Crypto Wallet Phantom confirms that the token will not launch amid airdrop rumors
Digital asset wallet Phantom has denied rumors that it is set to launch a weather token to complement its upcoming social discovery feature.
“We've seen some speculation about an airdrop tied to this feature, so to be clear: we have no plans to launch a token.”
But at Phantom we're incredibly excited about social discovery and are actively working on ways to make it something everyone will love.
Source: Phantom
Phantom's new social discovery feature, announced on December 19, allows users to create a profile, add other users as friends and choose between three levels of profile privacy – public, private and invisible.
Some members of the crypto community, such as X user “Slim”, have said that users of the new feature will earn tokens by following and following others, fueling speculation of a token launch.
Source: Slim
Meanwhile, Phantom announced on December 6 that it will integrate the Layer 1 blockchain Sui, making it the fourth blockchain Phantom supports behind the Bitcoin, Ethereum, and Solana networks.
The company said the merger would happen in early 2025.
By reporting 7 million monthly active users last April, Phantom has become one of the leading non-custodial crypto wallets in this bull cycle.
Related: Switching from MetaMask? Here are 5 alternative crypto wallets.
As crypto markets surged following Donald Trump's presidential election win, Phantom briefly became the second most popular app in the Utilities section of the Apple App Store on November 20.
However, not everything has gone smoothly for Phantom in recent months.
Reports of the developers behind Phantom Wallet rebooting their apps forced them to issue an emergency update to iPhone users, locking them out of their wallets unless they memorized the recovery phrase.
One Phantom user reported losing about $600,000 at the time.
Phantom was founded in 2021 in San Francisco, California by CEO Brandon Millman, Chief Product Officer Chris Callani and Chief Technology Officer Francesco August.
Phantom provides non-custodial services to users who want to protect their non-perishable tokens.
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