Phantom's Multichain Edge Fuels Revenue Surge Past MetaMask

Phantom Wallet has surpassed MetaMask in revenue for 2025, driven by explosive user growth, expanded blockchain support, and advanced DeFi integrations. As of mid-2025, Phantom reported 17 million monthly active users (MAUs), up from 10 million in 2024 [1], while MetaMask’s user base, though larger at 30 million MAUs, has seen slower growth [3]. Phantom’s revenue surged to $79.1 million annually in 2025, with peak weekly revenue hitting $44.14 million in January 2025 [1], compared to MetaMask’s cumulative swap revenue of $325 million [3]. This shift reflects Phantom’s aggressive expansion into multichain ecosystems and embedded trading features.

Phantom’s valuation reached $3 billion following a $150 million Series C funding round in January 2025, led by Sequoia Capital and Paradigm [1]. The wallet now supports six major blockchains, including Solana, Ethereum, Bitcoin, and Sui, with cross-chain swaps and perpetual futures trading via Hyperliquid integration [1]. By mid-2025, Phantom processed $20 billion in annual swap volume and managed $25 billion in self-custodied assets [1]. In contrast, MetaMask’s focus on Ethereum and EVM chains has limited its adoption in emerging ecosystems like Solana, where Phantom dominates with 39.4% wallet share [1].

Key drivers of Phantom’s growth include its acquisition of Bitski and Blowfish to enhance onboarding and security, as well as its 2025 launch of embedded wallets with email/PIN login [1]. These features reduced friction for new users, particularly in Nigeria (17% of Phantom’s user base) and India [1]. Phantom’s perpetual futures trading, offering up to 40x leverage on pairs like BTC-USD and ETH-USD, attracted high-activity traders, contributing to over $1 billion in cumulative volume [1]. MetaMask, while offering swaps and dApp access, lacks comparable advanced trading tools [2].

Geographically, Phantom’s user base is concentrated in emerging markets, with 17% of balances held in India despite 70% of transaction volume originating in the U.S. [1]. MetaMask, meanwhile, maintains a stronger presence in developed markets, with 63% user share and 79% balance share in India [3]. However, Phantom’s multichain strategy and lower fees on non-EVM networks have eroded MetaMask’s dominance in cross-chain adoption. By 2025, Phantom’s revenue growth outpaced MetaMask’s, fueled by its focus on embedded finance and seamless DeFi access [4].

Analysts attribute Phantom’s success to its user-centric design and rapid feature iterations. The wallet’s integration with Hyperliquid enabled in-app perpetual trading, eliminating the need for third-party platforms [1]. Additionally, Phantom’s social features, such as usernames and profile customization, enhanced user retention [2]. While MetaMask’s 2025 Social Login and Sei network integration improved onboarding [3], its reliance on Ethereum’s higher gas fees and slower transaction speeds limited its appeal for high-frequency traders [2].

Phantom’s valuation and revenue growth position it as a top non-custodial wallet by financial scale, with $3 billion in assets under custody and a 50% year-on-year user increase [1]. MetaMask, despite its larger user base, faces challenges in competing with Phantom’s multichain agility and advanced trading tools. As the crypto wallet market expands toward $18.96 billion by 2025 [3], Phantom’s focus on embedded finance and cross-chain interoperability signals its potential to redefine self-custodial platforms [4].