The Rise of Crypto Wallets: A New Entry Point to Cryptocurrency

The Solana-based crypto wallet Phantom has seen a significant increase in its user base, thanks to DeFi activities and airdrops. This trend indicates a shift in the way people are entering the world of cryptocurrency, with wallets becoming the new entry point.

The world of cryptocurrency is constantly evolving, and the latest trend is the rise of crypto wallets as a new entry point for users. One such wallet, Phantom, heavily used in the Solana ecosystem, has seen its active user base more than triple over the past year, according to CEO and co-founder Brandon Millman.

In January 2024, Phantom reported 3.2 million monthly active users, a 220% increase from the previous year. This growth was largely driven by the Jito and Jupiter airdrops, which provided users with rewards or tokens as a thank you for using their service. These airdrops, along with the recent Solana memecoin mania, have led to a surge in both old and new users.

This trend indicates a shift in the way people are entering the world of cryptocurrency. Previously, the typical method was to go through centralized crypto exchanges like Coinbase. However, Millman believes that increasingly, people are downloading a crypto wallet to get started. These wallets and on-chain applications are becoming the new thing people are trying to access when they want to use crypto.

Phantom, which started in 2021 as a Solana-only crypto wallet, has since expanded to provide multichain support for Ethereum, Polygon, and Bitcoin. The company is now focused on growing its user base and becoming the top destination for people new to crypto and wallets. Phantom makes money by providing in-app convenience features for swapping cryptocurrencies and charging a small fee for them.

The rise in usage of crypto wallets points to further growth in the space. Crypto wallets not only allow users to trade cryptocurrencies, but they also provide access to on-chain perks. DeFi applications are now incentivizing usage with airdrops, and the only way to get that is by downloading a wallet. This makes wallets an attractive alternative to exchanges.

In the future, Millman expects crypto wallets to help people do more than just buy, hold, and sell crypto. They will serve as a window into a much richer world of interoperability. This is an exciting development for the world of digital marketing, as it opens up new avenues for businesses to reach and engage with their audience.

As a tech whiz and website wizard at Optimized Marketing, I’m always on the lookout for the latest trends and developments in the digital world. The rise of crypto wallets is a trend that businesses should keep an eye on, as it could have significant implications for their digital marketing strategies. Stay tuned for more updates on this and other digital marketing trends.

Source: TechCrunch

Fred Tume

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