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 in the marketplace with a brand new function designed to bridge liquidity from the Ethereum (ETH) ecosystem.
In an announcement posted to X on Nov. 20, Phantom mentioned the newly-launched cross-chain swapper allows customers to deliver any tokens from Ethereum, by bridging Ethereum Digital Machine (EVM)-based belongings to USDC (USD) — in addition to USDT (USDT), DAI (DAI), and wETH for sure routes — on Solana (SOL).
Bridging to @solana ought to be so simple as swapping.
And now, it’s.
With our new Cross-Chain Swapper, you’ll be able to bridge tokens throughout Ethereum and Solana proper in Phantom. pic.twitter.com/TkGrFSFvoy
— Phantom (@phantom) November 20, 2023
These considering swapping belongings 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 mentioned the function will cost a 0.85% transaction price on “some swap pairs.”
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As per Phantom’s weblog announcement, the bridging course of is carried out by Allbridge, a cross-chain bridging resolution, 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 supplied providers primarily on Solana. The pockets supplier claims to have over two million customers. In January 2022, Phantom accomplished a $109 million sequence B funding spherical led by Paradigm, bringing its worth to $1.2 billion. Different traders included Leap Capital, Andreessen Horowitz (a16z), Solana, and Variant.
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