Phantom confirms no token launch despite airdrop rumors

Phantom, a popular non-custodial crypto wallet, has dismissed rumors that it plans to launch a token or conduct an airdrop in connection with its new social discovery feature.

"We do not have any plans to launch a token," the company clarified in a January 3 post on X.

While expressing excitement about the new feature, which allows users to create profiles, add friends, and select from three privacy settings: public, private, or invisible.

The rumors about a potential airdrop began circulating after Phantom's announcement on December 19 of the social discovery feature.

Some members of the crypto community speculated that users could earn tokens by gaining followers, prompting confusion.

One user on X, “Slim,” suggested that the feature might reward users for social interactions.

Phantom quickly addressed the speculation, reassuring users that no such token plans were in the works.

The wallet provider also revealed plans to integrate the Sui (CRYPTO:SUI) blockchain in early 2025, adding to its support for Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Solana (CRYPTO:SOL).

This integration positions Phantom as a versatile wallet provider for diverse blockchain ecosystems.

Phantom has experienced significant growth, reporting 7 million monthly active users as of April 2024.

The platform briefly became the second most popular app in the Apple App Store’s utilities section in November 2024 amid the rise of the crypto market following Donald Trump's presidential election victory.

However, the company faced challenges in recent months, including a critical update for iPhone users after some were locked out of their wallets.

Affected users, including one who reported losing $600,000, were unable to access their funds unless they recalled their recovery phrase.

Founded in 2021, Phantom continues to focus on offering non-custodial services for securing both crypto assets and non-fungible tokens.