YEREVAN (CoinChapter.com) — Phantom, a leading non-custodial crypto wallet, recently addressed rumors suggesting an upcoming token launch. On Jan. 3, the company clarified through an X post, stating,
“We do not have any plans to launch a token.”
The speculation arose after the announcement of its social discovery feature in December 2023.
Phantom Social Discovery Clarification. Source: X
Claims from community members, including X user Slim, hinted that users might earn tokens by gaining followers. Phantom responded firmly, stating its focus on enhancing user experience without any connection to a token launch.
SlimNFT Token Airdrop Rumor. Source: SlimNFTSocial Discovery Feature Unveiled
Phantom introduced its social discovery feature on Dec. 19, aiming to provide users with a more interactive experience. This feature allows users to set up profiles, connect with friends, and manage privacy settings. While it adds functionality, Phantom emphasized that it does not involve tokens or rewards.
The company’s announcement sought to ensure clarity amid widespread speculation. Phantom stated its commitment to making the feature engaging for users while distancing it from any financial incentives like airdrops.
Blockchain Integration Expands to Sui
Phantom is also expanding its blockchain support with the integration of the Sui blockchain. This addition, announced on Dec. 6, will roll out in early 2025, making Sui the fourth blockchain supported by the wallet.
Phantom Teases Sui Integration. Source: XCurrently, Phantom supports Bitcoin, Ethereum, and Solana. The inclusion of Sui reflects the company’s focus on broadening compatibility and meeting the diverse needs of its 7 million monthly active users.
Technical Challenges Addressed
Despite its growth, Phantom has faced technical setbacks. In late 2023, some iPhone users reported being locked out of their wallets due to app resets. Affected users could only regain access with their recovery phrases, and one user reported a loss of $600,000.
It’s developers quickly released an emergency update to address the issue. The incident underscored the importance of secure recovery practices for wallet users.
Phantom’s Rapid Rise in the Crypto Market
Founded in 2021 in San Francisco, Phantom has become a leading choice for non-custodial wallet services. The company’s leadership team includes CEO Brandon Millman, Chief Product Officer Chris Kalani, and CTO Francesco Agost.
Notably, during the 2020 bull market, the Phantom app surged in popularity, briefly ranking as the second most downloaded utility in the Apple App Store. Today, it continues to serve millions of users, offering secure crypto and NFT management while expanding its blockchain integrations and features.
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