Phantom, Solana’s premier non-custodial wallet, has denied any intention of introducing a native token despite the increasing prevalence of airdrop rumors.
The Solana Phantom Wallet has recently surprised its community with a new revelation concerning its native token, which has been the subject of much discussion. Before this point, various crypto X influencers had been announcing that the non-custodial wallet intended to introduce a token with an intended airdrop for users. Phantom Wallet stated in its most recent update on X that it has no intention of releasing a token.
Phantom Wallet Squash Airdrop Plans
The non-custodial wallet expressed satisfaction with the users’ enthusiasm for the token’s potential. Nevertheless, the protocol stated that it prioritizes simplifying the process by which users share and discover new assets on its platform rather than concentrating on its token.
It directly addressed the PHNT asset speculation by stating, “We do not have any plans to launch a token.” The wallet said it is currently engaged in social discovery, with a specific objective of assisting many individuals in discovering and developing a passion for the crypto industry.
Users have experienced a range of emotions in response to this news update. Although some individuals found the update disappointing, others recognized the critical nature of the update in protecting users from scammers. The update follows the security update of BNB Chain’s crypto wallet and Trust Wallet.
In the interim, the Phantom Wallet of Solana did not specify any specific initiative concerning its social incentive for the community.
Influence on the Solana Ecosystem
As a Phantom Wallet, this recent update may significantly impact the broader Solana ecosystem. The demand for SOL as a liquidity asset and fas fee will dramatically increase due to the introduction of a new token on Solana, which will position the coin for growth.
This is even more necessary in light of the ongoing Pump.fun SOL selloff on exchanges such as Kraken. As the most frequently utilized memecoin launchpad in the broader industry, the memecoin launchpad has continued to distribute its generated SOL revenue.
The price of SOL has increased by 5.05% in 24 hours to $216.75 in response to these updates and negative ecosystem shifts. This demonstrates that the Phantom wallet update has not affected the coin negatively.
