Phantom Wallet Introduces Cross-Chain Swapping Feature
If you’re a cryptocurrency user, you will be excited to hear that the Phantom non-custodial wallet, previously exclusive to Solana (SOL) now offers a new in- application feature. This function allows you to bridge liquidity from the Ethereum (ETH) ecological system by supporting all EVM tokens and connecting them to USDC on Solana.
This cross-chain swapper, unveiled in a recent notice, enables users to bring tokens from Ethereum (ETH) to Solana (SOL) converting EVM-based assets to USDC, USDT, DAI, and wETH for certain routes. To swap assets, you will need to import your Ethereum (ETH) wallet to Phantom or create a new wallet and fund it with Ethereum (ETH) 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 likewise supports Polygon, a sidechain for the Ethereum (ETH) ecological system. Originally focused on Solana (SOL) Phantom now boasts over two Million users and recently completed a $109 Million funding round, solidifying its price at $1.2 billion.
Hot Take: Empowering Cross-Chain Transactions
Phantom’s new cross-chain swapper signals a whole lot of advancement in enabling seamless transactions across different blockchain networks. By bridging liquidity from Ethereum (ETH) to Solana (SOL) the wallet offers greater flexibility and accessibility for cryptocurrency users, further solidifying its position as a key player in the cryptocurrency wallet space.
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