27 May

Phantom, a renowned cryptocurrency wallet tailored for the Solana blockchain, has surged to the top spot among finance apps on Google Play in the United States, outpacing competitors like Block’s CashApp and PayPal.

According to AppFigures data, Phantom holds the 12th position among the top free apps on Google Play in the US, with approximately 770,000 downloads in April 2024. The rising popularity of the Solana blockchain has played a significant role in expanding Phantom's user base.

Launched on March 12, 2022, Phantom has garnered widespread acclaim for its user-friendly interface, robust security measures, and seamless integration with decentralized applications (dApps) and non-fungible tokens (NFTs).

Furthermore, Phantom supports hardware wallets such as Ledger, offering an additional layer of security for users who prefer cold storage solutions. Its built-in decentralized exchange (DEX) enables token swaps within the wallet interface, while real-time notifications and transaction histories enhance the overall user experience.

Phantom recently highlighted its surpassing of platforms like Facebook, Roblox, and Snapchat in Google Play rankings in the US while discussing the development of social media platform X (formerly Twitter). However, Snapchat managed to reclaim its position later, currently ranking tenth in overall rankings.

In the list of top financial applications in the US, Tonkeeper, a wallet for the TON blockchain, holds the sixth position with approximately 240,000 downloads. Meanwhile, Coinbase, the leading cryptocurrency exchange in the US by trading volume, ranks 18th among finance applications.

Solana is Gaining Adoption

Phantom made the announcement that the Solana (SOL) blockchain is becoming widely used in a post on its official X account. Although Solana gave the community credit for the network's recent popularity boom, following the conclusion of the crypto winter, TVL (total value locked) has also increased on the network.

The TVL for Solana is $4.74 billion, according to DefiLlama data, a considerable decrease from the peak of $9.934 billion observed in 2021. Nonetheless, volumes have been increasing gradually, and the bulk of network transactions include stablecoins. Solana's stablecoin market capitalization is $3.083 billion.

May 2024, Cryptoniteuae

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