- Phantom Wallet climbs to third in Apple’s utility category.
- Phantom hits seven million monthly active users in April.
- Recent growth likely due to one popular app on Telegram.
Solana has had a surge in adoption in recent months, both in DeFi and the consumer app segment. One such app has recently driven the growth of the Solana-based Phantom wallet.
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Most recently, Phantom was ranked third among Apple’s App Store utility apps, showing a significant download increase. This was likely due to the popularity of one Solana-based consumer app.
Solana’s Phantom App Reaches High App Store Ranking
On Sunday, May 19, the Solana-based Phantom crypto wallet ranked third in the utility category on the Apple App Store, trailing only behind Google and Google Chrome. This position came as a result of the wallet app’s rapid user growth.
By April 2024, Phantom gained seven million monthly active users, likely due to the expanding Solana ecosystem. As more apps use Solana, users need a Solana-based wallet to hold their crypto.
These numbers were also before the Phantom app reached its high ranking on the App Store. As noted by many on social media, the most recent increase in adoption was likely due to the increased hype around the Solana-based TapSwap app on Telegram.
Why TapSwap is Driving Solana Growth
TapSwap is a “tap to earn” app on Telegram that uses the Solana blockchain to reward users who engage with it. Users can earn crypto while tapping a button on the app.
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This feature has attracted success, as the app has nearly 9 million users. Conversely, the app’s use has also contributed to the Phantom’s popularity, as users need the Phantom Wallet to redeem rewards.
This growth in Phantom’s userbase is a positive indicator for Solana, showcasing how its strong ecosystem works together.
On the Flipside
- TapSwap’s rise in popularity has drawn comparisons to Notcoin (NOT), another crypto project that experienced success on Telegram. Recently, Notcoin donated $6.8 million to the Telegram founder, raising eyebrows over the motivation for such a move.
- While good at generating user engagement, tap-to-earn apps rely on distributing rewards. Once these rewards dry up, the engagement will as well.
Why This Matters
Increased adoption of Phantom Wallet could attract more users to Solana, reinforcing its position in the market.
Read more about Telegram:
Telegram Suffers Security Exploit: Are You at Risk?
Read more about other “tap to earn” apps on Telegram:
Telegram Founder’s $6.8M Notcoin ‘Gift’ Raises Red Flags
