Popular cryptocurrency wallet Provider Phantom has seen its revenue reach a record high in the month of February, with days to spare before we cross over into March. The record revenue came during a month in which crypto asset prices have been mostly moving sideways.
According to data from DeFiLlama, the wallet operator generated around $14.4 million in revenue in November and saw a slight drop to $12.3 million in December while cryptocurrency prices were already surging. In January, the firm saw its revenue more than double to around $30.6 million.
The trend is ongoing, and as of February 21, the firm has generated $33.65 million, making it a record month even before its closure. Phantom is now generating an annualized $600 million.
- Phantom’s monthly revenue. Source: DeFiLlama
Phantom was initially launched as a Solana-based platform back in 2021. In that year, it added a token swap feature that allowed users to trade tokens directly through its interface, and it then raised $9 million in a Series A funding round in which Jump Capital, a16z, and Variant participated in.
Phantom added support for Ethereum in 2023 and its growth hasn’t stopped since, having reached 3.2 million monthly active users shortly after. Last year, the firm added support for numerous other networks including Coinbase’s Layer-2 Ethereum scaling solution Base and Sui. The wallet currently also supports both the Bitcoin and Polygon networks.
How Phantom Generates Revenue
Phantom’s main source of revenue comes from its token swap feature, as it charges users a fee for the service. While its monthly swap volume isn’t publicly disclosed, in 2021 it reported reaching $1 billion – even before it started expanding to numerous networks.
The firm is reportedly also eyeing generating revenue from its staking features, though exact details of how that would work are still unclear.
