Phantom Refutes Airdrop Rumors, Confirms No Token Launch Amid Social Discovery Feature Announcement

Phantom, a prominent non-custodial crypto wallet provider, has dispelled circulating rumors about an upcoming token airdrop following the announcement of its new social discovery feature. The rumors emerged after Phantom revealed the feature, which sparked speculation that users might earn tokens by gaining followers on the platform.

In a January 3 post on X (formerly Twitter), Phantom clarified its position, stating: “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 also expressed its excitement about the new feature, adding, “But we're incredibly excited about social discovery on Phantom and are actively working on ways to make it something everyone loves.”

The new social discovery feature, announced on December 19, allows Phantom users to create profiles, add friends, and select from three privacy settings: public, private, and invisible. This update has sparked rumors that users could potentially earn tokens through social interactions such as following others or being followed. These speculations gained traction, particularly after a user on X, "Slim," suggested that token rewards could be part of the feature.

Phantom’s clarification comes as part of its ongoing effort to quell confusion and focus attention on the actual functionality of the social discovery feature. The wallet provider emphasized that while it is not launching a token, the new feature aims to enhance the user experience and foster greater engagement within the platform.

In addition to the social discovery update, Phantom made headlines earlier in December when it announced that it would integrate the Sui blockchain into its platform. This move will make Sui the fourth blockchain Phantom supports, joining Bitcoin, Ethereum, and Solana. The integration is expected to roll out in early 2025, further expanding Phantom's offerings and appeal to a wider range of users.

Phantom has seen significant growth in recent years, becoming one of the leading non-custodial wallets in the crypto space. As of April 2024, the platform boasted 7 million monthly active users. During the peak of the crypto market in November 2023, Phantom even briefly became the second most popular app in the Apple App Store’s utilities section following a surge in crypto activity after Donald Trump’s presidential election victory.

However, Phantom has also faced some challenges. In recent months, the company had to issue an emergency update for iPhone users after reports of a technical glitch that reset some users' apps, locking them out of their wallets unless they could recall their recovery phrase. One user even reported losing $600,000 due to the issue.

Founded in 2021 in San Francisco, Phantom was created by CEO Brandon Millman, Chief Product Officer Chris Kalani, and Chief Technology Officer Francesco Agost. The wallet has gained significant traction in the growing market for non-custodial crypto wallets, providing users with the ability to securely store and manage their digital assets, including non-fungible tokens (NFTs).

Despite the setbacks, Phantom’s continued growth and its recent feature developments demonstrate the company’s commitment to enhancing the user experience and maintaining its position as a key player in the crypto wallet space.