According to Cointelegraph, rumors that the feature would allow users to earn tokens by gaining followers followed Phantom's announcement of the new social discovery feature.

The digital asset wallet Phantom denied rumors that it would initiate a token airdrop to complement the upcoming social discovery feature.

"We noticed some speculation regarding airdrops related to this feature, so to clarify: we have no plans to launch tokens," the non-custodial cryptocurrency wallet provider emphasized in a post on X on January 3.

"But we are very excited about Phantom's social discovery and are actively looking for ways to make this feature enjoyable for everyone."

The new social discovery feature announced by Phantom on December 19 will allow users to create profiles, add other users as friends, and choose from three levels of profile privacy: public, private, and stealth.

Some members of the crypto community, such as X user "Slim," claimed that users of the new feature would earn tokens by following others and being followed, further fueling speculation about a token release.

Meanwhile, Phantom announced on December 6 that it would integrate the Layer 1 blockchain Sui, making it the fourth blockchain supported by Phantom, joining Bitcoin, Ethereum, and Solana.

The company stated that the integration would take place at some point in "early 2025."

In this bull market, Phantom has become one of the leading non-custodial cryptocurrency wallets, reporting 7 million monthly active users last April.

On November 20, as the cryptocurrency market surged due to Donald Trump's presidential election victory, Phantom briefly became the second most popular app in the Apple App Store's utilities category.

However, the development of Phantom has not been smooth in recent months.

The developers of the Phantom wallet were forced to release an emergency update for iPhone users after reports that some users' apps were reset, which meant they could not access their wallets unless they remembered their recovery phrase.

At that time, a Phantom user reported a loss of approximately $600,000.

Phantom was founded in 2021 in San Francisco, California, by CEO Brandon Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost.

Phantom also offers non-custodial services for users who wish to protect their non-fungible tokens.