Digital asset wallet Phantom has refuted rumors suggesting it would initiate a token airdrop to complement its soon-to-be-released social discovery feature.
“We’ve seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token,” the non-custodial crypto wallet provider stressed in a Jan. 3 X post.
“But we’re incredibly excited about social discovery on Phantom and are actively working on ways to make it something everyone loves.”
Source: Phantom
Announced on Dec. 19, Phantom’s new social discovery feature will allow users to create a profile, add other users as friends and choose between three profile privacy levels — public, private, and invisible.
Some members of the crypto community, such as X user “Slim,” claimed that users of the new feature would earn tokens by following others and getting followed, fueling speculation of a token launch.
Source: Slim
Meanwhile, Phantom announced it would integrate layer 1 blockchain Sui on Dec. 6, making it the fourth blockchain Phantom supports behind the Bitcoin, Ethereum and Solana networks.
The company said the integration would occur sometime in “early 2025.”
Phantom has become one of the leading non-custodial crypto wallets this bull cycle, having reported 7 million monthly active users last April.
Related: Switching from MetaMask? Here are 5 alternative crypto wallets
Phantom briefly became the second most popular application in the Apple App Store’s utilities section on November 20 when crypto markets were still soaring following Donald Trump’s presidential election victory.
However, not everything has run smoothly for Phantom in recent months.
Developers behind the Phantom wallet were forced to issue an emergency update for iPhone users after reports that some had their applications reset, locking them out of their wallets unless they remembered their recovery phrase.
One Phantom user reported losing around $600,000 at the time.
Phantom was founded in 2021 in San Francisco, California by the firm’s CEO Brandon Millman, chief product officer Chris Kalani and chief technology officer Francesco Agost.
Phantom also provides non-custodial services for users looking to secure their non-fungible tokens.
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