Solana's Phantom Wallet Launches Cross-Chain Swapper
Date: 2023-11-25 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Phantom's Cross-Chain Innovation
In an announcement on November 20th, Phantom revealed its newly launched cross-chain swapper, enabling users to move tokens from Ethereum to Solana through a connection of assets based on the Ethereum Virtual Machine (EVM) with USDC, USDT, DAI, and wETH for specific routes.
Access and Functionality
For those interested in asset swapping, importing Ethereum wallets into Phantom or creating a new wallet and funding it with Ethereum (ETH) to cover transaction fees is required. Phantom specified a transaction fee of 0.85% for "some swap pairs" with this feature.
Integration Process
As per the blog announcement by Phantom, the connection process occurs via Allbridge, an inter-network bridging solution, and Li.Fi, an aggregation protocol. Besides Ethereum, this new function also supports Polygon, a sidechain designed for scaling the Ethereum ecosystem.
Phantom's Evolution
Launched in 2021, Phantom initially served primarily on Solana, boasting over two million users. In January 2022, Phantom concluded a $109 million Series B funding round led by Paradigm, reaching a valuation of $1.2 billion. Other investors included Jump Capital, Andreessen Horowitz (a16z), Solana, and Variant.
