Phantom Wallet, a leading non-custodial wallet on the Solana blockchain, has clarified that it has no plans to launch a native token, countering widespread rumors of an airdrop. The wallet aims to enhance social features to attract more users to the crypto space. Despite mixed reactions from the community, the update is seen as a protective measure against scams. The Solana ecosystem may face challenges without a new token, but the price of SOL has risen by 5.05% to $216.75, indicating investor confidence remains unaffected.

HIGHLIGHTS Phantom Wallet said it has no plans for a native token The Solana wallet said it will prioritize social enhancements to bring more people to crypto Solana price is up, indicating the update is not impacting investor sentiment The Solana Phantom Wallet has dazzled members of its community with a new revelation regarding its much talked about native token. Prior to this time, different influencers on crypto X have been publicizing how the non-custodial wallet had plans to launch a token with a planned airdrop for users. In the new update on X, Phantom Wallet said it has no plans to launch a token.
Phantom Wallet Squash Airdrop Plans
The non-custodial wallet said the it is thrilled with the enthusiasm of its users regarding the token's prospects. However, the protocol said rather than focus on its own token, it is rather working to simplify how users share and discover new assets on its platform.

It directly addressed the PHNT asset speculation, saying "we do not have any plans to launch a token." The wallet said it is working on social discovery with a special mission to help many discover and love the crypto industry.

We're thrilled by the enthusiasm for following users on Phantom!

It's a huge step for us toward making crypto more personal and user-friendly. By simplifying how you share and discover with friends, we aim to dramatically improve how users find new tokens and apps.

We've seen…
— Phantom (@phantom) January 3, 2025


This news update has triggered a mixed emotion among users. While some considered the update disappointing, others noted how important the update is to safeguard users from scammers. The update comes shortly after a Trust Wallet and BNB Chain's crypto wallet security update.

Meanwhile, the Solana's Phantom Wallet did not mention any specific effort regarding its social incentive for the community.
Impact on the Solana Ecosystem
The broader Solana ecosystem might suffer the brunts of this latest update as a Phantom Wallet. With a  new token on Solana, the demand for SOL as liquidity asset and fas fee will soar, setting the coin up for growth.

This is even more needed with the ongoing Pump Fun SOL selloff on exchanges like kraken. The memecoin launchpad has continued to sell its generated SOL revenue as the most used memecoin launchpad in the broader industry.

Amid these updates and negative ecosystem shifts, the price of SOL has jumped 5.05% in 24 hours to $216.75. This shows the Phantom wallet update has fueled no negative impact for the coin.

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Phantom Wallet Clarifies No Plans for Native Token Amid Airdrop Rumors