Phantom, Solana’s most widely used wallet provider, has drawn criticism from some users for charging fees on in-app token swaps.

While some disgruntled community members attacked Phantom, voices across the Solana ecosystem came to the wallet’s defence. Reigniting debate around business models in the Web3 world, Phantom’s supporters argue that the platform has a right to generate revenue.

In an industry where meme coin presales can raise over $40M , is it fair to attack businesses providing essential services for charging easily avoidable fees?

SOLANA COMMUNITY MEMBERS COMPLAIN ABOUT 0.85% SWAP FEE
Frustrated Solana users have taken to 𝕏 to air their grievances about Phantom’s in-app swap fees. The public outrage came following circulation of data suggesting that the wallet provider generated over $30M in revenue through token swaps.

Comparisons between quotes between wallets and DEX aggregator Jupiter only added further fuel to the fire. Perhaps spurred on by stagnant market conditions, commentators on social media remarked that discrepancies between swaps provided by Phantom and Jupiter were “actually ridiculous.”

Eagle-eyed users remarked that the data wasn’t wholly accurate. Galactic Geckos founder Genuine Articles highlighted that the $30M figure was lower than expected, before Fabiano.sol, the influencer who originally shared the data, acknowledged that Phantom would’ve generated over $10M through in-app token swaps in 2021 alone.

While it’s obvious that traders can access better rates by using platforms like Jupiter directly, can Wallet providers be blamed for charging fees on value-added services?

Is the Slander Against Phantom Justified?
Content creator and former Phantom team member Seb Montgomery countered the attacks levied against Phantom. Arguing that every business has operational costs that need paid, Montgomery asserted that “Dapps, apps, wallets, etc. need revenue or they close up shop, and head home.”

Hammering his points home, Montgomery reminded Solana users of their double standards. The content creator highlighted how network participants were willing to provide over $40M to the $WATER memecoin presale, but criticized an 0.8% fee on services offered by one of Solana’s longest-standing products.

“You have probably lost $1000s on the pure rubbish. So don't be a clown and not support the wallets that make it all possible.” - Seb Montgomery

Montgomery also acknowledged that Solana owes much of its success to Phantom. Paying homage to Phantom’s position as Solana’s most widely used wallet, Montgomery asserted “Without Phantom, Solana's success would not have been anywhere near where it got to.”

WHICH WALLET GIVES THE BEST VALUE ON SWAPS?
While traders and users looking for the best rates should always go directly to decentralized exchanges or aggregators, it’s also worth knowing the various in-app swap rates of different wallets.

Fuse Wallet - 0%

Solflare - 0.8%

Phantom - 0.85%

Backpack - 0.85%

It should also be noted that all Solana wallets route their trades through Jupiter. Solana’s leading DEX aggregator typically offers the best rates on trades and allows third-party apps to add fees onto swaps.

Despite some traders expressing frustration, Phantom and other wallet providers have always been transparent and forthcoming about in-app swap fees. Using wallet-based swaps is completely optional and easily bypassed. Trader’s complaints are hardly unresolved.

Daily Memecoin Recap - July 31

New month starts today, lock in as the market starts to heat up!

The World's Most Popular Plastic Chair
$chair -> hit $16 .5m, good liquidity to mc ratio, literally just a chair

Makenowmeme launch
$iq -> hit $11m , popular bell curve meme, first coin launched on makenowmeme

$cto -> hit $8m , launched by RaydiumProtocol
using makenowmeme
- This platform lets anyone create a memecoin just by tweeting something on X

Solana Drops A Promo Vid
$pfi -> hit $7 .5m, in the video, they say they're going to drop a token (satire) called PredatorFi, solana

$bol -> hit $2 .6m, whales involved

Multi-Million Dollar Runners
$gay -> hit $9 .9m, "The Gayest Token on Solana"
$bowo -> hit $6m , "book of wojak"
$baller -> hit $4 .6m
$halo -> hit $2m , cat meme, $holly relaunch with the cat's real name
$win -> hit $1 .7m

Fwog Holding Nicely
$fwog -> $12 .2m to $31 .4m (2.57x), CTO after dev rugged the initial coin, community relaunch by the artist

Influencer Backed Community Token
$trans -> hit $300k , "Trans Gorlock the Final Boss", token based on a viral influencer, team was allegedly in contact with her

Dog Meta
$ken -> $144k to $1 .2m (8.3x), ken chan is another dog from the kabosu dog family, he's their first dog
$ken -> hit $1 .3m, fresh launch
$bill -> hit $860k
$sob -> hit $390k , CTO, "Son Of A Bulldog"
$ken -> hit $260k , OG one, over 2 months old

Cat Memes
$onigiri -> hit $2 .2m, sister of $doge & $ginnan
$ufo -> hit $250k , ufo cat
Zoomer Meta
$skill -> $400k to $1 .58m (3.95x), "skill issue", CTO
$iq -> hit $11m , popular bell curve meme
$pookie -> hit $5m
$zesty -> hit $4m , "feeling cute", old coin that was dead, pushed by some of ansem's friends & other KOLs
$cbtm -> hit $1m , "could be the move"
$ttyl -> hit $300k , "talk to you later"

More Cooks
$pookie -> hit $870k , "Pookie: The Plastic Penguin", decent team
$gwilla -> hit $480k , gorilla meme
$n64 -> hit $300k , "cat poop joystick", nintendo 64
$dikec -> hit $290k , based on viral turkish man in the olympics, "cool turkish hitman"

$sol decreased today, but there was still plenty of volume for memes

What's your gameplan for tomorrow?

Daily Memecoin Recap - July 5

$sol bounces off of support, for market to resume its uptrend (short-term), we'd like to see a break of $155

Billy Soars Regardless Of Market Conditions
$billy -> $96 .5m to $164m (1.7x)
$holly -> hit $8 .65m, bundled, rumors that it was ran by the same guys as $billy

Matt Furie Characters
$doggs -> $10 .55m to $24m (2.27x), good team & market makers
$mojo -> hit $2m

Moonshot Launches
$landlord -> $2 .32m to $6 .1m (2.63x), on dexscreene's moonshot
$jacky -> hit $1 .5m, cat meme

Cat Memes
$milly -> hit $3 .2m, CTO, this meme has been done twice previously
$relax -> hit $1 .8m, pushed by KOLs, same dev as $chill that hit $1m
$omni -> hit $660k , CTO

Dog Memes
$buddy -> hit $1m , CTO by a $billy whale
$dolly -> hit $575k , dog version of $dolly
$boppy -> hit $520k , CTO

More Cooks
$otti -> hit $1 .88m
$grass -> hit $1 .65m, "Touch Grass", CTO
$nothing -> hit $400k

Lately everything is a "CTO"

Any project where dev is still in is lowkey bearish nowadays lmao