Phantom Wallet Statistics 2026: Users, Revenue and Chains

Phantom Wallet served almost 17 million monthly active users at its peak, with growth Phantom described as 5x over the prior year and 28x above its post-FTX 2023 lows, according to CEO Brandon Millman’s keynote at Solana’s Accelerate conference. The wallet generated roughly $325.89 million in gross protocol revenue across full-year 2025 and a cumulative $565.42 million in protocol fees since inception per DefiLlama’s protocol page captured June 17, 2026.

Phantom also closed a $150 million Series C round at a $3 billion valuation co-led by Sequoia Capital in January 2025, and now operates across eight blockchains after Monad mainnet went live November 24, 2025. The most telling figure below the headline is the cooling from cycle peak; the user base mostly stayed.

Key Takeaways

• Phantom reached almost 17 million monthly active users at its peak, 5x growth over the prior year per Brandon Millman’s Solana Accelerate keynote.
• The wallet has a 15 million monthly active user steady-state baseline, $25 billion in self-custodied assets, and around 3.8 million usernames disclosed at the Series C close.
• Phantom processed more than 850 million total transactions in 2024, rounding out to 27 transactions per second across all supported chains.
• The Phantom mobile app has been downloaded 24 million times, with users opening Phantom an average of 16 times per day.
• Phantom’s perpetual futures integration with Hyperliquid produced $42.783 billion in cumulative perp volume per DefiLlama.
• Phantom raised $268 million in total across three funding rounds, with Series A $9 million, Series B $109 million, and Series C $150 million per DefiLlama’s funding history.

Editor’s Choice

• FY 2025 gross protocol revenue of roughly $325.89 million, with the Q1 2025 quarter alone contributing $173.84 million per DefiLlama.
• Cumulative protocol fees since inception of $565.42 million, with $532.47 million sourced from Solana.
• Annualized fees and revenue running at $157.14 million per DefiLlama as of mid-June 2026.
• Phantom users swapped more than 120 million times across 788,000 unique tokens in 2024.
• The wallet bridged more than $613 million across chains in 2024, of which $421.6 million was bridged to Solana.
• Phantom’s Solana flywheel contributed to Solana passing 50% of total DeFi dapp revenue versus 13% for Ethereum per Millman’s keynote.

Recent Developments

• November 24, 2025. Monad mainnet went live, with eligible Phantom users able to claim MON airdrops via the Phantom claim wallet, bringing total supported chains to eight.
• July 8, 2025. Phantom launched in-wallet perpetual futures trading powered by Hyperliquid for its 15 million active monthly users, with up to 40 times leverage on more than 100 contracts.
• January 29, 2025. Sui became the third Layer 1 fully supported on Phantom, with Sui-native apps Suilend, Navi, Aftermath and Bluefin available in-app.
• January 16, 2025. Phantom closed a $150 million Series C round at a $3 billion valuation, co-led by Sequoia Capital.
• November 2024. Phantom acquired wallet-security firm Blowfish to harden wallet security.
• Q2 2026. DefiLlama recorded $17.51 million in Phantom protocol revenue through mid-June, below the trailing four-quarter average.

Phantom Wallet Total Users and MAU Trajectory

Phantom reported 1.9 million monthly active users in 2023, scaled to 10 million MAU in 2024, and hit almost 17 million during the cycle peak, a 5x lift over the prior year and 28x over the post-FTX 2023 trough. The Series C disclosure pegged the steady-state at 15 million monthly active users with $25 billion in self-custodied assets.

Source: Phantom 2023 and 2024 Year-in-Review posts; Phantom Series C announcement (January 16, 2025); Brandon Millman Solana Accelerate keynote (2025)

By the numbers: Phantom’s user base grew 28x between its post-FTX 2023 low of 1.9 million MAU and its peak of almost 17 million, a four-year cycle that mirrors broader Solana adoption. Our wallet and exchange coverage documents a clear directional shift: after each major exchange failure, the rate of crypto leaving centralized venues for self-custody wallets accelerates.

The 2-million-user delta between peak and steady-state captures the post-cycle attrition of trade-active cohorts.

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Phantom Wallet Quarterly Revenue Trajectory

Quarterly gross protocol revenue peaked at $173.84 million in Q1 2025, fell to $51.33 million in Q2 2025, and recovered modestly to $63.11 million in Q3 2025 before declining again. The trailing five-quarter window from Q2 2025 through Q2 2026 (partial) averaged roughly $40.5 million per quarter, against the Q1 2025 single-quarter peak of $173.84 million.

