TL;DR
- Phantom’s Leadership: Phantom Wallet, designed for Solana, has become the top finance app on Google Play in the U.S., surpassing CashApp and PayPal, with 770,000 downloads in April 2024.
- Innovative Features: Phantom offers a user-friendly interface, robust security with hardware wallet support, and an integrated decentralized exchange, contributing to its rapid adoption and popularity.
- Solana’s Growth: Reflecting Solana’s mainstream appeal, Phantom’s success is linked to Solana’s rising Total Value Locked (TVL) of $4.74 billion and SOL’s price surge to $166.33, marking a 752% increase over the past year.
Phantom, the cryptocurrency wallet tailored for the Solana blockchain, has achieved a remarkable milestone by becoming the #1 finance app on Google Play in the United States. This significant achievement has placed Phantom ahead of established giants like Block’s CashApp and PayPal.
A Surge in Popularity
According to AppFigures, Phantom ranks 12th among the top free apps on Google Play in the U.S., boasting an impressive download count of 770,000 in April 2024. The wallet’s success is attributed to the growing popularity of the Solana blockchain, which has seen a substantial increase in its user base.
Phantom Wallet is User-Friendly and Secure
Launched on March 12, 2022, Phantom has quickly become a favorite due to its user-friendly interface, robust security features, and seamless integration with decentralized applications (dApps) and non-fungible tokens (NFTs). Its support for hardware wallets like Ledger offers an additional security layer for users opting for cold storage solutions.
Integrated Decentralized Exchange
Phantom stands out with its built-in decentralized exchange (DEX), enabling users to swap tokens directly within the wallet. It also provides real-time notifications and detailed transaction histories, further enhancing user experience.
Social Media Milestones
On social media platform X, Phantom announced that it had surpassed Facebook, Roblox, and SnapChat in the overall Google Play rankings in the U.S. Although SnapChat later reclaimed its position, Phantom’s achievement is a testament to its growing influence.
Other Notable Rankings
It’s noteworthy that Tonkeeper, a wallet for the TON blockchain, is ranked sixth, while Coinbase, the largest U.S. crypto exchange by trading volume, stands at 18th in the finance app category.
Solana’s Mainstream Adoption
Phantom’s success mirrors the mainstream adoption of the Solana blockchain. With a post on its official X account, Phantom credits the community for this surge. The Total Value Locked (TVL) on Solana is currently $4.74 billion, indicating a recovery from the crypto winter lows.
SOL’s Price Performance
The price of SOL is now $166, up 2.18% in the last 24 hours and an impressive 752% over the past year. With the anticipated launch of SOL exchange-traded products (ETPs) in the U.S., Solana is poised to become a formidable competitor to Ethereum in the blockchain space.
