Phantom Crypto Wallet Denies Token Airdrop Rumors Following Launch of Social Features and Sui Blockchain Support

Phantom, the digital asset wallet, has refuted rumors about a possible token airdrop after the launch of its new social discovery feature. Speculation arose when some users assumed they could earn tokens by following others or gaining followers. Phantom, in a post on Jan. 3, 2025, confirmed that it does not plan to launch a token, clarifying that the focus of the new social feature is on improving user experience, not rewards.

The social discovery feature, introduced in December 2024, allows users to create profiles, add friends, and set privacy levels between public, private, or invisible. This feature is currently available only on Phantom’s mobile app, although there are plans to expand it to its Chrome extension soon. Despite some analysts predicting a token launch in 2025, Phantom’s statement aimed to put an end to these speculations, emphasizing the feature’s goal to enhance the platform’s social aspect 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 fourth layer-1 blockchain supported by the wallet, alongside Bitcoin, Ethereum, and Solana. The company did not provide an exact timeline for the Sui integration, though it hinted at a release in early 2025. This follows Phantom’s previous addition of the Ethereum layer-2 network Base in November 2024.

Phantom has become a major player in the crypto wallet space, with 7 million active monthly users as of April 2024. The app briefly ranked second in the Apple App Store's utilities section during the crypto market surge following the U.S. presidential election. Despite its success, Phantom has faced some technical challenges. In late 2024, an emergency update was issued after iPhone users encountered issues with the app resetting, which locked users out of their wallets. One user reported a loss of $600,000, highlighting the severity of the problem.

Founded in 2021 by CEO Brandon Millman, CPO Chris Kalani, and CTO Francesco Agost, Phantom has quickly grown in the non-custodial wallet market. The wallet is not just for cryptocurrency storage 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 crypto space. Despite recent setbacks, the company remains focused on refining its features and enhancing user satisfaction.