Phantom Sees Exponential Growth in User Base
A San Francisco-based cryptocurrency wallet called Phantom has experienced a significant increase in its user base over the past year. In an interview with TechCrunch, Brandon Millman, the CEO and co-founder of Phantom, revealed that the number of active users on the platform has tripled. In January 2024, Phantom reached over 3.2 million Monthly Active Users (MAUs), which is a 220% rise from the previous year’s 1 million MAUs.
During the same period, the platform also saw a surge in installs from 167,000 to about 941,000, indicating a rise of over 463%. This growth milestone puts Phantom in the spotlight as a major player in the crypto industry.
Expanding Beyond Solana
Initially introduced as a Solana-only crypto wallet in January 2021, Phantom has now expanded to accommodate other blockchains like Bitcoin, Ethereum, and Polygon. Millman believes that the future of wallets is multichain, similar to how crypto exchanges have evolved. The firm aims to become the go-to place for newcomers to cryptocurrency and wallets.
Focusing on User Growth
Phantom generates revenue by offering in-app features but considers user growth as its primary focus. Millman emphasized that attracting more users will lead to more developers building on the ecosystem and attracting more applications and users.
Airdrops and DeFi Adoption
The rise in Phantom’s user base can be attributed to several Solana-based airdrops over the past year. According to Millman, these airdrops have demonstrated the value of composability and have attracted new users to the ecosystem. Additionally, growing activity in the Decentralized Finance (DeFi) sector, along with airdrops offered by DeFi protocols, is improving adoption. Cryptocurrency wallets like Phantom are becoming the main point of entry for new users in the crypto landscape.
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