Phantom Wallet, the leading non-custodial multichain cryptocurrency wallet, said it will add Sui to the blockchains it supports. Sui will join Solana, Bitcoin, and Ethereum among the only Layer 1 blockchains included with the wallet.

At seven million monthly active users, Phantom boasts the largest onchain user base of all wallets. With over 560 million total onchain transactions year-to-date, and key features such as staking, in-app token swaps, NFT storage, multichain support, and Ledger hardware wallet integration, Phantom represents a significant milestone for Sui. 

Integrating Sui also significantly enhances interoperability for Phantom Wallet, and demonstrates how wallet providers and app builders are betting on a multichain future rather than focusing on only one ecosystem. 

“The integration of Phantom Wallet with Sui represents a giant leap for the Sui ecosystem, which now gets access to a first-class wallet experience with several features that the Sui community has been asking for,” said Jameel Khalfan, Global Head of Ecosystem at the Sui Foundation. “Phantom Wallet is selective about which chains it supports, and we are proud to now be included among this notable group.”

The integration of Phantom will provide Sui users with a reliable and secure wallet solution available as a browser extension for Chrome, Firefox, Edge, and Brave, as well as a mobile app for iOS and Android.

"We're excited to bring Sui support to millions of Phantom users," said Brandon Millman, CEO of Phantom. "Sui's thoughtful approach to scalability and developer-focused solutions aligns with our commitment to high-performant blockchains. We look forward to building together and supporting its growth."

The distribution plan for the upcoming launch of the NS token is a key component of SuiNS' decentralization journey. An equitable distribution requires transparency to ensure community participation and trust. 

Distribution and utility of the NS token puts the platform's governance in the hands of the people who will use it. At launch, the SuiNS Foundation will retain the majority of tokens in a manner that supports community governance. Other token distributions go directly to the community, rewarding early contributors and as an airdrop.   

A community-driven token distribution

The distribution plan for the 500 million NS tokens ensures the platform’s growth and sustainability while empowering the SuiNS community. Each allocation plays a key role in fostering engagement, rewarding early supporters, and reinforcing decentralization. 

The NS token distribution plan ensures community participation and governance of the SuiNS platform. 57 percent for treasury: ensuring long-term viability

The largest portion of the NS token supply, 57 percent, will be allocated to the community and Foundation treasuries to ensure the protocol’s long-term sustainability, while giving the community a voice in decisions about the platform’s future.

Here’s how it’s divided:

22 percent is directly controlled by NS token holders through governance voting, ensuring the platform is shaped by those who use it.

35 percent is managed by the SuiNS Foundation for protocol support, with any unused funds being considered for return to the community treasury under governance control. 

These funds will be used for operational support, including infrastructure, website hosting, marketing campaigns, and legal expenses. Additionally, the SuiNS Foundation plans to involve the community in future decisions about how certain treasury funds are used, striking a balance between operational needs and community involvement.

Each segment of the NS distribution involves specific rules around vesting. 10 percent for a community airdrop: rewarding active participants

A significant portion of the token supply, 10 percent, was dedicated to a community airdrop. This allocation recognizes the most important component of SuiNS: its active community. To distribute these tokens, NFTs were issued to eligible community members, with each NFT representing a claim to a specific amount of tokens.

The airdrop was specifically aimed at those who contributed to the protocol’s success by engaging with SuiNS services in meaningful ways. By rewarding these active participants, the airdrop ensures that the community continues to play a crucial role in shaping the platform's future.

28 percent for core contributors and early backers

28 percent of the NS token supply is set aside for the core contributors and early backers who helped bring SuiNS to life. These tokens reward the team and investors who were crucial in laying the foundation for the protocol.

To ensure sustainable growth, investor and team tokens will be released over 3 years, with a 1 year cliff followed by a 2 year linear unlock. For Mysten Labs, 1 percent of tokens will be unlocked at the token generation event, followed by a 4 year linear unlock. This schedule ensures that those who contributed early on remain aligned with SuiNS’s long-term goals.

5 percent for governance rewards: incentivizing participation

To keep the community actively involved in shaping SuiNS’s future, 5 percent of the NS token supply will be allocated for governance rewards. These tokens will be distributed to NS holders who participate in voting on governance proposals, ensuring that those who contribute to key decisions are fairly compensated for their engagement.

The different distribution segments increase in quantity over time to ensure the long-term sustainability of the SuiNS ecosystem.

For a detailed explanation of how these rewards will be distributed and the specifics of the voting system, please refer to our earlier article, SuiNS Governance Voting and Rewards Explained. 

Building a community-driven future

The NS token distribution reflects the protocol's commitment to decentralization, community empowerment, and long-term sustainability. By allocating tokens strategically to support the treasury, reward active community members, and incentivize governance participation, the  SuiNS platform will truly be shaped by those who engage with it.

As SuiNS evolves, exciting opportunities for the community to shape its future are just around the corner! 

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.