Phantom Wallet Statistics 2026: Users, Revenue and Valuation

Phantom Wallet closed a $150 million Series C round at a $3 billion valuation in January 2025, cementing its position as the dominant consumer-grade crypto wallet for Solana and a fast-rising challenger to MetaMask across multichain wallets. The round arrived as the company reported 15 million monthly active users, $25 billion in self-custodied assets, and 850 million lifetime on-chain transactions.

Eighteen months later, the wallet looks even less Solana-specific: a Hyperliquid perpetuals integration generated $20.63 million in cumulative builder revenue, chain support widened to eight networks, and DefiLlama’s protocol-fee dashboard now lists Phantom at an annualized $157.73 million in fees. The figures below cover users, revenue, market share, multichain support, funding, security, and platform reach through Q2 2026.

Key Takeaways

• Phantom reached 15 million monthly active users by January 2025, the milestone disclosed alongside the Series C announcement.
• The wallet now spans 8 blockchains in mainnet: Solana, Ethereum, Bitcoin, Polygon, Base, Sui, Monad, and HyperEVM, after starting as a Solana-only client.
• Phantom holds 39.4% of the Solana wallet market, the largest single share among self-custody wallets on the network.
• Cumulative protocol fees crossed $565.21 million across all supported chains, with Solana alone responsible for the bulk.
• Phantom’s Hyperliquid integration captured 31.8% of the top-10 builder revenue on Hyperliquid, the highest share of any wallet partner.
• Total funding raised: the combined Series A plus Series B plus Series C totals across three rounds, from the 2021 Series A through the January 2025 Series C.
• Daily swap volume through Phantom exceeds $20 million, with a flat 0.85% fee charged on each swap.

Editor’s Choice

• $3 billion Series C valuation, co-led by Sequoia Capital and Paradigm.
• $25 billion in self-custodied assets held inside Phantom wallets as of January 2025.
• 850 million lifetime on-chain transactions processed through Phantom.
• $157.73 million annualized protocol fees across the supported chain set.
• $37 billion in Hyperliquid trading volume processed in under a year via Phantom.
• 137,496 users trading perpetuals via the Phantom-Hyperliquid builder code.

Recent Developments

• May 2026: CoinGecko’s Hyperliquid builders report ranked Phantom #1 with $20.63 million cumulative builder revenue and 137,496 users.
• May 2026: Phantom crossed $20 million in Hyperliquid builder code fees on under a year of processing $37 billion in cumulative trading volume.
• Late 2025: Monad mainnet support went live in Phantom, adding the network’s MON token to the supported asset list.
• July 2025: Phantom Perps launched in-wallet, powered by Hyperliquid, with 100+ markets and up to 40x leverage.
• Shortly after launch: Phantom Perps surpassed $1 billion in cumulative trading volume shortly after its July 2025 launch.
• Ongoing: Phantom publishes audits from Kudelski Security and maintains an open-source blocklist for known malicious domains.

Phantom Wallet User Base and Monthly Active Users

Phantom’s January 2025 Series C announcement put monthly active users at 15 million, up from the roughly 3 million figure cited at the Series B in early 2022. Independent tracking suggested a peak of approximately 17 million monthly active users by mid-2025 before a small pullback in the second half of the year as Solana memecoin volume cooled.

• The wallet’s 15 million MAU figure was confirmed by Phantom co-founder Brandon Millman on January 16, 2025.
• Self-custodied assets reached $25 billion at the same disclosure window.
• Lifetime on-chain transactions hit 850 million, averaging roughly 700,000 daily transactions across supported chains.
• Annual swap volume cleared $20 billion across the four years between Series B and Series C.
• Phantom Wallet’s wallet count of more than 10 million sits below MetaMask’s reported 30 million wallets, but trails on a different scale of measurement (wallets vs MAUs).

Source: Phantom Series C announcement, Datawallet, AInvest reporting

The MAU figure matters more than the wallet count for Phantom’s growth story. Wallet creation is a single event; monthly activity is the recurring engagement that compounds into swap fees, perps revenue, and the Series C-grade valuation.

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Phantom Wallet Revenue and Fee Breakdown by Chain

DefiLlama’s protocol dashboard tracks Phantom’s fee revenue across every chain it supports in real time. The annualized figure puts the wallet on a $157.73 million revenue run rate, with the cumulative all-time take at $565.21 million since launch.

• 30-day fee revenue: $6.63 million, of which Solana contributes $4.85 million.
• Hyperliquid L1 30-day fees: $1.48 million, second behind Solana.
• 7-day fee revenue: $1.48 million, with Solana again leading at $1.09 million.
• 24-hour fee revenue: $195,169, split Solana $151,231 and Hyperliquid $40,285.
• Cumulative Solana share: $532.45 million of the $565.21 million total, or roughly the dominant majority of all fees Phantom has ever earned.
• Swap fee model: flat 0.85% charged on every in-app swap, aggregated across multiple DEX routes.

