Phantom Wallet Introduces Cross-Chain Swapping Feature
If you’re a crypto user, you’ll be happy to hear that the Phantom non-custodial wallet, previously exclusive to Solana, now offers a new in-app feature. This feature allows you to bridge liquidity from the Ethereum ecosystem by supporting all EVM tokens and connecting them to USDC on Solana.
This cross-chain swapper, unveiled in a recent announcement, enables users to bring tokens from Ethereum to Solana, converting EVM-based assets to USDC, USDT, DAI, and wETH for certain routes. To swap assets, you’ll need to import your Ethereum wallet to Phantom or create a new wallet and fund it with Ethereum to cover transaction fees. The feature comes with a 0.85% transaction fee on some swap pairs.
The bridging process is powered by Allbridge and Li.Fi, two cross-chain bridging solutions, and also supports Polygon, a sidechain for the Ethereum ecosystem. Originally focused on Solana, Phantom now boasts over two million users and recently completed a $109 million funding round, solidifying its value at $1.2 billion.
Hot Take: Empowering Cross-Chain Transactions
Phantom’s new cross-chain swapper signals a significant advancement in enabling seamless transactions across different blockchain networks. By bridging liquidity from Ethereum to Solana, the wallet offers greater flexibility and accessibility for crypto users, further solidifying its position as a key player in the crypto wallet space.
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