Phàntom Wàllet launch its app version

Phantom is a non-custodial blockchain wallet for accessing decentralised applications on the Solana blockchain. In addition to storing and managing tokens it also allows access to decentralised lending, liquidity, DEX and other applications, which makes it special. Thus, Phantom Wallet would be the Solana blockchain’s web cryptocurrency wallet that works in the same way as Ethereum’s MetaMask, but for applications on Solana.

The explosion of the Solana blockchain in the last year has driven the growth of the Phantom wallet. In fact, in less than a year, Phantom has managed to accumulate more than 2.1 million users in the last year, thanks to users being able to interact with Solana’s NFTs and DeFi in the same application. Compared to its inception, the user base has grown by 5,200%.

Until now, however, Phantom was limited to the desktop app, which is far from ideal for DeFi traders on the move. For this reason, Phantom’s developers announced the creation of a mobile app for early this year that will provide Solana DeFi traders with a much-needed resource in a market with limited options. Most other wallets, for example, do not support betting, devoting SOL to the network so it can become more secure (and can be rewarded in cryptocurrencies). This February has been the launch month and we will explore whether it has really made an impact in terms of user growth and/or transactions.

Taking a look at the daily users and daily transactions, we can see how the numbers are similars. Both daily trends look similar. If we focus on the last week belonging to this month of February and compare it with the numbers of last January, we can see that during last month the active users were growing from 158k daily active users to approx. 250k daily active users. However, since February the numbers started to drop down to 158k. The number of daily transactions has also dropped from a high of around 50M transactions per day on 25 January to 43M on the previous day of this analysis. So, it doesn’t look like there has been a big impact from the launch of the Phantom app.

However, let’s look at the weekly numbers to see if there has been a change or not. Then, we will compare the following between January weeks and Febrary first week:

1. Weekly active users and weekly rate of change

2. Weekly transactions and weekly rate of change

3. Weekly average number of transactions per users and weekly rate of change

If we take a look at the two first charts about the weekly users and transactions, we can see how the big growth happened in the last week of January, when the number of users jumpt to the approximately 1.2M, about 32% more compared to the previous week. As well, the number of transactions was huge, with over 315M. However, in the first week of February, after Phantom app launch, the numbers in both cases decreased. On the one hand, the users decreased from 1.2M to 700k, a 36.9% lower approximately. On the other hand, the number of transactions passed from 315M to 303M, a 4.2% lower.

But wait… let’s observe the last average number of transactions per user chart. If we take a look at the previous weeks of the Phantom app release, we can see how the number of transactions per users decreased around 400 in the first two weeks of January to less than 300 during the last 2 weeks. However, during the first week of February, the number of trasnactions per user reached its highest value with almost 420 transactions per user, which is around 52% more than the last week of January.

To conclude, we have seen how the Phantom app release has not had a surprising impact on the growth in the number of users and transactions. However, we have seen that we were coming from very high numbers in the last weeks before the launch. However, we have seen that, although active users have decreased, the users who are still interacting have become much more active, increasing the average number of transactions per user by more than 52%.