Solana’s Self-Custodial Crypto Wallet Phantom Going Multichain with Ethereum and Polygon

Phantom logo in front of polygon logo with Ethereum logo inside
  • Phantom intends to support Ethereum and Polygon assets, and the extension will manifest early next year. 
  • This update will affect the Phantom platform on Android, iOS, and desktop. 
  • Besides launching a private multi-chain beta, Phantom plans to release the public version of the multi-chain before the year’s end.
  • Phantom will also add more support to view multimedia NFTs.
  • FTX’s collapse has triggered a decrease in the popularity of centralized exchanges, leading Phantom to expand to more chains.

The prominent self-custody wallet built on the Solana ecosystem, Phantom, intends to extend support for assets on Ethereum and Polygon blockchains. As revealed, the extension will manifest early next year.

The new update will appear on the desktop, iOS, and Android versions of the Phantom platform. 

Aside from the proposed extension, Phantom also revealed plans to launch a private multi-chain beta that will become available in the coming weeks. Additionally, the firm said the public version of the multi-chain would fly before the end of the year.

Further, the wallet firm looks to curb security issues like hacks and centralized exchange crises that have ravaged the industry. Before the extension, Phantom worked with Polygon to design a user-friendly wallet. 

As disclosed, Phantom’s multi-chain approach will be keen on NFTs, with an interest in protecting users against malicious spam drops. Moreover, it will add increased support to view multimedia NFTs.

Currently, the wallet has over three million active users, Phantom reveals.

Current Market Trends Leading to the Recent Extension?

Phantom has been pushing for more extensions lately due to the diminishing popularity of centralized exchanges triggered by the collapse of FTX, which raised concerns about the reliability of centralized entities. This causes the mass exodus of investors from CEXs to source alternative means of securing their assets. 

The exodus led to the increasing popularity of self-custodial wallets like Phantom. As a reaction to current industry trends, Phantom is eager to offer its services to as many users as possible. A user-friendly self-custodial wallet is an ideal alternative to centralized exchanges and other cryptocurrency companies’ custodian users’ assets, Phantom asserts. 

Additionally, the demise of FTX and its sister firm, Alameda, affected Solana, causing assets linked to the ecosystem to fall rapidly. Due to the crisis, most Solana developers began seeking alternatives on other blockchains. 

Phantom appears to be no exception, as it has shown its willingness to expand to multiple chains while maintaining the Solana ecosystem as its core business.

On the Flipside

  • As a result of the Ethereum merge last summer, Solana’s dominance among proof-of-stake blockchains as an “Ethereum Killer” came to an end. The current move shows Phantom’s attempt to change with the current trends.

Why You Should Care

Self-custodial wallets are becoming more popular as investors lose faith in centralized entities due to current market conditions. As Phantom co-founder Brandon Millman says, “Across every blockchain ecosystem and Web3 use-case, self-custody is now more important than ever.”

 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Soumen Datta

Soumen has been a dedicated researcher and writer in the field of cryptocurrencies for the last few years. Even though Indian crypto regulations are still unclear, he believes that India will continue to innovate in the years to come. He loves to play his guitar and sing along in his spare time. He holds bags mostly in BTC, ETH, BNB, MATIC, ADA.