The new in-app exchange feature supports all EVM tokens and connects them with USDC on Solana, says Phantom.
Phantom, the non-custodial crypto wallet initially created just for Solana users, is now expanding its market presence with a new feature designed to bridge the liquidity of the Ethereum (ETH) ecosystem.
In an announcement posted on ), as well as USDT (USDT), DAI (DAI) and wETH for certain routes, on Solana (SOL).
Those interested in trading assets would need to import their Ethereum wallet(s) into 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 trading pairs.”
According to Phantom’s blog announcement, the connection process is carried out through Allbridge, a cross-chain connection 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 primarily in 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, raising its value to $1.2 billion. Other investors included Jump Capital, Andreessen Horowitz (a16z), Solana and Variant.
