- Phantom has shown interest in supporting Polygon and Ethereum blockchains.
- Centralized exchanges have become less popular owing to FTX collapse.
- Phantom has announced adding increased support to view multimedia non-fungible tokens.
Phantom, the key self-custody wallet created on Solana, aims to grow support for assets on both Polygon and Ethereum. The extension has been planned to manifest early in 2023. The new update will be featured on iOS, desktop as well as Android versions of Phantom.
Releasing a private multi-chain beta is another plan of Phantom and will be available in the upcoming weeks before 2022 ends.
The wallet company is looking forward to reducing security-based concerns such as hacks as well as the crisis of centralized exchange that have ruined the industry. Phantom has previously worked with Polygon and designed an adaptable wallet.
The multi-chain approach will be based on NFTs along with an inclination towards safeguarding users from mischievous spam drops.
The wallet has three million active users at the moment, as shared by Phantom. The decline in the fame of centralized exchanges owing to the FTX crash has pushed Phantom towards more and more extensions. A number of investors have exited from CEXs or centralized exchanges to source other ways of protecting assets.
Owing to the exit, an increase in the popularity of self-custodial wallets such as Phantom has been experienced. Also, Phantom is excited to provide services to maximum users.
Solana has suffered extremely owing to the fall of FTX and Alameda, which has also resulted in the fall of assets connected to the ecosystem. As a result, a number of Solana developers started looking for other options on other blockchains.
Phantom has shown interest in extending to several chains alongside maintaining the ecosystem of Solana. The merge of Ethereum that happened last summer led to the end of Solana’s supremacy among PoS blockchains.
With current market conditions making investors lose beliefs in centralized entities, self-custodial wallets have become popular. Brandon Millman, Phantom co-founder, said that self-custody has become more important than ever before throughout Web3 use-case and blockchain ecosystem.