The new in-app swap feature supports all EVM tokens and bridges them to USDC on Solana, Phantom says.
Phantom, the non-custodial crypto wallet initially made for Solana users only, is now expanding its presence on the market with a new feature designed to bridge liquidity from the Ethereum (ETH) ecosystem.
In an announcement posted to X on Nov. 20, Phantom said the newly-launched cross-chain swapper enables users to bring any tokens from Ethereum, by bridging Ethereum Virtual Machine (EVM)-based assets to USDC (USD) — as well as USDT (USDT), DAI (DAI), and wETH for certain routes — on Solana (SOL).
Bridging to @solana should be as simple as swapping.
And now, it is.
With our new Cross-Chain Swapper, you can bridge tokens across Ethereum and Solana right in Phantom. pic.twitter.com/TkGrFSFvoy
— Phantom (@phantom) November 20, 2023
Those interested in swapping assets would have to import their Ethereum wallet(s) to Phantom or create a new wallet and fund it with Ethereum (ETH) to cover transaction fees. Phantom said the feature will charge a 0.85% transaction fee on “some swap pairs.”
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As per Phantom’s blog announcement, the bridging process is conducted through Allbridge, a cross-chain bridging solution, as well as Li.Fi, an aggregation protocol. In addition to Ethereum, the new feature also supports Polygon, a sidechain developed to scale the Ethereum ecosystem.
Launched in 2021, Phantom initially offered services mainly on Solana. The wallet provider claims to have over two million users. In January 2022, Phantom completed a $109 million series B funding round led by Paradigm, bringing its value to $1.2 billion. Other investors included Jump Capital, Andreessen Horowitz (a16z), Solana, and Variant.
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