushering in a new era of decentralized finance.
