Breaking New Ground in Crypto: Phantom’s Cross-Chain Swapper
Phantom, originally a Solana-centric non-custodial crypto wallet, is making significant strides in the cryptocurrency market with its latest innovation. The wallet now offers a cross-chain swapper, a feature designed to bridge liquidity from the Ethereum (ETH) ecosystem.
Bridging Ethereum and Solana
On Nov. 20, Phantom announced the launch of its new in-app swap feature, which enables users to transfer various tokens from Ethereum. Utilizing Ethereum Virtual Machine (EVM)-compatible assets, the swapper bridges these to USDC (USD), and for specific routes, also supports USDT (USDT), DAI (DAI), and wETH on Solana (SOL).
The Swapping Process
Users interested in leveraging this new feature must either import their Ethereum wallets into Phantom or create a new one, ensuring it’s funded with Ethereum to cover transaction costs. Phantom has disclosed a 0.85% transaction fee for some swap pairs.
Collaborative Efforts for Enhanced Functionality
Phantom’s cross-chain functionality is powered by Allbridge and Li.Fi. These platforms facilitate the bridging process, not just for Ethereum, but also for Polygon, enhancing the scalability of the Ethereum ecosystem.
Phantom’s Market Presence
Launching in 2021, Phantom began as a Solana-focused service but has since grown considerably. With over two million users, the wallet provider has seen substantial growth, notably with a $109 million series B funding round in January 2022. Investors include prominent names like Paradigm, Jump Capital, Andreessen Horowitz (a16z), Solana, and Variant, valuing Phantom at $1.2 billion.
A New Era for Crypto Liquidity
This move by Phantom marks a significant development in the realm of cryptocurrency, potentially altering how liquidity is managed across different blockchain networks. As the crypto market continues to evolve, innovations like Phantom’s cross-chain swapper are pivotal in shaping its future.
