Just before this “bear cycle,” Solana was in a massive “bull run.” From $3 value in January 2021 to an all-time high of $258 ten months later. Therefore, this growth needed an efficient wallet that will help easy onboarding people from Ethereum, bridge solutions, wallets.
There were wallets like Solflare, but those were not user-friendly. Solana badly needed a Wallet, and it got one of the best out there.
Phantom wallet opened a private beta in March 2021 and was officially launched in July 2021. Since then, it has been scaling new heights. Coinciding with its launch in July 2021, 9 months later, it has grown to over 1.8 Million monthly users.
1/4 — 2021 has been an incredible year for Phantom & the @solana ecosystem! We opened up our invite-only beta in March and then launched publicly in July.
In just 9 months we have grown to over 1.8M monthly active users with no sign of slowing down! pic.twitter.com/kY4tjBQuyv
— Phantom (@phantom) January 1, 2022
So What Does Phantom Wallet Stand Out?
Phantom is a Web 3 wallet currently used for using Solana and its native tokens. The phantom wallet is non-custodial with ledger support. Also, it’s compatible with multiple browsers like Chrome, Brave, Firefox, and Edge. With this Solana-based wallet, users can store, receive, send tokens, Stake, and swap them.
This is a paradigm shift because Phantom lets users stake and earn rewards. You don’t even need to go to the Platforms that help you to Stake. Also, this wallet can receive and store NFTs.
In Ethereum, if you use Metamask, you will need to go to a block explorer like Etherscan or a platform like Opensea to check your NFTs. However, in Phantom, you can do it directly.
Moreover, by the end of 2021, Phantom Wallet has some amazing statistics.
- $16.1 Bn SOL has been staked
- $1.37 Bn Swap Volume
- 2 M Dapp Transactions
- 1 M Token transfers
More About Phantom
On the other hand, inside Phantom, you can use the following dApps:
3/4 — The most popular dapps this year were @RaydiumProtocol, @MagicEden_NFT, @SolanartNFT, and @orca_so!
The quality of products being built and amount of talent entering the space has been really exciting to see. We can't wait to see what gets built next year! pic.twitter.com/zKTUg1u7Zn
— Phantom (@phantom) January 1, 2022
So, what next for Phantom Wallet? Phantom Wallet will focus on integrating more markets and liquidity for the swap function and integrate fiat on-ramp options. It also has aggressive integration plans by creating a Solana/ Ethereum Bridge. Finally, Phantom will soon introduce support for Ethereum and Ethereum L2’s and sidechains.
You can also check out our detailed Guide on Using the Phantom Wallet.
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