Phantom Bolsters DeFi Leadership with SimpleHash Acquisition, Enhancing Blockchain Data for Millions of Users

Strategic Acquisition to Strengthen DeFi Dominance

San Francisco, CA – February 26, 2025 – Phantom, a leading cryptocurrency wallet provider with over 3 million monthly active users, has announced its acquisition of SimpleHash, a premier token and NFT data platform. This strategic move, revealed on X, marks Phantom’s third acquisition in eight months and underscores its ambition to dominate the decentralized finance (DeFi) ecosystem by delivering cutting-edge blockchain insights.

SimpleHash Integration: Expanding Blockchain Insights

The acquisition, detailed in a series of posts by Phantom on February 26, 2025, integrates SimpleHash’s industry-leading technology, which provides real-time, comprehensive data across more than 80 blockchain chains. This enhancement aligns with Phantom’s mission to make crypto “safe and easy to use,” as stated in their announcement. SimpleHash’s expertise in token data, including real-time price movements, NFT metadata, spam detection, and marketplace activity, will supercharge Phantom’s wallet experience, offering users a faster, richer, and more reliable interaction with their digital assets.

DeFi Market Resurgence and Phantom’s Positioning

The deal comes at a pivotal moment for DeFi, which is experiencing a resurgence in 2025. According to DeFi Llama, the total value locked (TVL) in DeFi protocols has surged to $120 billion in early 2025, reflecting growing adoption among crypto users. Phantom’s move to acquire SimpleHash positions it to capitalize on this trend, providing critical infrastructure for users navigating an increasingly complex DeFi landscape.

Addressing Crypto Scams and Security Concerns

The integration of SimpleHash’s capabilities is particularly timely as crypto scams continue to plague the industry, costing users over $1.5 billion in 2024, per Chainalysis data. Phantom’s focus on advanced spam detection and reliable token data aims to mitigate these risks, enhancing user trust and safety.

Leadership Perspectives on the Acquisition

“Joining Phantom allows us to scale our technology and bring even more powerful token and NFT data to millions of users,” said Olly Wilson, co-founder of SimpleHash, in a related statement. Phantom CEO Brandon Millman echoed this sentiment, emphasizing that SimpleHash “unlocks a whole new level of usability” for Phantom users, ensuring the most accurate and comprehensive blockchain insights available.

SimpleHash’s Transition into Phantom’s Ecosystem

As part of the acquisition, SimpleHash will discontinue its standalone services, with its team fully integrating into Phantom to focus on enhancing the wallet’s DeFi offerings. This marks Phantom’s aggressive push to become the world’s best financial platform for crypto users, following previous acquisitions that have bolstered its wallet security and functionality.

Community and Industry Reactions

The DeFi community has responded positively, with industry analysts noting that Phantom’s acquisition strengthens its competitive edge in a crowded market. As DeFi continues to evolve, with innovations like liquid staking and decentralized lending driving growth, Phantom’s enhanced data capabilities could set a new standard for user experience and security in the space.

For more information, visit Phantom’s blog at phantom.com.