Phantom Addresses Token Launch Rumors, Unveils Social Discovery Feature, and Integrates Sui Blockchain

Phantom, a non-custodial crypto wallet, has denied rumors of an upcoming token launch. The speculation arose following the announcement of Phantom's social discovery feature in December 2023.

Some community members, like X user Slim, claimed that users could earn tokens by gaining followers on the platform. However, Phantom has firmly refuted these claims, stating that the feature is solely focused on enhancing user experience and is not connected to any token launch.

Phantom unveiled its social discovery feature on Dec. 19, aiming to make the platform more engaging for its users. With this feature, users can set up profiles, connect with friends, and manage their privacy settings. Despite adding new functionality, Phantom has emphasized that the feature does not involve any tokens or rewards.

The company's announcement aimed to provide clarity amid widespread speculation. Phantom stated that its priority is to make the feature engaging for users without tying it to financial incentives like airdrops.

Moreover, Phantom is expanding its blockchain support by integrating the Sui blockchain. The addition, announced on Dec. 6, will roll out in early 2025, making Sui the fourth blockchain supported by the wallet.

Currently, Phantom supports Bitcoin, Ethereum, and Solana. The inclusion of Sui reflects the company's focus on broadening compatibility to cater to the diverse needs of its 7 million monthly active users.

In other news, some iPhone users faced being locked out of their Phantom wallets due to app resets in late 2023. Affected users could only regain access with their recovery phrases, and one user claimed to have lost around $600,000 in the incident.

Its developers quickly released an emergency update to address the issue. The incident highlights the crucial role of secure recovery practices for wallet users.

Established in San Francisco in 2021, Phantom is a leading non-custodial crypto wallet service. The company's leadership team includes CEO Brandon Millman, Chief Product Officer Chris Kalani, and CTO Francesco Agost.

During the 2020 bull market, the Phantom app soared in popularity, briefly ranking as the second most downloaded utility in the Apple App Store. Today, the wallet caters to millions of users, providing secure crypto and NFT management with expanding blockchain integrations and features.