Source: DefiLlama protocol-fee dashboard, June 2026 snapshot

By the numbers: Per DefiLlama’s snapshot, Phantom’s $157.73 million annualised fees rest on Solana ($4.85 million of the $6.63 million monthly take) and a Hyperliquid L1 bolt-on ($1.48 million monthly) that did not exist a year ago. The remaining six chains together contribute a residual share of the monthly take, showing how concentrated the revenue base remains.

Phantom Wallet Supported Blockchains and Multichain Expansion

Phantom now operates across 8 networks: Solana, Ethereum, Bitcoin, Polygon, Base, Sui, Monad, and HyperEVM. The expansion happened in two waves: an EVM push covering Ethereum and Polygon, then Bitcoin support added in 2024 with Native and Taproot address types, then Sui, Monad mainnet, and HyperEVM through 2025 and early 2026.

Phantom users now manage Solana-native assets, Solana NFTs, and DeFi positions across the Solana network from a single app. EVM holdings sit in the same wallet view: Ethereum tokens, Polygon assets, and Base balances.

The same wallet also handles Bitcoin holdings via Native and Taproot addresses, including Ordinals collections. Combined chain support now covers eight live blockchains, making Phantom one of the broadest self-custody clients by network reach.

• Original Solana focus: Series A funding closed in July 2021, led by a16z.
• EVM expansion: Ethereum, Polygon, and Base added between 2022 and 2024.
• Bitcoin integration: added in 2024 with Native/Taproot support.
• Sui added during 2024-2025 multichain push.
• Monad mainnet: live in late 2025 with full token-management support.
• HyperEVM: included in Phantom’s currently supported networks list.

Source: Phantom learn blog, CoinCub review, CryptoAdventure review (2026)

The order of chain additions matters: Phantom chose Bitcoin before Sui or Monad. That sequencing put the wallet inside the conversation for Bitcoin ETF flows, Ordinals collectors, and Lightning users in 2024, a year when other Solana-native wallets still treated Bitcoin as outside their scope.

Phantom Wallet Funding History and Valuation Trajectory

Phantom raised capital across three rounds totalling Series A plus Series B plus Series C between 2021 and 2025, with the valuation step-changing from undisclosed at the Series A to $1.2 billion at the Series B to $3 billion at the Series C.

• Series A: $9 million in July 2021, led by Andreessen Horowitz.
• Series B: $109 million in January 2022 at a $1.2 billion valuation, led by Paradigm.
• Series C: $150 million in January 2025 at a $3 billion valuation, co-led by Sequoia Capital and Paradigm.
• Repeat backers: a16z and Variant participated in both Series B and Series C.
• Total to date: the combined three rounds in committed venture capital.

Hyperliquid Perpetual Futures Integration Revenue

The Hyperliquid integration has been the largest single revenue lever in Phantom’s history. Since launching in July 2025 with 100+ perpetual markets and up to 40x leverage, the integration generated $20 million in builder code fees on under a year of processing $37 billion in cumulative trading volume. CoinGecko’s builder rankings put Phantom at $20.63 million cumulative builder revenue, capturing 31.8% of the top-10 builder revenue.

• Launch window: first 16 days drove $1.8 billion in volume and 17,000 users.
• Sub-90-day milestone: Phantom Perps crossed $1 billion cumulative volume shortly after launch.
• Through May 2026: $37 billion in trading volume processed across under a year, generating roughly 5.4 basis points per dollar traded.
• Builder users: 137,496 unique users trading via Phantom’s Hyperliquid builder code.
• Builder competitive position: Phantom and Based combined hold 54.8% of all top-10 builder revenue on Hyperliquid.
• DefiLlama perps view: $2.738 billion in 30-day perps volume and $42.448 billion cumulative through Phantom.

Source: CoinGecko Hyperliquid Builders report, DefiLlama, Crypto Briefing analysis (May 2026)

Phantom Wallet Solana Market Share vs Competitors

Phantom remains the dominant Solana wallet despite the embedded-wallet surge. Dune Analytics put Phantom’s Solana wallet market share at 39.4%, with the next four wallets accounting for the bulk of the remainder.

• Phantom: 39.4% share of Solana wallet activity.
• Embedded wallets: 32.7% share, built directly into dApps.
• Magic Eden Wallet: 12.1% share, anchored in NFT trading.
• OKX Wallet: 8.3% share, cross-chain plus Solana.
• Combined top three: Phantom, Embedded, and Magic Eden together control over 84% of the Solana wallet ecosystem.

Why it matters: Phantom’s 39.4% lead in Solana wallet share, per Dune Analytics, holds even as embedded wallets (32.7%) chip away at first-time-user share. That gap is the engagement moat behind the Series C valuation and the foundation of the Hyperliquid revenue flywheel.

Embedded Swap Market Share Decline

Not every share number trended in Phantom’s favour. Dune Analytics showed that Phantom’s share of the global embedded swap market dropped from nearly 10% at the start of the year to 2.3% in May and 0.5% by year-end 2025. The decline tracks the broader rotation from Solana memecoin swap volume into perpetuals trading on Hyperliquid, which Phantom captured through a different revenue channel.

