Phantom is basically a non-custodial blockchain network that is used for accessing the DApps(decentralized applications) on the Solana blockchain. Also, it allows the users to store and manage tokens. What makes this platform special is that it allows to have access to decentralized lending, liquidity, DEX, and other applications. The phantom wallet works the same way as Ethereums' MetaMask but it works for applications on Solana only. The popularity of the Solana blockchain hit last year with the growth of the Phantom Wallet. Recently, Phantom has managed to gather more than 2.1 million users worldwide. Due to the simple and easy user interface, people are now able to interact with Solana's NFT and DeFi in the same application.
How will it impact Desktop users?
Till now, Phantom was limited to the desktop application only which was ideal for the users but not flexible. You can't take the laptop with you everywhere you go. Desktop apps are way more secure because mobile apps do not support betting, devoting SOL to the network but it is expected that they are introducing these features in the mobile app. Well, developers listened to the requests from users. And now, they are developing the mobile version of the Phantom wallet. February month was the due date for the launch. However, there is no update from the company but let us hope for the best.
Are active users decreasing?
From the statistics of the daily users and daily transactions, we can say that the numbers are not doing great from last month. As the company has launched its mobile app and the users are dropping from desktop applications. In the month of January, the active users were growing from 158k to approx 250k daily active users.
However, since February the numbers started to drop down from 250k+ to 158k also it impacted the daily transactions from active users too. The last stats were around 50M transactions per day and now it's 43M transactions per day from active users. From the look of it, we can consider that users are shifting from desktop to mobile app but the active users are decreasing too.
Conclusion:
Well, the Phantom Wallet is a trustworthy platform as you have already seen the number of daily active users, the services they provide, and also it provides so many features in one app. So give this app a try and find out if you can trade or invest via this wallet. Beginners can also participate in this platform as it is simple and have a basic GUI algorithm that is easy to learn and understand.
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