Popular Solana Wallet Phantom Adds Sui Blockchain Support
Phantom Wallet has recently expanded its multi-chain support by integrating the Sui blockchain. This move marks a significant step in Phantom’s journey to becoming a versatile platform for crypto users, offering its claimed 15 million monthly active users another major blockchain to explore.
With the inclusion of Sui, users can now manage their SUI tokens, interact with native Sui tokens like BLUE and SEND, and engage with decentralized applications (dApps) such as Suilend, Navi, Aftermath, and Bluefin directly from the Phantom wallet. This integration was announced in December, but the official rollout occurred on Wednesday, making Sui the first and only Move-based blockchain fully supported by Phantom to date.
Sui's Unique Position in the Blockchain Space
Sui, developed by Mysten Labs, stands out due to its innovative approach to blockchain technology. Unlike conventional blockchains, Sui adopts an object-centric model that allows for parallel transaction processing, which significantly boosts transaction efficiency and scalability. Its use of the Move programming language, initially developed by former members of Meta's Diem project, further distinguishes it in the crowded blockchain landscape.
Over the past year, Sui has seen tremendous growth, with its market cap soaring to $11 billion, ranking it among the top 20 cryptocurrencies. Despite a slight dip of 3.2% in the last 24 hours, trading at $3.69, Sui has secured a spot in the top 10 for total value locked, managing more than $1.6 billion in deposits. It has processed over 7.5 billion transactions in 2024, becoming a significant destination for Ethereum outflows, second only to Solana.
Phantom's evolution from a Solana-centric wallet to a multi-chain platform began in April 2023 when it added support for Ethereum and Polygon. This was followed by a Bitcoin integration in December 2023, enhancing its capabilities to include Ordinals and BRC-20 tokens. The latest addition of the Coinbase-backed Base network in November further solidified its role in facilitating a staggering 850 million transactions in 2024.
Earlier this month, Phantom announced that it had raised $150 million in a Series C round led by Sequoia and Paradigm at a $3 billion valuation. Despite persistent rumors of an airdrop amid the deployment of social features on the app in December, Phantom clarified that it has no plans to launch a token of its own.