Move over Facebook and ChatGPT; at least with regard to mobile app downloads, there’s a new sheriff in town. Designed for the Solana blockchain, Phantom Wallet is a cryptocurrency wallet whose explosive appeal has exceeded those of these behemoths on the US Google Play Store.
From Solana-Centric To Multi-Crypto Powerhouse
Phantom Wallet first started to serve Solana (SOL) token holders, then deliberately broadened its audience. These days, it serves big cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC), so turning into a one-stop shop for crypto aficionados.
🚨BREAKING🚨
Phantom wallet becomes the TOP 3 utility app in the Apple App store in the US!
Seems like the $SOL season is going to be BIG!
What SOL coins shall I buy?👀👇 pic.twitter.com/QiLOv4Es1V
— EvanLuthra.eth (@EvanLuthra) May 19, 2024
Based on most recent statistics, Phantom Wallet received an estimated 770,000 downloads in April, surpassing the language model ChatGPT of OpenAI and social media juggernaut Facebook.
Phantom is currently rated No. 11 in the free download category, behind Cash App and Snapchat.
This change captures the growing need for interoperability inside the crypto ecosystem, where users may move between several blockchains with ease.
Active User Boom: A Sign Of Crypto’s Maturation?
The explosion in downloads goes beyond mere numbers game. With over 7 million active users in April, Phantom Wallet offers a noteworthy statistic some would consider as evidence of mainstream crypto acceptance.
We hit a new milestone!
7 MILLION MONTHLY ACTIVE USERS 🤯🎉 pic.twitter.com/p4Tpjut6kZ
— Phantom (@phantom) April 29, 2024
As DeFi (Decentralised Finance) apps take off, user-friendly wallets like Phantom become increasingly important doors for people looking to venture into this new financial frontier.
Is This A Bullish Sign For Solana?
The crypto community hums with supposition. Growing popularity of Phantom Wallet has given Solana’s native coin, SOL, hope. Advocates of SOL perceive the growing wallet use as proof of a favourable trend for the Solana blockchain, suggesting growing investor confidence in it.
Phantom Acquires Bitski
Phantom’s increasing appeal follows from its recent acquisition of a web3 browser addon called Bitski. This action emphasises Phantom’s dedication to user interface. Integrating Bitski’s technologies,
Phantom seeks to simplify the onboarding process by doing away with user management of intricate private keys and seed phrases. For drawing in fresh users—especially those scared by the technical features of crypto wallets—this could be a game-changer.
The Future Of Embedded Wallets
The Bitski purchase teases Phantom’s future vision. Phantom wants to create integrated wallets inside Solana-based distributed programmes (dapps) working with Bitski.
This would enable users to interact with dapps straight from within the programme, therefore smoothing out and simplifying the user experience.
Featured image from elDinero, chart from TradingView
