Ship or Die at Accelerate 2025: From Crypto Product to Finance Platform

Phantom, the leading Solana wallet, is set to revolutionize the crypto industry by evolving from a simple wallet into a comprehensive consumer finance platform. CEO Brandon Millman's vision promises to shake up both the crypto world and traditional finance.

Summary

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Brandon Millman, CEO and co-founder of Phantom, delivered a groundbreaking speech at Accelerate 2025, outlining Phantom's ambitious plans to transform from a crypto product into a full-fledged consumer finance platform. The strategy aims to leverage the Solana ecosystem and help builders compete with traditional finance giants.

Millman emphasized that usability is the primary barrier to crypto adoption, and Phantom's mission is to accelerate adoption by making crypto safe and easy to use. He highlighted the crucial role of self-custody wallets in the ecosystem and Phantom's significant contribution to onboarding millions of users to on-chain crypto.

The CEO presented compelling data showing Phantom's exponential growth, serving 17 million monthly active users at its peak - a 5x increase from the previous year. He also emphasized Solana's dominance in the DeFi space, with over 50% of total DApp revenue occurring on the network.

Millman outlined Phantom's vision to become the next-generation mass-market consumer finance platform, bringing crypto mainstream. He detailed three key bottlenecks the company is focused on solving: onboarding, security, and discovery. The presentation concluded with the announcement of upcoming social features designed to spark network effects within the Solana ecosystem.

Key Points:

Usability as the Key to Crypto Adoption

Brandon Millman emphasized that the main barrier to widespread crypto adoption is usability. Phantom's core mission is to accelerate crypto adoption by making it safe and easy to use. By perfecting the consumer experience of crypto, Phantom aims to deliver it to a much larger audience. The self-custody wallet, according to Millman, is the fundamental cornerstone of the entire ecosystem, especially the on-chain ecosystem.

Wallets play a crucial role in improving usability, and as crypto adoption grows, most people will have a wallet in their pocket, with the on-chain ecosystem at the center. By focusing on this mission of improving usability, Phantom has been instrumental in onboarding millions of users to the on-chain crypto ecosystem in recent years.

Phantom's Growth and Solana's Dominance

Millman shared impressive growth figures for Phantom. At its peak, the wallet served 17 million monthly active users, which represents a 5x increase from the previous year and more than 28 times the lows experienced post-FTX. This substantial user base is actively engaging with DeFi applications, particularly on the Solana network.

The CEO highlighted clear trends showing decentralized exchange volume outpacing centralized exchange volume, with most of this activity driven by retail usage on Solana. He revealed that in the week prior to the conference, the total DApp revenue on Solana exceeded 50% of the entire ecosystem, while Ethereum sat at just 13%. This data underscores Solana's position as the premier platform for building DeFi apps and Web3 applications.

Evolution from Crypto Product to Finance Platform

Millman outlined Phantom's vision to evolve from being just a crypto wallet to becoming the center of consumers' financial lives. He emphasized that crypto will be the platform serving billions of users and millions of businesses, helping them transact daily. The CEO positioned crypto as the key to unlocking finance for everyone globally, enabling the creation of the first true internet-scale financial network.

Unlike traditional finance apps that are limited by geography and country-specific regulations, crypto allows for a borderless, truly global financial system. When users self-custody their assets, the total addressable market for financial apps becomes the entire world. Millman illustrated this point with an example of Phantom's unexpected growth in international communities, such as a Nigerian group that independently created and distributed custom Phantom t-shirts.

Addressing Crypto's Usability Problems

Millman broke down the usability issues plaguing crypto into different layers of the tech stack. He explained how problems at the protocol level, such as slow speeds and high transaction costs, have cascaded into poor user experiences. However, he highlighted how Solana is changing the game at the protocol layer by addressing these foundational issues.

The CEO emphasized Solana's high throughput, low latency, and cheap fees as enablers of a smooth and fluid experience for end users. These improvements allow for more experimentation, new use cases, and access for users who previously couldn't afford transaction fees. Millman also praised the Solana community's pragmatic approach, which has kept development fast-paced and focused.

Phantom's Three-Pronged Approach to Ecosystem Growth

To help builders create thriving businesses and push the ecosystem forward, Millman outlined three main bottlenecks that Phantom is focused on solving:

1. Onboarding: Phantom aims to make signing up for a crypto app feel no different from a normal app. They've eliminated common pitfalls like writing down seed phrases and have made the process fun and personalized with features like username selection.

2. Security: Recognizing the unique challenges posed by crypto's open and permissionless nature, Phantom has invested heavily in security measures. These include token spam identification, real token verification, and even acquiring a company (Simple Hash) to work on these issues full-time. Millman also stressed the importance of operational security, such as providing one-on-one customer support.

3. Discovery: Phantom is leveraging the inherently social nature of crypto to solve the discovery problem. They're introducing new social features, including a feed tab in the app that will show trending activities in the Solana ecosystem and allow users to follow others' transactions.

Social Features and Network Effects

Millman announced the upcoming rollout of social features designed to spark network effects within the Solana ecosystem. These include:

1. A new feed tab in the Phantom app, acting as a hub for social discovery. Users will be able to see trending activities, follow buys and sells from other users, and monitor whale activity across the ecosystem.

2. Real-time push notification infrastructure to deliver updates and insights to users instantly.

These features aim to harness the word-of-mouth nature of crypto adoption and optimize it to supercharge ecosystem growth. Millman emphasized that network effects are "rocket fuel for growth" not just for Phantom, but for every app and token in the ecosystem.

