What Is A Phantom Wallet?
The most trending Crypto wallet as of 2022-2023 is a Phantom crypto wallet. Many of you might be hearing it for the first time but rapidly it’s gaining importance and has touched to Ethereum and Polygon. This wallet was launched in 2021 and is accessible on iOS, Android, Chrome, Brave, Firefox, and Edge. Phantom is also posing a potential threat to the current market leader, MetaMask. The crypto wallet is set to go live in beta within a few weeks, with a public launch to come shortly afterward. Phantom Wallet is the most popular wallet for 2023 on the Solana blockchain. It was created by a bunch of Ethereum developers off-lately who built the 0x decentralized exchange. Thereafter, it became quite dominant because of its friendly user experience and its unique feature to show NFTs, which has now counted more than 3 million active users. Its widespread success on Solana is what makes it one of the most potent threats to MetaMask’s grip on the market.
The founding members first aimed to create a better version of MetaMask, but they later changed their minds and believed that building a fledgling ecosystem first would be a better go-to-market approach than immediately entering a direct market competition. Phantom has taken from Metamask around a tenth of its user base.. One key way Phantom can showcase its USP is that it will show its users’ tokens across all blockchains it supports in one view. This contrasts with MetaMask, which forces the user to switch between blockchains to see their varied tokens. Phantom’s approach is similar to Zerion, which is also into the launch of a multi-chain extension of the web.
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“We definitely want to become the most dominant wallet,” said Phantom CEO Brandon Millman in an interview. “I think we really do have what it takes in terms of just being able to taste that amount of scale and understand what it needs and what is required to run a wallet from an operational perspective.” “I think overall the market’s definitely ready for a different wallet. It’s sort of been in the cards for a while. No shade on MetaMask at all but it’s a very different product, it’s very developer-oriented,” said Millman. “I feel like we really need to make a paradigm shift to more consumer-friendly applications.”
Phantom Statistics:
Phantom entered beta testing in April 2021 and experienced a staggering 4,400% increase in users from 40,000 in July to 1.8 million in December. Phantom achieved a million users in November 2022, and towards the end of December 2022, it had roughly 1.8 million active users on a weekly basis, which is a tremendous accomplishment in and of itself.
Offers Varied Crypto Tools
Like MetaMask, Phantom also allows its users to make token swaps within the web extension. With Phantom offering token swaps and also supporting multiple blockchains, the wallet could ideally enable cross-chain swaps in the future. This is not in the immediate roadmap, but the team has kept a close eye on it. Phantom has planned to offer varied crypto tools within the web extension, which shall allow for generating new revenue sources. This wallet embraces swaps and also added NFT auctions as well. As Phantom is expanding across varied blockchains, a big question still remains unanswered is whether it will try to cover as many chains as possible or shall it take a slower approach.
Offering A Token Is Perilous
Because to the lack of any firm plans for its execution, speculation about Phantom launching a coin appears to have largely subsided. He now exudes far more scepticism. Due to the legislative uncertainties surrounding token sales, especially with regard to airdrops, offering a token is risky. Furthermore, a poorly timed token launch could, by itself, lead to a company’s demise. If the token increases after launch, one may build a devoted community; nevertheless, if it decreases for any reason, one may wind up building a “legion of undying haters.”
No Sign Of Slowing Down
The desktop/mobile-based crypto wallet currently has no plans to slow down and rest despite its astronomical growth. The business is trying to complete its mobile applications for iOS and Android in addition to growing to over 10 million consumers. Overall, Solana has been successful in creating a sizable, rapidly changing community of users. Monthly Active Users (MAUs) for Phantom increased from 200,000 in August 2021 to 1.2 million in October 2021. Phantom and Metamask, the most widely used Ethereum wallet, are comparable, and Solana’s user growth is approximately where Ethereum was in October 2020. Needless to say, the community strongly believes in Phantom’s potential to expand further going into 2022.
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