Project Updates

Tracks blockchain projects from inception to their latest updates and major milestones. By covering project financing, partnerships, and product upgrades, it helps investors stay informed about the latest industry trends and developments.

The Hidden Realities and Concerns Behind Web3 Unicorn Phantom

The Web3 unicorn Phantom, valued at $3 billion, has navigated a challenging 2025 in the crypto wallet market. While its user base grew to nearly 20 million monthly active users and assets under custody surpassed $25 billion, its market share in embedded swaps plummeted from 10% to just 0.5%, as users migrated to exchange-linked wallets offering lower fees and stronger incentives. Phantom, which started on Solana and expanded multi-chain, remains heavily dependent on the Solana ecosystem, with 97% of its swap transactions occurring there. This has posed risks as Solana's TVL declined over 34% from its peak. In response, Phantom has aggressively pursued new product lines to diversify revenue and usage. Key launches include its native stablecoin CASH, which surpassed $100 million in supply; a Phantom-branded debit card for spending crypto in the U.S.; the acquisition of trading tools like Solsniper; integration of a prediction market with Kalshi; and the release of a free SDK, Phantom Connect, for easier dApp onboarding. CEO Brandon Millman emphasizes focusing on product over token launches or an IPO, aiming to make crypto a tool for everyday payments. However, the path is competitive, with MetaMask having already launched a similar card in more regions. The success of Phantom's debit card and the sustainability of its stablecoin remain to be proven as it battles to define the future of independent non-custodial wallets.

marsbit12/23 12:08

The Hidden Realities and Concerns Behind Web3 Unicorn Phantom

marsbit12/23 12:08

活动图片