Phantom, the digital asset wallet, has refuted rumors about a possible token airdrop following the launch of its new social discovery feature.
In addition to the new social features, Phantom also revealed plans to integrate the Sui blockchain, marking the addition of a fourth Layer 1 blockchain supported by the wallet, alongside Bitcoin, Ethereum and Solana. The company did not provide an exact timeline for the Sui integration, although it did hint at a release in early 2025. This follows Phantom’s previous addition of the Ethereum network base layer 2 in November 2024.
Phantom has become a major player in the crypto wallet space, with 7 million active monthly users as of April 2024. The app briefly ranked second in the utilities section of Apple’s App Store during the surge of the crypto market following the US presidential election. Despite its success, Phantom faced some technical challenges. In late 2024, an emergency update was released after iPhone users experienced issues with resetting the app, which prevented users from accessing their wallets. One user reported a loss of $600,000, highlighting the severity of the problem.
Founded in 2021 by CEO Brandon Millman, CPO Chris Kalani, and CTO Francesco Agost, Phantom has rapidly expanded into the non-custodial wallet market. The wallet is not only for storing cryptocurrency but also provides services for securing non-fungible tokens (NFTs). With the upcoming addition of Sui support, Phantom continues to expand its blockchain offerings and strengthen its position in the competitive crypto space. Despite recent setbacks, the company remains focused on perfecting its features and improving user satisfaction.
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