- Phantom Wallet moves up to third place in Apple’s Utilities category.
- Phantom surpassed 7 million monthly active users in April.
- Telegram’s recent growth is likely due to one popular app.
Solana has seen a surge in adoption in both the DeFi and consumer app sectors in recent months. One such app has led the recent growth of Solana-based Phantom Wallet.
Most recently, Phantom saw significant download growth, ranking third among Apple App Store utility apps. This is likely due to the popularity of Solana-based consumer apps.
Solana’s Phantom app ranks high in the App Store
On Sunday, May 19, the Solana-based Phantom cryptocurrency wallet ranked third in the Apple App Store Utilities category, behind Google and Google Chrome. This position was driven by the wallet app’s rapid user growth.
By April 2024, Phantom had 7 million monthly active users due to the expansion of the Solana ecosystem. As more apps use Solana, users will need a Solana-based wallet to store their crypto.
These numbers are also before the Phantom app reached a high ranking on the App Store. As many have noted on social media, the most recent increase in adoption is likely due to increased hype around Telegram’s Solana-based TapSwap app.
Why TapSwap is driving Solana’s growth
TapSwap is a “tap to earn” app on Telegram that uses the Solana blockchain to reward participating users. Users can earn cryptocurrency while tapping buttons on the app.
The feature has been a success, with nearly 9 million app users. Conversely, the use of the app has also contributed to Phantom’s popularity, as users need a Phantom Wallet to redeem rewards.
This growth in Phantom’s user base is a positive indicator of how Solana’s robust ecosystem works together.
On the flip side
- TapSwap’s rise in popularity has been compared to Notcoin (NOT), another cryptocurrency project that found success on Telegram. Recently, Notcoin donated $6.8 million. It raised eyebrows at the Telegram founder about his motivation for such a move.
- Tap-to-earn apps are good at driving user engagement, but they also rely on reward distribution. When these rewards dry up, so does engagement.
Why This Matters
Increasing adoption of Phantom Wallet will attract more users to Solana and strengthen its position in the market.
Learn more about Telegram:
Telegram is under security attack: are you at risk?
Learn more about other “tap to earn” apps on Telegram.
Telegram Founder’s $6.8 Million Notcoin ‘Futures’ Raises Red Flags