Phantom Wallet Expands To Ethereum And Polygon Networks

Apr. 27, 2023
Phantom Wallet Expands To Ethereum And Polygon Networks

Phantom, a popular Solana-based crypto wallet, has revealed plans to extend support to Ethereum and Polygon blockchains, with the public launch scheduled for May 1st and will be accessible across browsers, iOS, and Android devices.

The company shared this exclusive information with TechCrunch. Although initially planned for Q1 2023, the launch was postponed. The multichain integration will be accessible to Phantom’s 3 million users, as confirmed by CEO and co-founder Brandon Millman.

Moreover, this multichain support will draw in a bigger scope of crypto users past Phantom’s present Solana environment. Consequently, wallet proprietors can currently exchange, hold, and cooperate across all three blockchains instead of only one.

Additionally, users can now import existing assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets. The company stated, “The Phantom multichain is now available everywhere that MetaMask is.”

This multichain support will attract a wider range of crypto users beyond Phantom’s current Solana ecosystem, as wallet owners can now trade, hold, and interact across all three blockchains, instead of just one.

Phantom stands out among other multichain crypto wallets, such as Pillar, which supports Ethereum, Polygon, Gnosis Chain, BNB Chain, and more. Most crypto wallets primarily focus on single layer-1 blockchains, with Ethereum-based wallets being the most popular.

Potential For A Multichain Future

Phantom’s expansion to other blockchains highlights the growing potential for a multichain world and the possibility of other prominent players, like MetaMask, following suit. This new functionality will also simplify cross-chain interactions for dApps and other projects with users.

Millman noted that Phantom’s wallet would display Solana and Ethereum NFTs in one place, with advanced metadata such as current floor and sale prices. Additionally, users can sell NFTs directly to marketplaces like Magic Eden and OpenSea.

Phantom is implementing new safety features to combat phishing attempts, such as hiding spam sent to crypto wallets. Millman compared this to email spam filters, which improve over time as users mark messages as spam.

Ensuring safety is a top priority for Phantom. The wallet warns users when they are leaving the Phantom website and can even preemptively block malicious sites. Phantom also simulates transactions before approval, enabling users to review the details before proceeding.

Related Reading | Vertex Unveils Decentralized Exchange On Ethereum Layer 2 Arbitrum

In the event that a user falls victim to phishing, Phantom offers a 24/7 customer support team to assist with exchanges, connecting with local authorities, and exploring recovery options.

Kashif is a crypto-journalist with over 4 years of experience in the Cryptoverse. He began his career as a software engineer, but his curiosity towards decentralized technology lured him into the labyrinth of crypto, where he discovered a passion for reporting the latest news and developments in the field.