• Full-year 2025 gross protocol revenue totaled roughly $325.89 million across the four 2025 quarters per DefiLlama.
• Full-year 2024 gross protocol revenue totaled roughly $189.15 million, implying roughly 1.72x year-over-year growth.
• Q1 2025 alone exceeded the entire first half of 2026 through June 17 by more than $123 million.
• Q4 2024 revenue of $135.07 million reflects the memecoin-driven swap volume spike during 2024’s Airdrop April and TikTok meme cycle.

The compression is the real story. Phantom’s product surface kept expanding through Hyperliquid perps, Sui, Monad, yet quarterly revenue retraced sharply inside four quarters. The franchise is durable across a cycle; the take-rate is not.

Phantom Wallet Annualized Fees and Cumulative Revenue

Phantom’s cumulative fees split sits at $565.42 million, with Solana producing $532.47 million, Hyperliquid L1 at $21.73 million, and Ethereum, Base, Polygon and Monad adding the balance. Solana accounts for roughly 94% of cumulative fees. Phantom’s revenue stream equals its fee stream; the take-rate is the entire margin.

• Annualized fees and revenue stood at $157.14 million per DefiLlama as of the June 17 snapshot.
• 30-day fees of $6.64 million broke down across Solana $4.73 million, Hyperliquid L1 $1.62 million, Ethereum $126,520, Base $102,946, Polygon $60,260 and Monad $3,191.
• 7-day fees of $1.41 million included Solana $957,770 and Hyperliquid L1 $418,077.
• 24-hour fees of $96,020 came entirely from Hyperliquid L1 in DefiLlama’s snapshot.

Key finding: Hyperliquid L1 already produces roughly 24% of Phantom’s 30-day fees, with Solana at roughly 71%. Hyperliquid did not exist in Phantom’s wallet before July 2025. The integration crossed the 20% revenue-share threshold in under 12 months, the kind of velocity that re-shapes the multichain narrative every Phantom Year in Review will need to address.

Phantom Solana Market Share and Wallet Competition

Phantom emerged as the dominant Solana wallet on the path to its peak MAU baseline. According to DL News reporting on the Hyperliquid integration, Phantom launched in 2021 and quickly became the top Solana wallet by a large margin, outpacing competitors Solflare and Backpack in usage. Phantom’s own Series C announcement claimed that in November and December, Phantom’s active traders, trading revenue, and trading volume were multiples higher than MetaMask and Coinbase Wallet combined.

• Phantom’s Solana flywheel contributed to the chain passing 50% of total DeFi dapp revenue versus Ethereum’s 13% in mid-2025 per Millman’s keynote.
• Phantom’s first-party 2024 data shows the top 5 apps used by Phantom holders. Jupiter, Pump.fun, Raydium, Birdeye, Tensor.
• The self-custody wallet category as a whole has trended toward Phantom-style wallets as users rotate out of exchange custody.

Phantom’s Solana playbook is the playbook MetaMask wrote on Ethereum.

Phantom Wallet Supported Blockchains

Source: Phantom 2024 Year in Review; Sui Foundation blog (January 29, 2025); Phantom Series C announcement; Blockchain.News flash on Monad mainnet (November 24, 2025)

Phantom’s chain footprint grew from one to eight in under 30 months. The wallet added Bitcoin and Base in 2024 after going multichain in 2023, then added Sui on January 29, 2025 as the third Layer 1 fully supported on Phantom and the only Move-based chain, integrated Hyperliquid in July 2025 for perpetual futures access, and reached eight supported chains when Monad mainnet launched on November 24, 2025 with Phantom enabling MON airdrop claims at mainnet day.

• The 2024 expansion extended Phantom to Bitcoin and Base after the wallet went multichain in 2023.
• The Sui integration unlocked access to Sui-native apps Suilend, Navi, Aftermath and Bluefin from within the Phantom interface.
• More than 50 apps have onboarded through Phantom Connect since the cross-chain SDK launched, per blockchain news flashes covering the expansion.

Phantom Wallet Perpetuals Trading on Hyperliquid

Source: DefiLlama Phantom protocol page (snapshot 2026-06-17); DL News article on Hyperliquid perpetuals driving $1.8 billion in volume to Phantom wallets in 16 days (July 24, 2025)

Phantom’s pivot into onchain derivative trading happened through a permissionless integration with Hyperliquid. The wallet launched in-wallet perpetual futures trading on July 8, 2025, opening access to 15 million active monthly users with up to 40 times leverage on more than 100 Hyperliquid contracts. Initial rollout was phased. DL News reported that volume reached $57 million on July 10 from about 2,700 unique users and passed $300 million by July 22 with more than 4,600 users, climbing to more than $1.8 billion in volume and about $929,000 in revenue across 17,000 unique users within 16 days.

