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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 advertisement published in X On November 20, Phantom said that the newly launched cross-chain exchange allows users to bring any ethereum token, by linking ethereum Virtual Machine (EVM)-based assets to USDC (USD), as well as to USDT (USDT), DAI. (DAI) and wETH for certain routes, in 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 ad, 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 finished 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.
