By
Godfrey Benjamin
June 17th, 2024
Phantom supports hardware wallets like Ledger, providing an extra layer of security for those who prefer cold storage solutions.
Phantom, a popular cryptocurrency wallet designed specifically for the Solana blockchain, has become the number one finance app on Google Play in the United States, leaving applications like Block’s CashApp, and PayPal in the dust.
As per the data from AppFigures, Phantom is ranked 12th in the list of top free apps on Google Play in the United States, with an estimated download count of 770,000 in April 2024. The surge in popularity of the Solana blockchain has also contributed to Phantom’s increasing user base.
The wallet was launched two years ago, on March 12, 2022, and has since gained significant popularity due to its user-friendly interface, robust security features, and seamless integration with decentralized applications (dApps) and non-fungible tokens (NFTs).
Moreover, Phantom also supports hardware wallets like Ledger, providing an extra layer of security for those who prefer cold storage solutions. It also features a built-in decentralized exchange (DEX) that allows users to swap tokens without leaving the wallet. The wallet also offers real-time notifications and transaction histories, enhancing the overall user experience.
While talking about the development of social media platform X (formerly known as Twitter), Phantom highlighted that it has surpassed platforms like Facebook, Roblox, and SnapChat in overall Google Play rankings in the United States. However, SnapChat was able to regain its dominance later on and is now ranked tenth in the overall rankings.
It is important to note that in the list of top financial applications in the US, Tonkeeper, a wallet for the TON blockchain, is ranked sixth with an estimated download count of 240,000. Meanwhile, Coinbase, the largest crypto exchange in the United States in terms of trading volume, is ranked 18th in the list of finance applications.
Solana is Going Mainstream
The Solana (SOL) blockchain is going mainstream, as pointed out by Phantom via a post on its official X account. While Solana credited the community for the surge in its popularity, the total value locked (TVL) on the network is also on the rise since the end of the crypto winter.
As per the data from DefiLlama, the TVL for Solana stands at $4.74 billion, down significantly from the high of $9.934 billion seen in 2021. However, volumes have been steadily climbing, with the majority of transactions involving stablecoins on the network. The stablecoin market capitalization on Solana stands at $3.083 billion.
Meanwhile, the price of SOL stands at $166.33 as of 7:02 a.m. ET Monday, up 1.29% in the past 24 hours and 752% in the past year. Solana is expected to rival Ethereum in the near future with the debut of SOL exchange-traded products (ETPs) in the United States.