Solana’s Phantom Wallet Sees 2.7 Million Monthly Active Users

Crypto wallet provider Phantom has now recorded a milestone of 2.7 million monthly active users. The new high comes only a month after the wallet provider expanded its business into the Bitcoin network.

Phantom Wallet Records New Milestone

The reason for Phantom’s new record is not far-fetched as the wallet provider has committed to exploring other blockchain networks and services like NFT trading.

The Phantom wallet was originally launched to support digital assets based on the Solana network. However, the wallet provider expanded its terrain in November 2022 to include tokens on the Ethereum and Polygon networks. The expansion came at a time when the Solana ecosystem was experiencing a mass exodus due to its affiliation to the infamous FTX founder Sam Bankman-Fried (SBF)

In May 2023, the wallet provider launched an all-in-one multi-chain wallet that allows users to seamlessly trade crypto and NFTs without manually switching between blockchain networks.

Last month, Phantom introduced Bitcoin into its ecosystem, enabling users to trade, hold, and transfer BTC, Ordinals inscriptions, and other BRC-20 tokens.

The latest milestone may likely indicate that more users are interested in Phantom’s recent adoption of the Bitcoin ecosystem.

Will Phantom See More Increase?

While Phantom currently basks in the glory of its newly attained milestone in active users, the likelihood of seeing more increase partly depends on how the wallet provider explores more interactive blockchain networks and how it manages its current features.

If Phantom adds support for more blockchains, it may see more active users like its rival platform, Trust Wallet. Presently, Trust Wallet supports over 70 blockchain networks and has more than 10 million active users.

If Phantom manages its features and user experience well, its existing users will likely have more reason to continue using the platform. Tweets from some Phantom users show that a fault or series of faults can cause them to abandon the wallet provider and embrace another competitor wallet provider.