Phantom Wallet preparing for mobile launch after getting 1.2M users on Solana
Phantom, a popular cryptocurrency wallet and browser extension that allows Solana users to transact with decentralized finance (DeFi) protocols, has said that it is preparing to launch a mobile version of its wallet since it is currently only available on the desktop.
Chief product officer and co-founder of Phantom, Chris Kalani, said that the company is planning a private beta release this year around the holidays with a full launch in January.
Phantom is a close competitor of MetaMask, the Ethereum wallet, commonly used to interact with decentralized finance (DeFi).
Phantom takes advantage of the growing DeFi ecosystem on Solana, the close competitor of Ethereum when it comes to offering a platform for decentralised applications (Dapps) development, by offering users a wallet they can use to interact with their assets.
Solana currently controls over $15 billion worth of assets stored in decentralised exchanges, lending protocols, and liquidity pools and users require a reliable and secure wallet to use when interacting with these assets.
Phantom popularity in Solana ecosystem
Despite the existence of other user wallets, Phantom is the most popular user wallet on Solana, as it allows traders to send, receive, or swap tokens within the Solana ecosystem.
Additionally, it has options for buying, selling, and even creating NFTs, the digital deeds of ownership.
Kalani assured Decrypt that currently, the project has 1.2 million weekly active users. The users have been confined to a desktop wallet, which is less exemplar for DeFi traders.
The mobile app will give Solana DeFi traders the best commodity in the market if it arrives on time, this is because most other wallets do not support staking.
Phantom CEO and co-founder Brandon Millman in a press release said:
“This means they can mint NFTs, stake tokens, and more while not being tied to their computers, which carries considerable weight considering how fast the Solana ecosystem currently moves.”
Solana is indeed moving fast as its coin recently bypassed Tether to become the fourth-largest crypto asset in market capitalization.
Phantom is also growing along with Solana and according to the firm’s estimates, In July, it secured a $9 million Series claiming 70,000 users.
Additionally, Phantom is laser-focused on Solana and it is also branching out to other blockchains with a beta Ethereum wallet in the works.