• Start-of-year share: nearly 10% of global embedded swap volume.
• May 2025 share: 2.3% in May, down from nearly 10% at the start of the year.
• End-2025 share: 0.5% by year-end 2025.
• Offsetting revenue: the Hyperliquid builder program contributed $20 million during the same window, more than replacing the embedded-swap fee loss.

The embedded-swap decline reads worse in isolation than in context. The same eighteen months that ended with Phantom’s swap share at 0.5% also produced its largest single revenue line and pushed annualized fees to nine figures. Phantom traded one revenue channel for another, with the new one running at higher margins.

Phantom Wallet vs MetaMask Head to Head

Phantom and MetaMask have become the two consumer-grade wallets that matter for self-custody at scale. MetaMask still leads on raw wallet count, but Phantom narrowed the gap on multichain support, mobile experience, and perps revenue through 2025.

• Wallet counts: Phantom 10 million-plus wallets versus MetaMask 30 million-plus wallets.
• EVM coverage: MetaMask retains the EVM crown; Phantom covers Ethereum, Polygon, Base, Monad, and HyperEVM.
• Solana coverage: Phantom wins Solana wallets, while MetaMask wins EVM wallets.
• Perps support: both incorporated native perpetual trading during late 2025, powered by Hyperliquid.
• Leverage: MetaMask Perps offers up to 40x leverage on 150 crypto assets plus US equities such as NVDA and TSLA.
• Chain support overlap: Phantom now covers most major MetaMask chains, except for the long EVM tail.

Source: Datawallet comparison, MetaMask Perps documentation, Phantom public docs

Phantom Wallet Security and Audit History

Security has been a public focus for Phantom across two audit cycles. Least Authority published its final Phantom Wallet audit report on June 7, 2024, with one of the audit recommendations covering raising the PBKDF2 iteration count to align with OWASP’s 600,000-iteration SHA256 recommendation. Phantom also publishes Kudelski Security audits and runs an open-source blocklist for known malicious domains.

• Audit history: Kudelski Security and Least Authority both published Phantom audits.
• Transaction simulation: Phantom scans transactions before users sign and shows human-readable previews.
• Pre-sign protections: Phantom scans transactions before users sign and shows human-readable previews.
• Malicious domain handling: open-source blocklist for known malicious domains.
• Self-custody model: Phantom holds no user keys or seed phrases; all signing happens client-side.

For wider context on wallet-targeted attacks and how custody-side defences compare, see the crypto security data we maintain on breach and exploit trends.

Phantom Wallet Mobile and Browser Extension Reach

Phantom ships across Chrome, Brave, Firefox browser extensions plus iOS and Android mobile apps. Mobile growth has been the largest single distribution channel since 2024, when daily downloads spiked from under 20,000 to more than 200,000 in May 2024 during a Solana memecoin surge. For broader handset-share context, our iOS and Android data tracks the OS split that Phantom serves on mobile.

• Browser support: Chrome, Brave, and Firefox extensions.
• Mobile platforms: native iOS and Android apps.
• 2024 mobile growth: daily downloads grew 10x, from under 20,000 to over 200,000 in May 2024.
• App Store presence: long-running listing as Phantom Crypto Wallet with regular weekly updates.
• Distribution surface: Phantom ships as a browser extension for Chrome, Brave, and Firefox plus iOS and Android mobile apps, covering the major consumer install paths.

Is Phantom Wallet Legal in the US?

Phantom is legal to use in the United States. The wallet is a self-custody client, not a money services business, and does not custody user funds. Phantom is a non-custodial multichain crypto wallet available as a browser extension for Chrome, Brave, and Firefox, plus iOS and Android mobile apps, and US users can install it from any of those storefronts. Tax reporting on transactions remains the user’s responsibility, as with any self-custody wallet.

Is Phantom a Cold Wallet?

Phantom is a hot wallet, not a cold wallet. The seed phrase is stored encrypted on the user’s device (phone or browser), and the wallet is online any time the app or extension is open. Phantom integrates with Ledger hardware wallets for users who want cold-storage signing while keeping Phantom’s interface, swap routing, and Hyperliquid perps access.

Conclusion

Phantom’s 15 million monthly active users and $3 billion Series C valuation now sit alongside an eight-chain support footprint and a $20.63 million cumulative builder revenue line on Hyperliquid that few wallet competitors match. The story compressed into 18 months: from Solana-native browser extension to multichain hub with the largest builder share on Hyperliquid and the dominant Solana wallet position.

The trade-offs are visible in the data, too. Embedded-swap share fell from nearly 10% at the start of 2025 to 0.5% by year-end, a sharp loss in the legacy swap fee channel that the perps revenue more than offset. For Phantom users, builders, and competitors alike, the 2025 Series C marked a transition point: the wallet is no longer competing only with MetaMask or Solflare. It is now competing with every consumer-grade on-chain finance app for the next decade.