Phantom, a well-known cryptocurrency wallet tailored for the Solana blockchain, has surged to become the top finance app on Google Play in the United States, surpassing competitors like Block's CashApp and PayPal.

According to data from AppFigures, Phantom ranks 12th among the top free apps on Google Play in the United States, boasting an estimated 770,000 downloads in April 2024. The growing popularity of the Solana blockchain has significantly contributed to the expanding user base of Phantom.

Launched two years ago on March 12, 2022, Phantom has garnered widespread acclaim for its user-friendly interface, robust security measures, and seamless integration with decentralized applications (dApps) and non-fungible tokens (NFTs).

Additionally, Phantom supports hardware wallets such as Ledger, offering enhanced security for users preferring cold storage solutions. It also features an integrated decentralized exchange (DEX) enabling token swaps within the wallet interface. Real-time notifications and transaction histories further enhance the user experience.

In a discussion regarding the evolution of the social media platform X (formerly Twitter), Phantom highlighted its surpassing of platforms like Facebook, Roblox, and Snapchat in the overall Google Play rankings in the United States. However, Snapchat later regained its position, now ranking tenth overall.

Notably, Tonkeeper, a wallet for the TON blockchain, ranks sixth in the list of top financial applications in the US with approximately 240,000 downloads. Meanwhile, Coinbase, the leading crypto exchange in the United States by trading volume, ranks 18th among finance applications.

The Solana (SOL) blockchain is gaining mainstream traction, as emphasized by Phantom via its official X account. While Solana attributes its popularity surge to the community, the total value locked (TVL) on the network has been steadily rising since the end of the crypto winter.

According to DefiLlama data, Solana's TVL currently stands at $4.74 billion, down from its 2021 high of $9.934 billion. However, transaction volumes have been steadily increasing, with stablecoin transactions dominating the network, amounting to a market capitalization of $3.083 billion.

Meanwhile, SOL's price stands at $166.33 as of 7:02 a.m. ET Monday, reflecting a 1.29% increase in the past 24 hours and a remarkable 752% surge over the past year. With the anticipated launch of SOL exchange-traded products (ETPs) in the United States, Solana is poised to challenge Ethereum in the near future.