Facts + Figures

• Phantom served 17 million monthly active users at its peak
• This represents a 5x increase from the previous year
• Phantom's user base is more than 28 times larger than the lows experienced post-FTX
• Last week, over 50% of total DApp revenue in the entire crypto ecosystem occurred on Solana
• Ethereum's share of DApp revenue was only 13%
• Decentralized exchange volume has outpaced centralized exchange volume, particularly on Solana
• Phantom is hiring across all teams and functions
• Phantom has been "all in" on growing Solana for over four years

Top quotes

1. "We strongly believe that usability is the main thing that's holding crypto adoption back today."
2. "Our mission is to accelerate the adoption of crypto by making it safe and easy to use."
3. "The self-custody wallet is really the fundamental cornerstone of the entire ecosystem and especially the on-chain ecosystem."
4. "There's no better place to build a DeFi app or any kind of Web3 app than on Solana."
5. "Wallets in the future aren't just going to enable access to crypto apps. They'll actually become the center of the consumer's financial life."
6. "Crypto is actually the innovation that unlocks the creation of what we're going to see to be the largest financial network that's truly internet scale, truly global."
7. "Network effects are rocket fuel for growth, not just Phantom, but for every app and token in the ecosystem."
8. "We think that Solana ecosystem is positioned to be the clear and obvious home for anyone who wants to build and benefit from on-chain finance."

Questions Answered

What is Phantom's vision for the future of crypto wallets?

Phantom aims to evolve from being just a crypto wallet to becoming a full-fledged consumer finance platform. The company envisions wallets becoming the center of users' financial lives, enabling access to a wide range of financial services and applications built on blockchain technology. This transformation is designed to bring crypto mainstream and compete with traditional finance giants by leveraging the strengths of the Solana ecosystem.

How is Phantom addressing the usability issues in crypto?

Phantom is tackling usability issues on multiple fronts. They've simplified the onboarding process by eliminating the need for seed phrases and making it more engaging with personalization features. On the security front, they've invested in advanced spam detection and token verification systems. Additionally, Phantom is introducing social discovery features to help users explore new opportunities within the ecosystem more easily, leveraging the inherently social nature of crypto adoption.

What growth has Phantom experienced recently?

Phantom has seen explosive growth, reaching a peak of 17 million monthly active users. This represents a five-fold increase from the previous year and is more than 28 times higher than the lows experienced after the FTX collapse. This growth underscores the increasing adoption of self-custody wallets and the rising popularity of the Solana ecosystem.

How is Solana performing compared to other blockchain networks?

According to the data presented, Solana is outperforming other networks in several key metrics. Over 50% of total DApp revenue in the entire crypto ecosystem occurred on Solana in the week prior to the conference, while Ethereum's share was only 13%. Solana is also leading in daily transactions, active addresses, stablecoin usage, mobile adoption, and real-world asset issuance.

What new features is Phantom planning to introduce?

Phantom is set to roll out a suite of social features designed to enhance discovery and engagement within the Solana ecosystem. This includes a new feed tab in the app that will showcase trending activities, allow users to follow transactions from other users, and monitor significant movements (whale activity) across the ecosystem. They're also developing a real-time push notification system to deliver timely updates and insights to users.

How does Phantom plan to compete with traditional finance platforms?

Phantom aims to compete with traditional finance platforms by leveraging the strengths of blockchain technology, particularly the Solana network. By offering a user-friendly interface, enhanced security measures, and innovative discovery features, Phantom seeks to provide a comprehensive financial platform that can rival services offered by companies like Robinhood or Cash App. The key difference is that Phantom's platform will be built on decentralized, global infrastructure, allowing for borderless transactions and access to a wider range of financial services.

What role does social interaction play in Phantom's strategy?

Social interaction is central to Phantom's growth strategy. The company recognizes that crypto adoption is largely driven by word-of-mouth and social connections. By introducing social features within the app, Phantom aims to harness these network effects to drive growth not just for their platform, but for the entire Solana ecosystem. This approach is expected to create more paths for discovery and virality, benefiting all builders and developers in the space.

How is Phantom addressing security concerns in the crypto space?

Phantom places a high priority on security, recognizing it as fundamental to growing a healthy ecosystem. They've invested in advanced technical solutions like token spam identification and transaction simulation. However, they also emphasize the importance of operational security, including offering one-on-one customer support. This comprehensive approach aims to keep users and their funds safe in the open and permissionless environment of crypto.

What advice does Phantom's CEO have for other builders in the Solana ecosystem?

Brandon Millman advises builders to obsess over the onboarding UX, as good onboarding is crucial for everything else in the ecosystem. He emphasizes the importance of not just focusing on getting users through the door, but also on retaining and engaging them. Millman stresses the need to educate users both inside and outside the app, and to prioritize customer support. He encourages builders to lean into Solana's strengths, such as speed, composability, and fluidity, when developing their applications.

How does Phantom view the future of consumer finance?

Phantom envisions a future where crypto becomes the foundation of a global, internet-scale financial network. They believe that crypto will enable finance to reach billions of users and millions of businesses worldwide, transcending geographical and regulatory boundaries that limit traditional finance apps. In this vision, self-custody wallets like Phantom will play a central role, acting as the primary interface for users to interact with this new financial ecosystem.