Phantom Wallet's Sees Massive Growth to 1.8 Million Monthly Active Users

Phantom Wallets grows phenomenally in 2021 to become the leading wallet in the Solana ecosystem, similar to Metamask on Ethereum.

By
Anirudh Tiwari
on
January 4, 2022
Category:
Breaking News

Exponential Growth for Phantom

Phantom Wallet boasts of an incredible year for the protocol in a push to the Solana ecosystem.

The Phantom wallet based on the Solana blockchain network opened its invite-only beta launch in March 2021. Later in July, the wallet was launched for public users. The most popular dApps that users of the Phantom wallet connected with are: 

  • Raydium Finance (An on-chain order book AMM) - 7.6 million transactions
  • Magic Eden (An NFT marketplace) - 7.5 million transactions
  • Solanart (An NFT marketplace) - 3.5 million transactions
  • Orca Finance (A DEX) - 1.7 million transactions

The protocol also revealed cumulative metrics for the entire year, as listed below:

  • SOL Staked: $16.1 billion
  • Swap Volume: $1.37 billion
  • dApp transaction count: 55.2 million
  • Token Transfers Executed: 9.1 million
Source: Phantom Twitter

The statistics of the wallet’s growth were also used by Grayscale Investments in a report to peg the growth of Solana in comparison to the relation between Metamask and Ethereum. The report compares the growth in Monthly Active Users (MAUs) from 200,000 in Aug. 2021 to 1.2 million in Oct. 2021 to where Metamask stood back in Oct. 2020, at 1.3 million users. Metamask has grown over 16 times to have over 21 million users, as revealed by Consensys.


Web3.0 Growth on Solana

As previously reported by Solana.News, Solana-based wallets Solflare and Phantom announced their foray into mobile integration for their wallets in Nov. 2021. While Solflare launched their wallet on the Apple App Store and Google Play marketplace on Nov. 6, Phantom is currently in the beta launch phase of their mobile wallet, which was announced on Nov. 9.

Raj Gokal, the co-founder of the Solana blockchain network, teased the Phantom mobile wallet via a Twitter post on Dec. 18, indicating that the platform is currently beta testing the mobile version with select users. The mobile version seems to be on track for launch sometime in January this year.

Source: Raj Gokal Twitter

Grayscale Investment’s report additionally pointed out that if Phantom follows the growth trend of Metamask, the MAU of Phantom will grow over 770% by August 2022. In all probability, the Phantom could grow hand in hand along with the continued growth of the Solana Ecosystem and match Metamask’s success on the Ethereum network.

“On behalf of the entire Phantom team, we'd like to thank you for all the love and support this year. We're lucky to be a part of this community, and we can't wait for you to see what we have planned for you next year! Happy new year!” states the message the Phantom team shared to their community on Twitter.


What is Phantom?

Phantom is the most widely used wallet in the Solana ecosystem. The wallet currently operates as a web-based wallet and browser extension that enables years to manage their Solana-based cryptocurrency assets, NFTs and engage with decentralized applications (dApps) in the Solana ecosystem. The wallet protocol is backed by an eminent set of investors and venture capitals, including Solana Ventures, Jump Capital, Variant, and Andreessen Horowitz (a16z).

Find more about Phantom here:

Website | Twitter | Docs |

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.