• Cumulative perp volume hit $42.783 billion per DefiLlama, all routed through Hyperliquid L1.
• 30-day Hyperliquid perp volume through Phantom of $2.978 billion implies average daily volume of roughly $99.27 million across the trailing 30 days.
• Phantom captures the builder-fee share on every Hyperliquid trade, a take-rate that scales without Phantom holding any user funds.

Why it matters: Phantom chose to integrate with Hyperliquid, a non-Solana venue with $99 billion in 7-day perp volume versus Solana-native Jupiter’s $6.2 billion and Drift’s $5.3 billion in the same period. The decision signals that Phantom’s product strategy now follows the trade flow, not the home chain. That is a different franchise math than the wallet-on-Solana posture readers may remember.

Phantom Wallet Swap Volume and Bridge Activity

Phantom users conducted more than 120 million swaps across 788,000 unique tokens during 2024 per Phantom’s own Year in Review; in-app swaps and cross-chain bridging form the second revenue spine alongside perpetuals. The Series C disclosure pinned annual swap volume at $20 billion. Cross-chain bridging through Phantom’s Cross-Chain Swapper moved more than $613 million across chains in 2024, with $421.6 million of that flow bridged to Solana.

• The Cross-Chain Swapper launched in November and reached $25 million in total volume in its first month per Phantom’s 2023 Year in Review.
• Phantom’s staking integrations let users delegate SOL and other supported assets without leaving the wallet interface.
• The in-app token swapper launched in June 2021 and recorded over $1 billion in swap volume by October of that year, a four-month ramp.

The bridge-to-Solana skew tells the franchise story in one number: $421.6 million of $613 million in cross-chain flow ended on Solana. Even after multichain support landed, Phantom’s gravity well stayed centered on the founding chain.

Phantom Wallet Funding History

Phantom raised $268 million in total across three funding rounds, with the implied valuation rising from undisclosed (Series A) to $1.2 billion (Series B) to $3 billion (Series C).

The Series A $9 million round was led by AllianceDAO, a16z, Garry Tan, Jump Capital, Robert Leshner and Variant Fund per DefiLlama’s funding history. The Series B closed at $109 million, led by the venture firm Paradigm with participation from a16z, Variant, Solana Ventures and Jump Crypto, coinciding with the launch of Phantom’s iOS app. The Series C $150 million round was co-led by Sequoia Capital at a $3 billion valuation, with continuing support from a16z crypto and Variant.

• Series C implied valuation per active monthly user of roughly $200, dividing the $3 billion valuation by 15 million MAU, a derived metric Phantom does not cite directly but follows from the press-release disclosures.
• The Series C round funds went toward social discovery features built around Phantom’s 3.8 million usernames and simplified peer-to-peer payments per the announcement.
• CEO Brandon Millman framed the round as building the world’s biggest consumer finance platform rather than just expanding the wallet primitive.

Phantom Wallet Mobile App and User Engagement

The Phantom mobile app underwrites the daily-active behavior that drives the swap and perp revenue lines. The app has been downloaded 24 million times across iOS and Android, with users opening Phantom an average of 16 times per day. Phantom’s Series C disclosure pegged the average app open count at 12 per day, a number that grew to 16 per day by the 2024 Year-in-Review window.

• iOS launched alongside the Series B announcement, with Android coming shortly after.
• Phantom topped the App Store charts twice in 2024, first after Airdrop April and again during the late-year TikTok meme cycle when users rushed in to buy memecoins like Chillguy.
• The wallet processed more than 850 million onchain transactions cumulatively as of the Series C disclosure across all supported chains.

Sixteen app opens per day is phone-game-level engagement for a financial product, which is what makes the implied $200-per-MAU valuation defensible despite the revenue compression.

Phantom Wallet Acquisitions and Product Expansion

Phantom made three acquisitions across the period, each targeting a specific friction in the wallet experience: the company acquired Bitski in May to make onboarding easier for users and apps, then made our second acquisition in November, acquiring Blowfish to supercharge wallet security. A third acquisition followed when Phantom acquired SimpleHash to integrate security features natively into the Phantom app per Millman’s Solana Accelerate keynote.

