Phantom, a cryptocurrency wallet that focuses on the Solana blockchain, is now supporting the Ethereum and Polygon blockchains, the startup exclusively revealed to TechCrunch.
According to Brandon Millman, CEO and co-founder of Phantom, Phantom is extending customers' access from only Solana to all three ecosystems by adding support for Ethereum and Polygon. We wish to unite communities from around the Web 3 with a secure and user-friendly self-custody solution that is appropriate for widespread adoption.
With a goal of a public rollout in the first quarter of 2023, the new Ethereum and Polygon integrations are already operational in beta mode on Phantom's browser and iOS and Android applications, according to Millman. Users can now trade, receive, and swap tokens in its wallet and accumulate NFTs on all three blockchains at the same time.
We're moving from a single-chain wallet to a multi-chain wallet, according to Millman. "Bringing Phantom to a world with multiple chains was always our intention. It's more of a return for us because we always believed that the world was transitioning to one with more interconnected systems.
It was "always something we hoped to do," according to Millman, Francesco Agosti, and Chris Kalani, the three co-founders of Phantom, to include the blockchain inside the wallet. 0x is an Ethereum-focused financial protocol where the three co-founders previously worked.
At the moment, Phantom has over 2.5 million daily user sessions and over 25 million monthly on-chain decentralized application (dApp) transactions. It said that since launching an in-wallet token swapper in June, users have completed over $1 billion worth of token transfers, with each transaction costing less than one cent in network fees.
Following the completion of a $109 million fundraising round led by Paradigm in January, Phantom's valuation reached $1.2 billion. Andreessen Horowitz, Jump Capital, Solana, and Variant are a few other investors in the cryptocurrency wallet.
According to Millman, the cryptosphere is quickly developing. "Ethereum was considered to be the only platform for users and developers to interact with the web3 world, and people didn't really think multi-chain was going to be a thing. However, it is now widely acknowledged that the world is transitioning to a multi-chain environment and that Ethereum and Solana competition is emerging.
While there are many blockchains vying for market share, Millman believes the crypto ecosystem will eventually settle on three to five big blockchains rather than moving "toward a world with thousands of chains." We'll observe consolidation there.
According to the statement, the Phantom team will collaborate closely with Polygon to develop a wallet that is appropriate for the layer-2 blockchain's ecosystem. According to Ryan Wyatt, CEO of Polygon Studios, "working with Phantom will allow us to deliver a feature-rich wallet that's ready for mainstream consumers to use when interacting with apps powered by Polygon."
According to Millman, Phantom will eventually think about integrating its cryptocurrency wallet natively with other blockchains. "I believe that the entire wallet market will expand significantly, especially in light of recent disasters with centralized systems. Self- and non-custodial systems will take a significant amount of the spotlight.
Through its automated alerts of potentially malicious transactions or websites that could compromise people's wallets, assets, or permissions, the non-custodial wallet also aims to concentrate on security and protect users against spam NFTs and phishing attacks.
We've gone to great pains to enhance the "transaction preview" experience and the user's capacity to comprehend what they are approving when engaging with a web3 application, according to Millman. "Over 3,000 unique users have been saved in the last month alone thanks to our transaction preview technologies," says the company.
Phantom has also gone above and above to remove phony phishing websites and has assisted in the removal of more than 2,000 phony websites that target Solana communities, Millman continued.
In the long run, according to Millman, Phantom will resemble how Google Chrome has grown to be associated with the internet or Web 2.0 as the "onboarding point and discovery point for users accessing web3." "That is the goal of Phantom for web3: We want users to download our app as soon as they wish to connect with web3. That is both our objective and compass.
source: finance.yahoo.com/news/solana-focused-crypto-wallet-phantom-140042122.html