Phantom Is Now No. 1 Google Play Finance App in US

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As an analyst with a background in blockchain technology and experience in analyzing market trends, I find Phantom’s rapid growth on Google Play to be an exciting development for the Solana ecosystem. The wallet’s user-friendly interface, robust security features, and seamless integration with dApps and NFTs have clearly resonated with users, surpassing more established players in the market.

In the United States, Google Play’s top-ranked finance application is now Phantom Wallet, a preferred choice among users for managing cryptocurrencies on the Solana blockchain. Surpassing competitors such as CashApp from Block and PayPal, Phantom has secured this position.

According to AppFigures’ information, Phantom holds the 12th position among the free apps most frequently downloaded on Google Play in the USA during April 2024, with approximately 770,000 installations. The growing recognition of the Solana blockchain has further boosted Phantom’s user base.

Two years ago, on March 12, 2022, this wallet was introduced to the market. Since then, it has become quite famous for its intuitive design, strong security measures, and effortless compatibility with decentralized apps (dApps) and non-fungible tokens (NFTs).

As a crypto investor, I appreciate the added security of using hardware wallets like Ledger with Phantom. This extra step ensures my digital assets are safely stored offline. Additionally, Phantom’s built-in decentralized exchange (DEX) makes it convenient for me to swap tokens without having to navigate away from my wallet. The real-time notifications and transaction histories keep me informed and in control of my investments, creating a seamless user experience.

As a crypto investor following the developments in the tech world, I’ve noticed that social media platform X, formerly known as Twitter, has recently surpassed heavyweights like Facebook, Roblox, and SnapChat in terms of Google Play rankings within the US market. This is an impressive achievement, considering the strong competition these platforms present. However, it seems that SnapChat managed to bounce back and is now ranked tenth in the overall Google Play rankings. This demonstrates the dynamic nature of the tech industry and the importance of staying informed about these shifts in order to make well-informed investment decisions.

Sixth place in the US list of popular financial apps goes to Tonkeeper, a TON blockchain wallet, with an estimated download count of approximately 240,000. On the other hand, Coinbase, which holds the title as the largest cryptocurrency exchange in the United States based on trading volume, ranks 18th among finance apps.

Solana is Going Mainstream

The Solana (SOL) blockchain is gaining widespread adoption, according to Phantom’s recent announcement on their official X account. Solana acknowledged the role of its community in fueling this growth. Notably, the amount of cryptocurrency assets secured on the network, known as total value locked (TVL), has been increasing since the end of the crypto winter.

According to DefiLlama’s figures, Solana’s total value locked currently amounts to $4.74 billion. This represents a substantial decrease from the all-time high of $9.934 billion achieved in 2021. Notably, trading volumes have been on the rise and a large portion of transactions are linked to stablecoins, with their market capitalization on Solana reaching $3.083 billion.

At present, the value of SOL is $166.33 as of 7:02 a.m. ET on Monday. This represents a 1.29% increase over the past day and an impressive 752% surge in the last year. Notably, Solana is projected to compete with Ethereum imminently due to the upcoming introduction of SOL exchange-traded products (ETPs) in the US market.

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2024-05-27 15:31