Solana Wallet Phantom Overtakes Facebook on Google’s App Store

Retail investors seem to love Solana.

With memecoin mania in full swing, the fourth largest Layer 1 network by total value locked (TVL) continues to attract traders with its promise of fast and cheap transactions.

Phantom, a popular wallet app that enables users to access Solana’s web3 ecosystem, was downloaded an estimated 770,000 times in April, according to appfigures. The app is now ahead of Facebook in Google’s U.S. app store.

While transaction fees have spiked recently due to network congestion, it’s still far cheaper to transact on Solana than on Bitcoin or Ethereum but more expensive than Layer 2 networks like Arbitrum, Optimism and Base.

Data from The Block shows that Solana traders have been paying increasingly higher priority fees to process their transactions.

SOL has rebounded sharply since crypto markets bottomed on May 1, rallying nearly 50%. The fifth most valuable digital asset is down 1.3% in the past 24 hours.