Phantom, a leading non-custodial crypto wallet, has officially dismissed speculation about launching its own token. The rumors emerged after the company announced a new social discovery feature, prompting some users to speculate about an airdrop tied to the initiative.
In a statement shared on January 3 via X, Phantom clarified, “We’ve seen some speculation about an airdrop tied to this feature. To clarify: we do not have any plans to launch a token.”
New Social Discovery Feature
The social discovery feature, first revealed on December 19, aims to enhance user interaction within the Phantom ecosystem. It will allow users to create customizable profiles, add friends, and select from three privacy settings: public, private, and invisible.
Despite the lack of a token or rewards announcement, rumors were fueled by social media users like X account “Slim,” who suggested that followers and following activity might lead to token earnings. Phantom’s clarification has put these assumptions to rest.
Expansion and Recent Updates
Phantom continues to expand its offerings. On December 6, the company announced plans to integrate Sui, a layer 1 blockchain, marking the fourth blockchain supported by Phantom alongside Bitcoin, Ethereum, and Solana. The Sui integration is expected to roll out in early 2025.
With over 7 million monthly active users as of April 2024, Phantom has solidified itself as one of the most popular non-custodial wallets during this crypto bull cycle. It even surged to the second-most popular app in Apple’s utility section shortly after Donald Trump’s election win in November 2024.
Recent Challenges
Despite its growth, Phantom has faced some setbacks. A glitch in its iPhone application last year forced developers to issue an emergency update. The issue temporarily locked users out of their wallets unless they had their recovery phrases. One affected user reported losing $600,000 due to the incident.
Conclusion
Founded in 2021 by CEO Brandon Millman, Chief Product Officer Chris Kalani, and CTO Francesco Agost, Phantom continues to innovate in the non-custodial crypto wallet space. The company’s emphasis on transparency—especially regarding its token plans—aligns with its mission to provide secure and user-friendly tools for managing digital assets and NFTs.
As Phantom prepares for new integrations and feature rollouts, it remains a cornerstone of the decentralized finance ecosystem. For now, users can focus on exploring its social features without expecting a token launch.
