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Phantom Expands Multichain Support to Include Sui Blockchain

Coin WorldWednesday, Jan 29, 2025 4:26 pm ET

1min read

Popular crypto wallet Phantom has expanded its support to include the Sui blockchain, a significant development in the rapidly evolving cryptocurrency landscape. This integration places Sui alongside established networks such as Solana, Ethereum, Base, and Bitcoin, further enhancing Phantom's multichain capabilities.

Phantom, with over 15 million monthly active users, has consistently demonstrated a commitment to making crypto accessible to a broader user base. The addition of Sui, the first Move-based blockchain network to connect with the wallet, is a testament to this dedication. Sui's focus on scalability and user experience aligns perfectly with Phantom's goals, as noted by Phantom CEO Brandon Millman.

To activate Sui support within the Phantom wallet, users need to follow a simple, user-friendly process. By navigating to 'Settings' and selecting 'Active Networks,' users can toggle Sui on, enabling them to trade and manage their assets on the Sui blockchain seamlessly.

The Sui blockchain, using the Move programming language, has seen remarkable growth in the past year. It has become the 8th largest blockchain by total value locked, with over $1.6 billion in assets. The native SUI token has also experienced a significant increase, rising 140% to $3.70 and becoming the 19th largest crypto asset by market cap.

With Phantom's addition of the Sui chain, users can now trade SUI and other tokens on the blockchain, including meme coins, directly within the Phantom app or browser extension. In the future, Phantom plans to add support for Sui NFTs, fiat onramps, and more, further enriching the user experience.

Phantom's recent $150 million funding round at a $3 billion valuation underscores the wallet's growing influence in the crypto space. As the largest Ethereum wallet, MetaMask, also plans to expand beyond the ETH ecosystem, the competition in the multichain wallet sector is set to intensify, driving innovation and user benefits.

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