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Phantom increases network support with the addition of Ethereum and Polygon

Phantom

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TL;DR

  • Phantom adds Ethereum and Polygon networks as it delivers on its interoperability promises
  • The company has continued to build on its security features

Phantom, a popular self-custodial wallet, has announced the simultaneous support for Ethereum and Polygon networks on its mobile app and browser wallets. The new feature will give users access to a wider range of dApps across the Web3 landscape, including Magic Eden, Uniswap, Aave, blur, and OpenSea. This development is significant in the crypto industry’s move towards cross-chain interoperability.

Phantom delivers on its promise of interoperability

The Solana wallet had announced support for Ethereum and Polygon in November 2021, and the latest development from Phantom is a significant step towards cross-chain interoperability in the crypto industry.

By providing the ability to interact with the three largest blockchains for digital collectibles in one place, Phantom is making it easier for users to manage multiple accounts and assets across blockchains.

The new feature will remove the requirement to switch between wallets and add the ability to import existing MetaMask, Solana, and EVM wallets.

This move is expected to simplify managing multiple wallets for users who engage in cross-chain activities. Additionally, the feature will broaden the user base of Phantom’s wallet, positioning it as a top choice for those who engage in multichain activities in the crypto space.

CEO of the firm, Brandon Millman said that the company is dedicated to leveraging their expertise from the Solana ecosystem to drive innovation in the wallet space.

The company aims to deliver the most versatile and user-friendly experience across all platforms, especially the three most prominent ecosystems: Ethereum, Polygon, and Solana. This commitment to delivering top-notch service and enhancing the user experience makes the wallet a leader in the crypto wallet space.

The wallet continues to increase its security features

Phantom has onboarded over 100,000 users since its Ethereum and Polygon support beta last fall. The rise in phishing and scam attacks on NFT holders has prompted the company to step up its security measures.

In January, the company reported that it had scanned over 85 million transactions and blocked over 18,000 wallet-draining transactions.

Phantom’s commitment to security measures is evident in its efforts to provide a safe and secure environment for its users. The company’s security measures include a built-in phishing detector.

Asides from that, it also has two-factor authentication, and the ability to whitelist certain addresses. By prioritizing security, Phantom provides a level of trust and reliability to its users, which is essential in the crypto industry.

Future plans for Phantom include the introduction of instant NFT sales and the development of a bridge to enable the transfer of assets between the Solana and Ethereum networks.

Phantom believes that the future of digital asset management lies in cross-chain interoperability, and they are committed to providing their users with a versatile and user-friendly experience across all platforms.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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