Phantom Refutes Rumors of Token Airdrop to Accompany New Social Discovery Feature

Digital asset wallet Phantom has refuted rumors suggesting it would initiate a token airdrop to complement its soon-to-be-released social discovery feature.

Digital asset wallet Phantom has denied rumors that it will launch a token airdrop to complement its upcoming social discovery feature.

“We've seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token,” the non-custodial crypto wallet provider stated in a Jan. 3 X post.

Announced on Dec. 19, Phantom’s new social discovery feature will let users create a profile, add other users as friends and choose between three profile privacy levels — public, private, and invisible.

Some members of the crypto community, such as X user “Slim,” claimed that users of the new feature would earn tokens by following others and getting followed, which sparked rumors of a token launch.

Source: Slim

Phantom, meanwhile, announced on Dec. 6 that it will integrate layer 1 blockchain Sui, making it the fourth blockchain Phantom supports after the Bitcoin, Ethereum and Solana networks.

The company said the integration will take place sometime in "early 2025.”

Phantom has emerged as one of the leading non-custodial crypto wallets this bull cycle, having reported 7 million monthly active users last April.

Phantom briefly became the second most popular application in the Apple App Store's utilities section on November 20 as crypto markets were still surging following Donald Trump's presidential election victory.

However, not all has gone smoothly for Phantom in recent months.

Developers behind the Phantom wallet were prompted to issue an emergency update for iPhone users after some reported having their applications reset, locking them out of their wallets unless they recalled their recovery phrase.

One Phantom user reported losing around $600,000 at the time.

Founded in 2021 in San Francisco, California, Phantom is led by CEO Brandon Millman, chief product officer Chris Kalani, and chief technology officer Francesco Agost.

The firm also provides non-custodial services for users seeking to protect their non-fungible tokens.