Airdrops drive Phantom CEO’s wallet to 3.2 million active users, claims company leader.
Phantom, a crypto wallet that focuses on Solana, has announced that airdrops have contributed to its record-breaking number of active users in January, reaching a total of 3.2 million. In an interview with TechCrunch, Phantom co-founder and CEO Brandon Millman revealed that the user base experienced a remarkable surge, with a 220% increase from 1 million users in January 2023. Alongside this growth, the wallet also saw a significant rise in installations, recording over 940,000 installs, a 460% surge compared to the same period. Millman attributed this surge to airdrops, particularly the Jito and Jupiter airdrops, which he described as a “huge turning point for the ecosystem.”
Millman also highlighted the increasing activity in decentralized finance (defi) as a contributing factor to Phantom’s growth. He emphasized that defi protocols are incentivizing usage through airdrops, and crypto wallets are becoming the primary entry point for newcomers to the crypto space. While Millman did not provide specific financial details, he indicated that Phantom’s current focus is on growth rather than revenue generation.
Phantom was launched in 2021, initially offering services exclusively on Solana. However, it later expanded its reach to include Bitcoin. In January 2022, Phantom successfully completed a $109 million series B funding round led by Paradigm, which brought its value to $1.2 billion. Other notable investors include Jump Capital, Andreessen Horowitz (a16z), Solana, and Variant.
