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Solana’s (SOL) Phantom Wallet Hits One Million Active Users, SOL Also Reaches New All-Time High

2 mins
Updated by Ryan Boltman
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In Brief

  • Phantom wallet has climbed over one million active users on its wallet.
  • The exponential growth can be attributed to the shift in NFT sales to the Solana Blockchain.
  • SOL has also recently hit a new all-time high of $260.
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Solana (SOL) native crypto wallet, Phantom, has hit over one million active users as the Solana Blockchain continues to see a rise in popularity.

Phantom announced earlier this week that the wallet had finally broken over one million active users. An impressive feat for a wallet that has only been around for a couple of months. 

Phantom operates as an online wallet for users to safely and easily “store, send, receive, stake and swap tokens on the Solana blockchain.”

Growth of NFTs triggering Phantom popularity 

With the recent popularity of non-fungible tokens (NFTs) over the past several months, Ethereum-based NFT platform OpenSea had enjoyed the lion’s share of NFT trading. At one point, the platform was eclipsing $1.5 billion in monthly trading volume. NFT mania has slowly shifted to other blockchains that allow for lower transaction fees, something that ethereum does not currently offer. 

The Solana ecosystem quickly became the second most popular blockchain for NFT trading. Similar to the popular ethereum wallet used for trading NFTs on the ethereum marketplace, MetaMask is the go-to wallet. With the wallet recently reaching ten million monthly users

Phantom essentially became the go-to wallet for the Solana blockchain and NFT trading. The intuitive wallet allows users to easily transact on NFT platforms, while also allowing users to preview their NFTs in the wallet. Something not offered on MetaMask. 

The NFT craze has seen over $500 million in volume for secondary sales on the Solana blockchain. The most notable part of that statistic is that it was achieved in only three months. 

Phantom has managed to reach over one million active users, which are described by Phantom as “someone who manually opens the wallet or interacts with a Dapp such as signing a transaction or connecting to it.”

Solana (SOL) continues to climb 

While the Solana ecosystem continues to see huge growth in the market, Solana (SOL) has also seen a huge increase in price. SOL has most recently managed to leap-frog both Cardano (ADA) and Tether (USDT) to take the fourth spot by market capitalization. SOL recently broke it’s all-time high once again, touching $260. 

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Ryan Boltman
Ryan Boltman is a managing editor at BeInCrypto, specializing in the crypto markets with a strong focus on technical and on-chain analysis across a broad spectrum of digital assets. His areas of expertise include Layer-1 and Layer-2 solutions, artificial intelligence (AI), real-world assets (RWA), decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), meme coins, and altcoins. Before his current role, Ryan contributed to Blockchain.com as a customer success...
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