“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,” Phantom stated. “But we’re incredibly excited about social discovery on Phantom and are actively working on ways to make it something everyone loves.”

The Social Discovery Feature

The rumors surfaced following Phantom’s Dec. 19 announcement of its upcoming social discovery feature. This new tool will allow users to create personalized profiles, connect with friends, and manage privacy settings with options for public, private, and invisible profiles.

Some members of the crypto community, including X user “Slim,” speculated that the feature would incentivize users with tokens for following and gaining followers. These claims fueled a wave of anticipation around a potential airdrop, which Phantom has now definitively denied.

Phantom’s Expanding Ecosystem

Phantom has been steadily expanding its offerings, including a recent announcement about integrating the layer 1 blockchain Sui. This will make Sui the fourth blockchain supported by Phantom, alongside Bitcoin, Ethereum, and Solana. The integration is expected in early 2025, signaling the wallet’s ongoing commitment to broadening its ecosystem.

Phantom has grown rapidly during this crypto bull cycle, reporting 7 million monthly active users as of April 2024. It briefly became the second most popular application in Apple’s App Store utility section in November, following a surge in crypto markets.