Phantom Wallet – The Easiest Guide to Using Phantom Wallet

Phantom, a self-custodial browser extension and crypto wallet built for Solana, became the ecosystem’s top dog despite lacking a mobile app–hitting 1.8 million monthly active users in just nine months. 

With the mobile app public rollout approaching, CryptoSlate touched base with Phantom wallet co-founder and CEO, Brandon Millman, who cleared the air about the bumpy iOS beta launch.

Mobile app launch 

The Solana wallet built for DeFi & NFTs crushed it in 2021–since the public launch of the browser-extension product in July, Phantom grew to 1.8 million active users, facilitating 55 million DApp transactions.

“For 2022, we are planning on coming hot out of the gate with our full public iOS launch, an Android app, and improvements to private key management,” said Millman, revealing that Phantom is exploring the possibility of expanding to other blockchain ecosystems.

According to Millman, when the original IOS beta launch was announced, the phantom wallet community provided initial feedback that caught the Phantom team off guard due to a greater misunderstanding.

“With a limit of 7,000 beta invites available due to restrictions from Apple and TestFlight, our original intention was to use the overwhelming demand for early access to also do some good by donating 100% of all proceeds from the Dutch auction to Girls Who Code,” he explained the idea behind the NFT auction on Magic Eden.

Auction winners were supposed to use their NFTs to redeem invites to the wallet’s iOS Beta TestFlight group, but Phantom scrapped the plan following the community’s backlash.

“There is a huge misunderstanding that invites were selling for 8 SOL as that’s not how Dutch auctions work–it would start at 8 SOL and decrease in value over time. People could choose to bid at whatever price they felt the invite was worth,” Millman clarified, underscoring that Phantom had no plans to profit from any of the donations.

Kazakhstan emerges as a leading spot for stranded Bitcoin miners

Kazakhstan has emerged as one of the top spots for Bitcoin mining, after Russia and the USA. Following crypto clampdown in China, many ousted Bitcoin miners found refuge in Kazakhstan, where the region’s cheap electricity prices acted as a catalyst for them to mine Bitcoin with minimum external intervention. 

The prices of electricity in Kazakhstan are the lowest as compared to other countries. The average electricity consumption in the region amounts to nearly $0.041 per kWh for households. 

Hash rate drops 

But what does it mean for the Bitcoin network, when one of the leading countries in terms of mining experiences a nationwide internet blackout?

“Bitcoin survived an overnight 50% HR dump, it will be fine here too,” according to Lerry Cermak, who pointed out the Bitcoin hash rate drop on Twitter.

There is no denying the fact that NFTs have become more mainstream than they used to be in previous times. While Ethereum-based tokens still dominate the space, those built on the Solana blockchain have begun a rise of their own.
Phantom, thus, is to Solana what MetaMask is to Ethereum —a wallet that users of the networks can use to easily trade their NFTs and also to store, send, receive, stake, and swap their holdings.
The continued NFT mania amongst crypto enthusiasts has seen the transaction volume of secondary sales on Solana rise over $500 million within three months, placing it among the top ecosystems based on NFT sales.
Describing its active users, Phantom wallet wrote that they are “someone who manually opens the wallet or interacts with a Dapp such as signing a transaction or connecting to it.”
Though it is still a long way behind the numbers MetaMask is able to pull, Phantom’s current success is notable when you consider the fact that the wallet has only been in operation for less than a year.

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