Thomas Daniels
Following conjecture on its new social discovery feature, digital asset wallet Phantom has formally denied rumors indicating an impending token launch.
“We’ve seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token,” the company clarified in a statement posted on X (formerly Twitter) on January 3.
Phantom expressed excitement for its social discovery feature, which the firm hopes to make widely appealing, even if it denied the rumors. Users may establish profiles, add friends, and select between three privacy settings—public, private, and invisible—with this functionality, which was first revealed on December 19.
Members of the cryptocurrency community, such as an X user going by the handle “Slim,” seem to have started the rumors, stating that acquiring tokens would be connected to acquiring followers inside the feature. Phantom, however, vehemently refuted these allegations.
Along with the new capability, Phantom disclosed intentions to connect with the layer 1 protocol Sui blockchain, making it the wallet’s fourth supported network after Solana, Ethereum, and Bitcoin. Early in 2025, the integration is anticipated to take place, maintaining Phantom’s upward trajectory in the cryptocurrency industry.
Since April 2023, Phantom has become a well-known non-custodial wallet, with 7 million monthly active users. It received considerable awareness during the bull market period in November, momentarily holding the second-most-popular spot in the utilities area of the Apple App Store.
But for Phantom, the journey hasn’t always been easy. Following reports of program resets that momentarily prevented users from accessing their wallets unless they had their recovery passphrase, developers recently released an emergency upgrade for iPhone users. Due to this problem, one impacted user claimed to have lost $600,000.
Phantom has been dedicated to innovation in spite of these obstacles, providing non-custodial services that include protecting non-fungible tokens (NFTs). The San Francisco-based wallet service, which was founded in 2021 by CEO Brandon Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost, is still at the forefront of cryptocurrency wallet technology.
