The initial wallet on Solana, Phantom, will now support the Ethereum and Polygon networks. A major new challenger to leader Metamask?
The wallet phantom it extends to networks Ethereum and Polygon. This is a big announcement for this crypto wallet that was first used in the Solana ecosystem. A beta version should arrive a few weeks before an official launch early next year.
1/ Coming soon: one wallet for everything.
— Phantom (@phantom) November 29, 2022
Phantom is the most popular wallet in the Solana network. At the origin of this successful project, we find Ethereum developers who especially built the DEX 0x. Phantom attracted many users thanks to its ease of use and optimal ergonomics.
In addition, this wallet is capable Show NFTs. An important aspect when you remember the power of this sector on Solana. Phantom is over 3 million usersinteresting numbers for the crypto industry.
Against this success and this recent announcement, some believe that Phantom would have his sights set on the Metamask throne. Phantom CEO Brandon Millman says:
We definitely want to be the most dominant portfolio. I think we have what we need to do to be able to compete and understand what we need and what is needed to optimally manage a crypto wallet.
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The idea of Ethereum support is not new. Originally, the Phantom teams wanted to build a better version of Metamask. However, rather than compete with the industry leader, Phantom preferred deployment on an emerging ecosystem.
Also Solana’s choice is quite logical and seems to have paid off so far. Phantom can now take on Metamask while relying on a tenth of the leader’s user base.
Brandon Millman said:
I think overall the market is definitely ready for another portfolio. It’s been in the cards for a while. I don’t blame MetaMask, but it’s a very different product, very developer oriented. I think we need to make a paradigm shift towards more consumer-friendly apps.
So Phantom wants to maintain its successful approach: user experience first. A perfect representation, Phantom will show all the signals available to a user on one screen.
Metamask does not offer this possibility and you need to navigate from network to network to know your token balance on each one. A much less intuitive experience. In this sense, Phantom sends to a competitor as Fox who wears a multi-chain wallet as a web extension as well.
ICYMI…our mobile browser dApp is here! 🌐🚀
—Zerion (@zerion) November 29, 2022
Many features available
Like Metamask, Phantom also allows you to exchange signals directly from the app. This functionality is the only source of income for the 53 project team members. According to Brandon Millman, it introduces a “sum between 7 and 8 digits” depending on the market situation.
By offering token exchanges and support for different blockchains, Phantom could theoretically enable future cross-chain exchanges. According to the CEO of the project, this is an aspect that is being studied.
Phantom should offer new features very soon to generate new sources of revenue. In addition to token exchange and stacking, the wallet could offer NFT auctions and other features.
With its rollout on Ethereum and Polygon, two of the behemoths in the industry, some are wondering if Phantom will accelerate its rollout on other networks. For Brandon Millman, Phantom plans to initially focus on a few key ecosystems to consolidate their presence. It states:
Above all, we don’t want to find ourselves in a world where we are jacks of all trades, but we don’t like anywhere.
A sign coming up?
As is often the case, there is speculation regarding a signal made in Phantom going well. However, this seems like a bad start for a Metamask competitor. The project’s CEO says:
We have no immediate signage plans.
For him it is practice very risky. He cites in particular the regulatory vagueness surrounding the airstrips. But what makes Brandon Millman hesitate is sending a signal at the wrong time A project can kill especially in the case of a fall in the price of the asset.
An interesting and self-defensive approach. As a reminder, the Metamask token has also been waiting for years which has not yet arrived…
To learn more about Fantom’s strong growth over the past few days, find our article here.