As the cryptocurrency industry continues to evolve, wallets remain a crucial aspect of its adoption. Wallets are the key to enabling people to securely store, manage and use their cryptocurrencies. With the arrival of the multichain phase, wallets need to operate differently. In Episode 16 of Hashing It Out, hosted by Elisha Owusu Akyaw, the Phantom Wallet CEO Brandon Millman discusses how wallets are adapting to the cryptocurrency space’s multichain nature, airdrops for wallet applications, regulations and what a multichain landscape means for adoption.
Brandon Millman had prior experience building decentralized tools before launching Phantom Wallet. Matcha.xyz, a decentralized exchange aggregator on Ethereum, and 0x APIs that power other aggregators were some of the projects he worked on in the past. What attracted him to build a wallet application was the essential role wallets play in onboarding users.
Phantom Wallet started as a Solana-only wallet, as the team believed in its growth trajectory because it “had the right ingredients to be a huge ecosystem.” According to Millman, the bet was not misplaced, as the network witnessed growth in 2021 and 2022 and is holding up despite the bear season. Nonetheless, Millman pointed out that the ecosystem is evolving, and wallet applications need to adapt to the multichain nature of the space.
One of the significant challenges for wallet applications is the technical hurdles that arise when supporting multiple chains. Wallets that were initially native to one chain need to accommodate other networks, which can be a daunting task. Millman pointed out two significant issues that need to be addressed – the method for deriving keys on various chains is different, and there is a need to build a system that manages multiple nodes on the back end.
Another issue concerning wallets is the recent speculation about possible airdrops. The rumor has it that MetaMask is doing an airdrop on March 31. The speculation became so wild that MetaMask had to warn the public against it. Millman said that Phantom has no short- to medium-term plans to do a token, and the cost associated with using airdrops to attract users is not worth it and does not lead to the desired impact.
Regulatory concerns in crypto are an issue that self-custody wallets are not absolved from, and there is always a need for projects to look over their shoulder. Millman highlighted the importance of staying on top of regulatory compliance.
Adapting to the multichain space is the way forward for wallets in the cryptocurrency industry. Phases of evolution are inevitable for any industry, and the cryptocurrency industry is no exception. Millman’s insights on wallet development and the multichain landscape’s impact on adoption provide a roadmap for other wallet applications’ future development.
Podcasting has been a powerful tool for sharing views on crypto. Listeners can tune in to Hashing It Out, the podcast where industry leaders, like Millman, discuss industry trends, challenges and opportunities. Listeners can access it on Spotify, Apple Podcasts, Google Podcasts, or TuneIn. Cointelegraph has a vast collection of podcasts that provide informative insights into the cryptocurrency industry, accessible through the Cointelegraph Podcasts page.
Multichain is the new age for the cryptocurrency industry, and wallet applications are at the forefront of its adoption. Wallets that can support multiple chains, like Phantom Wallet, will play a crucial role in onboarding new users. But as the industry evolves, wallets will undoubtedly face new challenges, and it is essential to stay ahead of the curve to remain relevant. Whether through podcasting, regulation or wallet development, the best way forward for wallets is adapting to the multichain landscape.
