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 created only 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 on (USDT), DAI (DAI) and wETH for select routes — on Solana (SOL).
Bridging to @solana should be as easy as swapping.
And now it is.
Our new Cross-Chain Swapper allows you to bridge tokens between Ethereum and Solana, directly in Phantom. pic.twitter.com/TkGrFSFvoy
— Spook (@phantom) November 20, 2023
Those interested in exchanging 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 charges a 0.85% transaction fee for “some swap pairs.”
You might also like: MetaMask is the most popular wallet, according to CoinGecko data
According to Phantom’s blog announcement, the bridging process is performed via Allbridge, a cross-chain bridging solution, and via Li.Fi, an aggregation protocol. In addition to Ethereum, the new feature also supports Polygon, a sidechain developed to scale the Ethereum ecosystem.
Phantom launched in 2021 and 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 financing round led by Paradigm, bringing its valuation to $1.2 billion. Other investors included Jump Capital, Andreessen Horowitz (a16z), Solana and Variant.
Read more: Phantom unveils new camera NFT feature
