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Phantom

Phantom

Phantom provides a cryptocurrency wallet for decentralized finance (DeFi), for storing, buying, sending, receiving and exchanging tokens and NFTs.

About Phantom

Foundation March 2021
Headquarters San Francisco, California
Founders Brandon Millman, Francesco Agosti, and Chris Kalani
Revenue $3.3M per year
Products Crypto wallets

Phantom was created in March 2021 by software scientists Brandon Millman, Francesco Agosti, and Chris Calani with the goal of providing a browser-friendly cryptocurrency wallet. All three founders worked at another crypto project called 0x before creating Phantom. Prior to working at 0x, they worked at major tech companies including Facebook, X, and Yelp. At launch, the wallet had attracted about 40,000 beta testers.

Phantom is a multi-device, multi-functional cryptocurrency wallet designed for the Solana blockchain. It allows users to send and receive cryptocurrencies and tokens, collect NFTs, and even exchange tokens within the wallet. It is also compatible with hardware wallets, especially Ledger, which provides a higher level of security. The wallet has over a million users and is aimed at newcomers to the cryptocurrency space. Phantom is also often referred to as its counterpart MetaMask on the Solana network.

Products

Phantom focuses on creating and developing a hot wallet. Initially, it was designed to be the main cryptocurrency wallet for the Solana network, but back in May 2023, support for Polygon and Ethereum was added. This integration brought the total number of users to 3 million. Like any other hot wallet, Phantom has its own distinctive features that made the wallet the preferred choice of market participants.

Source and Copyright © Phantom 

Apart from the basic functions of storing and exchanging cryptocurrencies, Phantom supports NFTs and makes it easier to find those, as well as offering crypto asset staking. Another feature is compatibility with hardware wallets, particularly Ledger. But the main differentiating feature that put the wallet in the rank of a serious competitor came with the addition of multiple blockchains.

Phantom also has a built-in DEX, allowing users to seamlessly exchange their tokens within the app. In addition, the wallet allows users to store their private keys, giving them full control over their digital assets.

How to install Phantom in your browser

Installing Phantom is very easy and does not take much time. To do this, you need to:

1. Go to the official wallet website https://phantom.app/download

2. Choose the browser you want to download the extension for.

Source and Copyright © Phantom 

3. In the new window, click "Add to..." and follow the further instructions.

Source and Copyright © Phantom 

4. Once installed, you should see Phantom in a new tab. For the extension to work fully, grant access in the read and change all your data on all websites" option.

Done!

How to install the Phantom app on your phone

1. You can find the Phantom app in your device's store. However, to avoid stumbling upon malware, we advise you to download the application from the company's official website: https://phantom.app/download

2. Following the link, scroll to the end of the page and select the desired app store.

Source and Copyright © Phantom 

3. Scan the QR code with the device you plan to install the application on.

Source and Copyright © Phantom 

4. Then follow the installation instructions on your mobile phone.

5. You will have to enable biometric security (fingerprint or facial recognition) within the app itself for the app to fully work. Also create a seed phrase if this is the first time you are using the wallet.

Done!

How to fund your Phantom account

Since the wallet is aimed at newcomers to the industry, Phantom's simple interface ensures that transactions are carried out with no extra steps:

1. Log in if you haven't already done so.

2. Click on the "Deposit" button and select the coin you want to receive.

Source and Copyright © Phantom 

3. Copy the wallet address provided by Phantom Wallet.

4. Send the cryptocurrency you want from another source to this address.

Phantom security elements

Phantom is a hot wallet, and it is important to realize that such wallets, despite their popularity and trust among users, will feature less security than hardware wallets.

Despite the developers' attempt to constantly introduce various security elements, Phantom has faced serious hacks more than once. A notable example was in 2022, when about 8 thousand Phantom wallets were hacked for a total of $8 million.

However, Phantom has implemented some security elements that are worthy of attention. Phantom Wallet's code has been independently audited by Kudelski Security. The developers have also implemented an instant fraud detection system and created a separate $50,000 reward program for finding potential vulnerabilities.

Phantom is a non-custodial wallet. It gives users full control over their funds and keys. In addition, the wallet has a transaction preview feature that helps avoid malicious transactions.

The team updates the block list of suspicious addresses and assets on a daily basis. This list can be accessed by anyone.

Phantom vs. MetaMask

  Phantom MetaMask
Price Free Free
Blockchain support Solana, Ethereum, and Polygon Ethereum, Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche
Users 3M + 30M+
Type of wallet Software, non-custodial Software, non-custodial
Browser extansion yes yes
Mobile App yes yes
Swap fee 0.85% 0.875%
Hardware wallet integration yes yes

Both wallets have a wide range of features. Phantom quickly gained popularity among users due to its user-friendly and modern interface. Its decision to introduce support for more blockchain networks makes the wallet one of the leaders in the market of hot storage solutions. Although its main competitor MetaMask offers more assets and supports more blockchain networks, Phantom cannot be said to be far inferior. Rather, both wallets have more similarities than differences. However, the choice depends on the user's individual preferences.

Supported Coins

Phantom supports all coins of the Solana, Ethereum, and Polygon.

Pros and cons of Phantom

Pros:

  • Intuitive and beginner-friendly interface.
  • Support for multiple browsers.
  • Built-in DEX.
  • Support for popular blockchain networks: Solana, Ethereum and Polygon.
  • Support for hardware wallets.
  • Non-custodial wallet.
  • NFT support.

Cons:

  • Relatively new wallet compared to other hot wallets on the market.
  • Limited token support compared to competitors.
  • Prone to hacks.

Investment

In 2021, the company raised $9 million for development plans for the newly released wallet. A year later, Phantom managed to raise another $109 million in Series B funding.

The company is now valued at $1.2 billion, having achieved unicorn status.

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