The crypto world moves fast, and Phantom Wallet is racing ahead. In July 2025, Phantom hit a jaw-dropping $1 billion in perpetual futures trading volume, thanks to its integration with Hyperliquid. With over 15 million monthly active users and support for blockchains like Solana, Ethereum, and Bitcoin, Phantom is no longer just a wallet—it’s a one-stop hub for decentralized finance (DeFi). But does this milestone make it the most popular DeFi wallet? Let’s break down what Phantom offers, why it’s surging, and how it stacks up against competitors like MetaMask, all in plain language for everyday readers.
What Is Phantom Wallet?
A Wallet Built for Everyone
Phantom Wallet is like a digital Swiss Army knife for crypto. Launched in 2021, it started as a Solana-focused wallet but now supports Solana, Ethereum, Bitcoin, Polygon, and Sui. It’s non-custodial, meaning you control your private keys, not a third party, giving you full ownership of your assets. Whether you’re trading meme coins, collecting NFTs, or diving into DeFi apps, Phantom makes it easy with a sleek app and browser extension available on iOS, Android, Chrome, Firefox, and more.
What sets Phantom apart is its simplicity. You don’t need to be a crypto expert to send tokens, stake Solana for rewards, or swap assets. Its user-friendly design has attracted over 15 million monthly users, processing 850 million transactions and $20 billion in swap volume by January 2025.
The $1 Billion Milestone: What It Means
Phantom Perps and Hyperliquid Integration
Phantom’s latest feat is its $1 billion in perpetual futures trading volume, driven by Phantom Perps, a feature powered by Hyperliquid, a decentralized exchange for high-speed trading. Unlike traditional DeFi platforms that can be clunky, Hyperliquid offers near-instant trades with low fees, and Phantom puts this power right in your wallet. This means you can trade leveraged contracts—like betting on Bitcoin’s price—without leaving the app, a game-changer for DeFi fans.
This milestone shows a shift: people want wallets that do more than store crypto. Phantom’s all-in-one approach—trading, staking, and NFT management—has made it a go-to for users who value speed and convenience. Posts on X call it “the most popular wallet in Web3,” with its 15 million users dwarfing competitors like Axiom’s 90,000.
Why Is Phantom So Popular?
Easy-to-Use Features for Beginners
Phantom’s popularity comes from its beginner-friendly design. Setting it up takes minutes: download the app, create a wallet, and secure your 12-word recovery phrase. From there, you can:
- Swap Tokens: Trade tokens like SOL or USDC directly in the app, with low 0.85% fees compared to competitors.
- Manage NFTs: View and organize your NFTs in a clean gallery, with spam detection to keep your collection tidy.
- Stake Solana: Earn up to 9% APY by staking SOL to support the network, all with a few clicks.
- Connect to dApps: Access DeFi platforms like Jupiter or NFT marketplaces like Magic Eden without extra steps.
These features make Phantom a favorite for newcomers who want to explore crypto without a steep learning curve.
Multi-Chain Support and Security
Phantom’s support for multiple blockchains—Solana, Ethereum, Bitcoin, Polygon, and now Sui—means you can manage all your assets in one place. No need for separate wallets. Its security is also top-notch, with biometric authentication, Ledger hardware wallet support, and transaction previews to prevent mistakes. Despite a $4 million Solana exploit in 2023, Phantom’s systems weren’t directly impacted, proving its resilience.
Is Phantom the Most Popular DeFi Wallet?
Comparing Phantom to MetaMask
Phantom’s 15 million monthly users and $20 billion in swap volume are impressive, but how does it compare to MetaMask, the long-time DeFi wallet leader? MetaMask, with over 21 million users in 2021, dominates Ethereum’s ecosystem. However, Phantom’s focus on Solana’s low-cost, high-speed transactions gives it an edge for users prioritizing efficiency.
- User Base: MetaMask has a slight lead, but Phantom’s user growth (from 3 million in 2022 to 15 million in 2025) is faster.
- Fees: Phantom’s 0.85% swap fee and Solana’s low gas fees beat MetaMask’s pricier Ethereum transactions.
- Features: Both support DeFi and NFTs, but Phantom’s NFT gallery and spam protection are more advanced.
- Blockchains: Phantom supports five chains (Solana, Ethereum, Bitcoin, Polygon, Sui), while MetaMask covers Ethereum and EVM-compatible chains.
Phantom’s mobile-first design and Hyperliquid integration make it a strong contender, especially for Solana users. X posts even claim it’s “breached normie gates,” hitting #1 in the US App Store’s utility category.
Other Competitors
Wallets like Best Wallet and Rabby offer broader blockchain support, but they lack Phantom’s user base and polished interface. Best Wallet, for instance, supports more chains but doesn’t match Phantom’s DeFi trading features or NFT focus. Rabby is gaining traction but remains smaller. Phantom’s $3 billion valuation after a $150 million Series C round in January 2025 shows investors see it as a leader.
Can Phantom Keep Growing?
Future Plans and Challenges
Phantom’s roadmap is ambitious. It’s adding social discovery features to connect users and explore crypto opportunities, plus expanding to new chains like Monad (currently in testnet). Its $150 million funding will fuel acquisitions like Blowfish for security and Bitski for infrastructure, aiming to make Phantom a “consumer finance platform” bridging DeFi and traditional finance.
But challenges remain. A $3.1 million lawsuit after a $500,000 theft in 2025 raised security concerns, though Phantom’s systems weren’t at fault. Competition from MetaMask and newer wallets is fierce, and Phantom must keep innovating to stay ahead. If it can maintain its user-friendly edge and expand its DeFi tools, it could overtake MetaMask.
How to Get Started with Phantom
Joining Phantom is simple:
- Download: Get the app from the Apple App Store or Google Play Store or the browser extension from phantom.com.
- Set Up: Create a new wallet, set a strong password, and save your recovery phrase offline.
- Add Funds: Use the “Receive” button to get your wallet address or buy crypto via MoonPay or Coinbase Pay.
- Explore: Swap tokens, stake SOL, or connect to dApps like Raydium or Magic Eden.
New users should be cautious—never share your recovery phrase, and only connect to trusted dApps. Crypto is volatile, so start small and research thoroughly.
Why Phantom Matters to Everyday People
Phantom’s rise isn’t just about numbers; it’s about making crypto accessible. Whether you’re buying your first NFT, trading meme coins, or earning staking rewards, Phantom simplifies the process. Its $1 billion milestone shows it’s trusted by millions, and its low fees and fast transactions make DeFi less intimidating. For the average person, Phantom is a gateway to the crypto world without needing a finance degree.
Conclusion: Is Phantom the Top DeFi Wallet?
Phantom’s $1 billion trading milestone, 15 million users, and multi-chain support make it a heavyweight in DeFi wallets. While MetaMask still leads in user numbers, Phantom’s focus on Solana, intuitive design, and innovative features like Phantom Perps give it a shot at the top spot. For beginners and seasoned users alike, it’s a powerful, easy-to-use tool. Check out phantom.com or join the Phantom X community to stay updated on its journey to redefine DeFi.