• 3 acquisitions integrated across the period spanning onboarding, defensive security, and security-telemetry layers.
• Bitski (May 2024) added onboarding infrastructure that powers Phantom’s social-login system per the 2024 Year in Review framing.
• Blowfish (November 2024) added the transaction-simulation engine that flags malicious dApp interactions before signing; Phantom calls this a wallet-drainer defense.
• SimpleHash (2025) added native security feature integration after Phantom invested millions of dollars in dedicated customer support per Millman’s keynote.

The three-acquisition pattern reads as a vertical integration play: onboarding (Bitski), defensive security (Blowfish), and offensive security telemetry (SimpleHash). Phantom is no longer just a wallet UI; it is a stack.

Phantom Wallet Security and Trust Signals

Phantom’s security posture matters disproportionately for a non-custodial wallet whose users hold their own keys. The wallet introduced Auto-Confirm in August 2023, allowing users to submit transactions and signed messages without triggering an approval dialog. The 2023 Year in Review documented more than 220,000 Quests completed during the year as part of the security-onboarding loop tied to Phantom’s discovery features.

• Phantom’s Cross-Chain Swapper replaces third-party bridges that historically carried disproportionate exploit risk per the company’s 2023 review framing.
• Customer support investments described by Millman as “millions of dollars” help close the gap that competitors leave by directing users to Discord channels.
• The Phantom social-login system replaces the seed-phrase onboarding friction that historically caused user-level fund loss through phishing.

Worth noting: Phantom is a self-custody wallet, users hold their own keys and Phantom cannot recover lost seed phrases. Security investments like the Blowfish acquisition to supercharge wallet security reduce attack surface but do not eliminate user-side responsibility for key management. The trade-off is the same trade-off every self-custody wallet carries: more control, more responsibility.

Phantom Solana Ecosystem Top Apps and Tokens

Phantom’s first-party data reveals which apps and tokens drove the most wallet-side activity. The top apps used by Phantom holders shifted from NFT marketplaces (Magic Eden, Tensor, Exchange Art) and DeFi venues (Jupiter, Raydium, BirdEye) in 2023 to a Jupiter, Pump.fun, Raydium, Birdeye, Tensor leaderboard in 2024 reflecting the memecoin trading surge.

• Phantom users swapped SOL and BONK as the two most-swapped tokens in 2023, followed by JTO, PYTH and ETH.
• The NFT marketplace mix on Phantom remained concentrated in Magic Eden, Tensor and Exchange Art across both 2023 and 2024.
• Pump.fun’s rise to the #2 app slot in 2024 mirrors the broader DeFi volume shift toward memecoin launchpads on Solana.

How Many People Use Phantom Wallet?

Phantom serves 15 million monthly active users per the Series C disclosure, and reached an almost 17 million peak during the most recent cycle per Brandon Millman’s Solana Accelerate keynote. The 2 million-user gap captures the post-cycle attrition of trade-active cohorts; the durable read is the 15 million steady-state baseline.

What Blockchains Does Phantom Wallet Support?

Phantom expanded its chain support when Monad mainnet went live on November 24, 2025: Solana (founding chain), Ethereum, Polygon, Bitcoin, Base, Sui, Hyperliquid via HyperEVM, and Monad. Solana remains the dominant fee-producing chain at roughly 94% of cumulative protocol fees, while Hyperliquid has emerged as the second-largest contributor in under 12 months since integration.

Is Phantom Wallet Safe?

Phantom is a non-custodial wallet, meaning users hold their own private keys. Phantom cannot freeze, recover, or restore funds if a seed phrase is lost. Security investments include the Blowfish acquisition in November to supercharge wallet security per Phantom’s 2024 Year in Review, and the SimpleHash acquisition to integrate security features natively into the Phantom app per Millman’s keynote. These tools reduce phishing and malicious-dApp risk, but the user remains the final line of defense for key custody.

Conclusion

Phantom Wallet enters 2026 with almost 17 million peak MAU and 15 million steady-state, $565.42 million in cumulative protocol fees since inception, and $42.783 billion in cumulative perp volume processed through its Hyperliquid integration per DefiLlama. The wallet now operates across eight blockchains after Monad mainnet support landed, and the Series C $3 billion valuation co-led by Sequoia Capital anchors the franchise as it transitions from wallet primitive to consumer finance platform.

The cooling from the Q1 2025 revenue peak is the honest read on the business: the user base held while the take-rate compressed with the cycle.