- Phantom wallet, primarily designed for Solana users, is expanding to support Ethereum and Polygon blockchains starting May 1, enhancing its multichain functionality.
- The update allows users to transfer assets across multiple dApps and NFT marketplaces, while also enabling the import of existing assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets.
- Phantom’s multichain support fosters cross-chain interaction for dApps and other projects, while also signaling a broader shift in the cryptocurrency landscape towards multichain interoperability.
Phantom, a popular cryptocurrency wallet primarily designed for Solana blockchain users, is taking a significant leap toward multichain functionality. Set to support Ethereum and Polygon blockchains starting May 1 at 9 a.m. EST. Phantom aims to provide users with an even more versatile wallet experience across browsers, iOS, and Android platforms. The multichain integration will be accessible to its 3 million users, according to Phantom’s CEO and co-founder, Brandon Millman.
Embracing the Multichain Future
This expansion comes more than a year after Phantom achieved a $1.2 billion valuation on a $109 million funding round in January 2022. The round was led by Paradigm, with participation from Andreessen Horowitz, Jump Capital, Solana, and other investors. By integrating Ethereum and Polygon blockchains, Phantom wallet users can now transfer assets across multiple decentralized applications (dApps) such as Uniswap and Aave, as well as NFT marketplaces like Blur and OpenSea.
Phantom’s multichain support is not just a significant update for the wallet itself but also signals a broader shift in the cryptocurrency landscape toward multichain interoperability. With most crypto wallets focusing on single layer-1 blockchains, such as Ethereum-focused wallets like MetaMask, Phantom’s move to support multiple chains opens up new possibilities for users and developers. This expansion could pave the way for other big players like MetaMask to embrace multichain functionality.
Enhanced User Experience and Cross-Chain Interaction
As part of the update, Phantom will now allow users to import existing assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets, making it more accessible to a broader pool of crypto users. Phantom wallet owners can now trade, hold, and interact across all three blockchains (Solana, Ethereum, and Polygon), streamlining the user experience for millions of existing Solana ecosystem users and attracting newcomers from other blockchain communities.
Phantom’s new capabilities also enable dApps and other projects to interact with consumers more seamlessly across blockchains. Millman highlighted that Solana NFTs and ETH NFTs will now be displayed side by side, consolidating users’ digital assets in a single location.
Improved Security and Advanced Metadata for NFTs
In addition to multichain support, Phantom is introducing advanced metadata features for NFTs within the wallet, such as displaying current floor prices, sale prices, and other factors. Users can also directly sell their NFTs on marketplaces like Magic Eden, OpenSea, and others through the wallet.
To ensure a secure experience, Phantom is implementing new safety features, including hiding spam sent to crypto wallets to help prevent phishing attacks. Millman compared this to email spam filters, which improve over time as users mark unwanted messages as spam. The wallet also simulates transactions before approval, allowing users to review what they are sending and receiving and identify potential concerns.
Phishing attacks can still occur despite these protective layers, and Phantom’s customer support team is available 24/7 to assist users. They can help users explore options such as contacting exchanges, local authorities, or other routes for support after an attack.
Phantom’s multichain expansion to Ethereum and Polygon is a significant milestone in the cryptocurrency ecosystem. By providing users with a seamless experience to manage assets across multiple blockchains and enhancing security features, Phantom sets the stage for a more interconnected and accessible multichain world.
