01
May
2023

Popular Solana Wallet Now Ethereum Friendly

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TL:DR

  • Phantom, a popular self-custodial wallet for Solana-based decentralized apps and NFTs, has added support for Ethereum and Polygon networks on its mobile app and browser wallet.

  • The move aims to widen users’ access to dApps across the Web3 landscape, including Magic Eden, Uniswap, Aave, blur, and OpenSea, and simplify managing multiple accounts and assets across blockchains.

  • Phantom has also enhanced its security measures in light of phishing and scam attacks on NFT holders and plans to introduce instant NFT sales and a bridge to enable the transfer of assets between the Solana and Ethereum networks.

Multi-chain Haunt

The Phantom Solana wallet, a leading self-custody wallet in the Solana ecosystem, has expanded to support the Ethereum and Polygon chains. According to a report from TechCrunch, Phantom users will now have the ability to natively switch between decentralized applications (dApps) and NFT (non-fungible token) marketplace sites such as Blur and OpenSea.

The expansion has made it possible for users to import assets from MetaMask, which can simplify managing multiple accounts and assets across blockchains. The wallet also provides the ability to hold multiple seed phrases, whereas MetaMask can only hold one, according to Phantom’s CEO and co-founder, Brandon Millman.

Phantom has been onboarding new users since launching support for Ethereum and Polygon networks in November 2022. The wallet company says that it has onboarded over 100,000 users since its Ethereum and Polygon support beta last fall.

In addition to expanding its user base, Phantom has also increased its security measures in response to a rise in phishing and scam attacks on NFT holders. In January, Phantom announced that it had scanned over 85 million transactions and blocked over 18,000 wallet-draining transactions.

Many plans ahead

Phantom plans to introduce instant NFT sales and the development of a bridge to enable the transfer of assets between the Solana and Ethereum networks. Millman says that the future of digital asset management lies in cross-chain interoperability and that Phantom is committed to providing users with the tools and resources they need to easily navigate and transact across various blockchain networks.

The addition of Ethereum and Polygon support is part of Phantom’s efforts to provide a seamless multichain experience for its users. The wallet aims to simplify managing multiple accounts and assets across blockchains, making it unnecessary for users to switch between wallets. The ability to import existing MetaMask, Solana, and EVM wallets further simplifies the process for users. The company says that it is excited to bring the Phantom experience to the wider Web3 community.

The Phantom team has more plans for the future, with the introduction of instant NFT sales and the development of a bridge to enable the transfer of assets between the Solana and Ethereum networks. In addition, the team is exploring other potential chains that they can support in the future.

Well-positioned

Overall, the addition of Ethereum and Polygon support to the Phantom wallet is a significant development for the Web3 ecosystem. By providing users with a seamless multichain experience, Phantom is making it easier for people to access and use decentralized applications and NFTs across different blockchain networks. With plans to introduce instant NFT sales and develop a bridge to enable the transfer of assets between the Solana and Ethereum networks, Phantom is well-positioned to become a major player in the world of Web3.

 
 

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