Solana (SOL) is one of the most popular blockchain platforms in the world right now. It’s highly regarded in the blockchain community because of its speed and security. Since it uses proof-of-history, it’s also eco-friendly. Solana has become a very attractive cryptocurrency in 2021, as its value soared by more than 5,077% in a mere eight months.
Phantom is undoubtedly amongst the fastest growing wallets within this ecosystemthat incorporates staking. It offers support for Ledger Nano X devices and gives access to NFTs and digital collectibles. Here’s the small sneak peek of its impressive run in 2021.
Active users
Phantom was undergoing beta testing in April 2021 and saw a 4,400% increase from 40,000 users in July to 1.8 million users in December.The team tweeted:
“In just 9 months we have grown to over 1.8M monthly active users with no sign of slowing down!”
The graph below showcases this immense rise. The statistic mentioned below highlights a 4,400% increase from 40,000 users in July to 1.8 million users in December.
Source: Twitter
Staking options…
Solana runs through the Proof of Stake consensus; hence its users secure the network by staking their SOL tokens. However, unlike most blockchains, the staking is done by validators — carefully vetted Solana users tasked with processing new blocks in the blockchain.
The staking feature was already a hit among Solana users. Phantom’s platform had over $1M in SOL staked. These numbers were likely to rise. Well, as the saying goes, All’s well that ends well. Here’s what the team wrote on Twitter.
3/4 — The most popular dapps this year were @RaydiumProtocol, @MagicEden_NFT, @SolanartNFT, and @orca_so!
The quality of products being built and amount of talent entering the space has been really exciting to see. We can't wait to see what gets built next year! pic.twitter.com/zKTUg1u7Zn
— Phantom (@phantom) January 1, 2022
Not only this, NFTscontributed to Phantom’s success as well. It allows wallet holders to trade and hold Solana-based NFTs, through NFT marketplaces like Solanart. It has 541,851 total sales with a total SOL volume of 4,542,038, which is about $798 million.
No sign of slowing down
Despite enormous growth, the desktop browser-based crypto wallet has no plans to slow down. In addition to expanding to over 10 million users, the company is working on finishing up its mobile applications for iOS and Android. Overall, Solana has managed to build a large and fast-growing community of users.
As previously covered,Phantom, witnessed its Monthly Active Users (MAUs) grow from 200,000 in August 2021 to 1.2 million in October 2021.Comparing Phantom to the most popular Ethereum wallet, Metamask, Solana user growth is roughly where Ethereum was in October 2020.
Needless to say, the community strongly believes in Phantom’s potential to expand further going into 2022.
Absolutely, let's delve into these concepts!
Solana (SOL): Solana is indeed one of the most sought-after blockchain platforms due to its exceptional speed, scalability, and security. Its distinguishing feature, Proof of History (PoH), ensures faster consensus without compromising security. Solana's architecture allows for high throughput and low transaction costs, making it a preferred choice for decentralized applications (dApps) and projects seeking efficiency.
Proof of History (PoH): Solana's PoH is a novel consensus mechanism that orders transactions efficiently, reducing the time needed for nodes to agree on the order of events. It's a verifiable and efficient way of recording the sequence and timing of transactions without needing to wait for full network consensus.
Phantom Wallet: Phantom has gained rapid traction as a leading wallet within the Solana ecosystem. Its growth has been staggering, evidenced by the phenomenal increase in active users from 40,000 in July to an astounding 1.8 million by December 2021. This wallet not only supports staking but also provides access to NFTs and digital collectibles, making it a versatile tool within the Solana network.
Staking on Solana: The Solana network utilizes Proof of Stake (PoS) consensus, allowing users to secure the network by staking their SOL tokens. Validators, carefully chosen Solana users, are responsible for validating and processing new blocks in the blockchain. Phantom's platform saw over $1 million in SOL tokens staked, indicating significant user engagement with the staking feature.
NFTs on Phantom: Non-Fungible Tokens (NFTs) contributed significantly to Phantom's success, allowing wallet holders to trade and hold Solana-based NFTs. Marketplaces like Solanart facilitated over half a million total sales with a staggering total SOL volume of about $798 million, showcasing the vibrant NFT ecosystem within Solana.
Community Growth and Expansion: Phantom’s growth trajectory is remarkable, with plans to expand its user base to over 10 million and the development of mobile applications for iOS and Android. The community's belief in Phantom's potential for further expansion into 2022 is evidenced by its exponential increase in Monthly Active Users (MAUs) from 200,000 in August 2021 to 1.2 million in October 2021. Comparing this growth to Ethereum's Metamask wallet, Phantom appears to be at a similar stage as Ethereum was in October 2020, indicating significant potential for continued expansion.
The developments within the Solana ecosystem, coupled with Phantom's rapid evolution and adoption, highlight the promising future of both the platform and the associated applications, making it a compelling area to watch for further innovations and growth in the blockchain space.
