Solana’s Phantom wallet rolls out cross-chain swapper to bring liquidity from Ethereum
The brand new in-app swap function helps all EVM tokens and bridges them to USDC on Solana, Phantom says.
Phantom, the non-custodial crypto pockets initially made for Solana customers solely, is now increasing its presence available on the market with a brand new function designed to bridge liquidity from the Ethereum (ETH) ecosystem.
In an announcement posted to X on Nov. 20, Phantom stated the newly-launched cross-chain swapper permits customers to deliver any tokens from Ethereum, by bridging Ethereum Digital Machine (EVM)-based property to USDC (USD) — in addition to USDT (USDT), DAI (DAI), and wETH for sure routes — on Solana (SOL).
These enthusiastic about swapping property must import their Ethereum pockets(s) to Phantom or create a brand new pockets and fund it with Ethereum (ETH) to cowl transaction charges. Phantom stated the function will cost a 0.85% transaction payment on “some swap pairs.”
As per Phantom’s blog announcement, the bridging course of is performed by means of Allbridge, a cross-chain bridging answer, in addition to Li.Fi, an aggregation protocol. Along with Ethereum, the brand new function additionally helps Polygon, a sidechain developed to scale the Ethereum ecosystem.
Launched in 2021, Phantom initially provided providers primarily on Solana. The pockets supplier claims to have over two million customers. In January 2022, Phantom completed a $109 million sequence B funding spherical led by Paradigm, bringing its worth to $1.2 billion. Different traders included Soar Capital, Andreessen Horowitz (a16z), Solana, and Variant.
