Phantom’s PSOL has reached an $8.32M market cap, reflecting rapid growth and strong early demand.
PSOL already has over 8,600 holders and strengthens Phantom’s role in Solana’s staking ecosystem.

Phantom, one of the most popular crypto wallets in the Solana ecosystem, seems to be getting serious about pushing the adoption of liquid staking. Its new product called PSOL—short for Phantom Staked SOL—has now reached a market cap of around $8.32 million and has over 8,600 holders, according to Dune.

Source: Dune

Its circulating supply is also impressive, having reached 49,163 PSOL. This figure shows a fairly enthusiastic market response, although there are also other stories behind the scenes that are worth paying attention to.

Just imagine if you could stake SOL and still use your assets for other DeFi activities—yes, that’s the promise of PSOL. This concept is indeed on the rise in the Solana ecosystem, and PSOL is here as a more flexible alternative to traditional staking. This token is designed so that users can still receive staking returns while maintaining liquidity. This is where its main appeal lies.

However, Phantom’s journey over the past few months has not only been about new products and growth figures. On the other hand, CNF previously reported that Phantom has partnered with MoonPay. This integration allows users to buy crypto directly from the Phantom wallet using MoonPay balances, without having to leave the application. For new users, this certainly makes onboarding easier.

Phantom Faces Backlash While Expanding Its Multichain Vision

Furthermore, there was one rather shocking incident in mid-April 2025. Phantom Technologies Inc. was officially sued in the Southern District Court of New York after a user lost more than $500,000 in Wiener Doge tokens. What is the major allegation? Phantom saved private keys in unencrypted browser memory.

As a result, a hacker was able to gain control using a rogue browser extension. The money was exchanged using the built-in swap feature, and the tokens’ value quickly plunged by about 99%.

If you are an active Phantom user, this case might make you a little worried. Moreover, the lawsuit also accused Phantom of violating the Commodity Exchange Act. Although there has been no final decision, this story clearly tarnished their image which was previously known as a safe and beginner-friendly wallet.

But that doesn’t mean they stopped innovating. In late January, as we previously highlighted, Phantom announced the addition of support for the Sui layer-1 blockchain. This is a complement to the previous networks—Solana, Ethereum, and Polygon. This move could be a sign that Phantom is serious about becoming a versatile multichain wallet.

In fact, on February 26, they also acquired SimpleHash, an NFT data platform that supports over 80 blockchains. This integration gives users real-time access to NFT collections directly from the app.

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Filed under: Bitcoin - @ May 19, 2025 7:00 am