Phantom’s latest in-app swap feature now supports all EVM tokens, seamlessly bridging them to USDC on the Solana blockchain.
Phantom Expands Reach with Cross-Chain Swapper for Ethereum Liquidity
Originally tailored for Solana users, the non-custodial crypto wallet Phantom is broadening its market presence. The recent introduction of a cross-chain swapper is designed to bridge liquidity from the Ethereum (ETH) ecosystem.
As of November 20, Phantom announced the launch of this new feature, allowing users to seamlessly bring tokens from Ethereum to Solana.
The cross-chain swapper facilitates the bridging of Ethereum Virtual Machine (EVM)-based assets to USDC (USD) on Solana (SOL), with additional support for USDT (USDT), DAI (DAI), and wETH for specific routes. This expansion marks a significant move for Phantom, extending its utility beyond the Solana blockchain to cater to a broader user base.
Bridging to @solana should be as simple as swapping.
And now, it is.
With our new Cross-Chain Swapper, you can bridge tokens across Ethereum and Solana right in Phantom. pic.twitter.com/TkGrFSFvoy
— Phantom (@phantom) November 20, 2023
Phantom Expands Asset Swapping with Ethereum Integration
For those seeking to swap assets, the process involves importing their Ethereum wallet(s) to Phantom or creating a new wallet and funding it with Ethereum (ETH) to cover transaction fees. Phantom has specified a 0.85% transaction fee for “some swap pairs” using this feature.
As outlined in Phantom’s blog announcement, the bridging process is facilitated through Allbridge, a cross-chain bridging solution, and Li.Fi, an aggregation protocol. Beyond Ethereum, this new feature extends its support to Polygon, a sidechain designed to enhance the scalability of the Ethereum ecosystem.
Launched in 2021, Phantom initially focused on providing services within the Solana ecosystem. Boasting over two million users, the wallet provider has significantly expanded its offerings. In January 2022, Phantom successfully concluded a series B funding round, securing $109 million in investment led by Paradigm. This funding round, which included participation from investors like Jump Capital, Andreessen Horowitz (a16z), Solana, and Variant, elevated Phantom’s valuation to $1.2 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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