Phantom, a budding crypto wallet that has risen in popularity with the skyrocketing price of the Solana cryptocurrency this year, has recently proven to be the Achilles heel of the Ethereum MetaMask wallet.
For crypto novices, this lede is more than you bargained for. So here is a brief explainer: Solana is a new cryptocurrency launched in April 2020 as an open-source project maintained by the Geneva-based Solana Foundation. It achieves consensus using proof of stake, is considered a potential long-term rival for Ethereum and like Ethereum, can interact with smart contracts.
In recent months, SOL has been on a tear. Its price rose from roughly $1.50 in January 2021 to a high of more than $215, according to Investing.com. Solana was trading at $135.48 at the time of this writing, making it the seventh-largest cryptocurrency in the world with a market capitalization of $40 billion.
Solana’s dizzying rise means it was touted as a likely contender to topple Ether, currently the largest decentralized app platform on the Ethereum blockchain, as the world largest altcoin.
Launched in April 2021, Phantom has become the preferred wallet by Solana, Ethereum and other altcoin users, and it’s threatening to displace Metamask – a crypto wallet that allows users to store and transact only on Ethereum.
Here are three things to know about Phantom:
While Phantom is still in beta testing, it has more features than Metamask and is reportedly much easier to use. It has acquired tens of thousands of users thanks to its advanced capabilities and ease of use.
Phantom raised $9 million in Series-A funding in July and plans to use these new funds to hire new talent and develop new features. Phantom is notably recruiting software engineers and a senior mobile developer.
Phantom’s main crypto, Solana, has been attributed in part to the growth of NFTs, a type of token that functions as “proof of ownership” over a digital item. To buy NTFs on the Solana platform, users must have the Phantom wallet as MetaMask cannot be used anywhere else other than on the Ethereum blockchain.
Phantom intends to include new bridges between blockchains, the stacking of Ether and Solana, as well as a native integration of fiat currencies via Moopay. The application also intends to integrate Ethereum support, second-layer projects (Layer 2) and Ethereum-based sidechains.
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