Phantom Company Intelligence

Beta launched in April 2021, Phantom is a leading non-custodial wallet for the Solana ecosystem with +2mm daily active users. Phantom’s long-term goal is to “have Phantom be the first thing users reach for when they are interested in interacting with a decentralized application, no matter what blockchain it is built on.” Phantom founders chose Solana as their initial support network as there was less competition within the ecosystem. The Phantom team understands that wallets are the initial touchpoint people have with web3 experience and having a seamless wallet platform can lower the onboarding. Thus, Phantom follows a user-first approach, focusing on performance optimization and user convenience. By maximizing the usability of the wallet through new feature rollouts and dApp integrations, Phantom won a dominant position within the Solana ecosystem. This year, the team plans to not only double down on Solana but also bring Ethereum support to its wallet, getting closer to its multi-chain form. 

Phantom’s main product is a digital non-custodial crypto wallet. Users can store, buy, transfer, stake, swap tokens and collect NFTs on the Solana blockchain. The company claimed that it secured 40,000 users and 70,000 sign ups during this beta launch. Like Ethereum’s MetaMask, Phantom quickly became a leading wallet app for the Solana ecosystem. By its Series B raise this January, Phantom hit ~2.1mm active users, onboarding about ~100,000 users weekly. In 2021, Phantom had ~$16.1 billion SOL staked, ~$1.37 billion in swap volume, 55.2 million dApp transactions and 9.1 million token transfers.