Phantom shifts its focus to Ethereum and Polygon in order to become a multi-chain wallet
Phantom wallet just revealed that it has enabled support for Ethereum and Polygon assets.
Phantom, a Solana-centric cryptocurrency wallet, said on November 29 that it will transition to other chains. This decision followed Solana’s previous challenges resulting from the dissolution of FTX.
Phantom, the top Solana wallet, stated on November 29 that it will allow support for assets on the Polygon and Ethereum blockchains.
After the FTX crash, the business said that the perceived need for self-custody prompted it to extend its offering to these other key blockchains.
In addition, it was clarified that allowing access to various chains enabled users to access resources from several chains in a single place. The move was also designed to further the wallet’s objective of becoming a multi-chain wallet.
Phantom said that it worked closely with Solana to build a premium wallet experience and that it currently had over three million users. Additionally, the company has stated that the private multi-chain test will begin in the coming weeks, with a public release planned for later this year.
This month’s bankruptcy of FTX and Alameda, two of the ecosystem’s largest sponsors, precipitated a precipitous decline in Solana-linked asset values and shook the confidence of blockchain developers on the network.
The primary objective of Phantom was to migrate into a multi-chain network; hence, this invention may have only accelerated the process. Non-fungible tokens (NFTs) will be at the core of Phantom’s multi-chain approach, including protections against spam dumps and increased support for viewing NFTs that include media.