Phantom Crypto Wallet denies rumors of dropping tokens after launching social features and support for Sui Blockchain

Digital asset wallet Phantom has refuted rumors about a possible token drop following the launch of a new social discovery feature. Speculation arose when some users assumed they could earn tokens by following others or gaining followers. Phantom, in a post dated January 3, 2025, certain It does not plan to launch a token, explaining that the focus of the new social feature is on improving the user experience, not rewards.

Social discovery feature, foot In December 2024, it allows users to create profiles, add friends, and set privacy levels between public, private, or invisible. This feature is currently only available on the Phantom mobile app, although there are plans to expand it to its Chrome extension soon. Although some analysts expect a token launch in 2025, Phantom’s statement aims to put an end to such speculation, focusing on the feature’s goal of enhancing the social aspect of the platform without involving token incentives.

In addition to the new social features, Phantom also revealed plans to integrate the Sui blockchain, marking the addition of a layer 4 blockchain that the wallet supports, alongside Bitcoin, Ethereum, and Solana. The company did not provide a specific timeline for Sui’s integration, though it hinted at a release in early 2025. This follows the previous addition of Phantom to the Ethereum Layer-2 network base in November 2024.

Phantom has become a major player in the cryptocurrency wallet space, with 7 million monthly active users as of April 2024. The app briefly ranked second in the Utilities section of the Apple App Store during the cryptocurrency market boom following the US presidential election. Despite its success, Phantom faced some technical challenges. In late 2024, an emergency update was released after iPhone users experienced issues resetting the app, preventing users from accessing their wallets. One user reported a loss of $600,000, highlighting the severity of the issue.

Founded in 2021 by CEO Brandon Millman, COO Chris Calani, and CTO Francesco Agost, Phantom has grown rapidly in the non-custodial wallet market. The wallet not only stores cryptocurrencies, but also provides services for securing non-fungible tokens (NFTs). With the upcoming addition of Sui support, Phantom continues to expand its blockchain offerings and strengthen its position in the competitive cryptocurrency space. Despite recent setbacks, the company remains focused on improving its features and enhancing user satisfaction.