Phantom wallet’s new features will allow users to interact with assets across multiple blockchains, including Ethereum and Polygon, starting May 1st.
Phantom, one of the largest crypto wallets for Solana blockchain users, is set to launch support for Ethereum and Polygon blockchains on May 1st. The company exclusively told TechCrunch that its multichain integration will be available to its 3 million users, allowing them to interact with assets across multiple blockchains.
Delayed, But Finally Here
Although the support for Ethereum and Polygon was initially scheduled for Q1 of 2023, it was postponed. Nevertheless, with this recent advancement, Phantom wallet users can transfer assets across blockchains, dApps such as Uniswap and Aave, and NFT marketplaces like Blur and OpenSea. Additionally, users can import their current assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets. Phantom’s announcement noted that their multichain support is now available in all the places where MetaMask is available.
Opening Up To A Broader Pool of Crypto Users
Enabling multichain support will expand Phantom’s reach to a wider audience of cryptocurrency users, beyond its current millions of users from the Solana ecosystem. With the ability to trade, hold, and interact across all three blockchains, rather than just one, wallet owners will have greater flexibility.
Phantom’s CEO and co-founder, Brandon Millman, said, “If you have a MetaMask, you can plug in your seed phrase to have everything under one roof. While MetaMask can only manage one seed phrase at a time, Phantom allows for the management of multiple seed phrases simultaneously.
There are several multichain crypto wallets available, one of which is Pillar, offering support for Ethereum, Polygon, Gnosis Chain, BNB Chain, and other blockchains. Typically, crypto wallets specialize in serving a single layer-1 blockchain, with Ethereum-centric wallets being the prevailing choice. MetaMask allows its users to store and transfer not only Ethereum but also other tokens based on the ERC-20 standard that are built on the Ethereum blockchain. Despite this, the MetaMask team has expressed their view that the future holds potential for a multichain environment.
Advanced Metadata for NFTs
Phantom is also adding new safety features that hide spam sent to crypto wallets to help prevent phishing attempts. The wallet will also simulate transactions before they’re approved so users can see what they’re sending and receiving, and if there’s any cause for concern.
According to Millman, the wallet has an advanced metadata display feature for NFTs, which includes current floor prices, sale prices, and other relevant details. Additionally, he mentioned that the wallet allows direct selling of NFTs to various marketplaces, such as Magic Eden and OpenSea.
24/7 Customer Support
Safety is one of the biggest areas Phantom is concerned about, Millman noted. The company offers a warning when users leave the wallet and preemptively blocks malicious websites. In case of phishing attempts, Phantom has a customer support team that is available 24/7 to help users with exchanges, a directory of local authorities or other resources.
Phantom’s decision to expand its support to multiple blockchains reflects the increasing potential of a multichain ecosystem, and this move may inspire other prominent players, such as MetaMask, to do the same. Furthermore, this new feature could simplify cross-chain interaction between dApps, projects and consumers.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
