Nov 20, 2024

6thTrade

Phantom, a popular digital asset wallet, has climbed to the second position in the Utilities section of Apple’s App Store in the United States, showcasing its growing prominence in the crypto ecosystem.

Phantom’s Surge on the App Store

As of November 20, Phantom is the second most popular application in the Utilities category on the App Store, trailing only Google. It has surpassed widely-used apps like Google Chrome, Google Authenticator, Microsoft Edge, My Verizon, and Amazon Fire TV.

Phantom is a non-custodial wallet widely adopted by users within the Solana ecosystem. It supports multiple networks and non-fungible tokens (NFTs), includes a fraud detection system, and offers compatibility with Ledger hardware wallets.

This rise in ranking has been celebrated by the Web3 community. One user on platform X commented that Phantom’s success signifies Web3’s gradual breakthrough into mainstream technology adoption.

Growth Amid Solana Ecosystem Boom

Phantom’s rise coincides with a surge in decentralized applications (DApps) on the Solana blockchain, which have recently recorded unprecedented fee generation.

Data from DefiLlama on November 18 revealed that five of the top 10 protocols by fees were based on Solana. Key performers included:

  • Raydium (Automated Market Maker): $11.3 million in fees (Nov. 17)

  • Jito (Liquid Staking Protocol): $9.87 million in fees

  • Photon (Telegram Trading Bot): $2.36 million in fees

  • pump.fun (Memecoin Launchpad): $1.65 million in fees

This ecosystem growth reflects the increasing demand for Solana-based services, further solidifying the blockchain's position as a hub for innovation in decentralized finance (DeFi).

Addressing App Issues: Phantom’s Quick Fix

Phantom’s recent success comes shortly after addressing a technical issue in its iOS app.

On November 14, the company released an update to resolve a bug that temporarily locked some users out of their wallets. While the bug caused app resets for a number of users, Phantom clarified that it could not assist in recovering lost seed phrases since it is a non-custodial wallet.

The company advised affected users to contact its support team for assistance and assured the community that the issue had been patched to prevent further impact.

The Road Ahead for Phantom

Phantom’s rise to prominence on the App Store highlights the growing acceptance and adoption of Web3 technologies in mainstream markets. With its advanced features and strong integration within the Solana ecosystem, Phantom is well-positioned to continue its growth trajectory.

Coupled with Solana’s booming DApps and increased fee generation, Phantom’s success signals a bright future for decentralized wallets and blockchain-based applications, further bridging the gap between traditional and decentralized technologies.