Phantom, one of the most popular multichain crypto wallets, has officially added beta support for the Sui blockchain, further expanding its ecosystem beyond Solana, Ethereum, Bitcoin, and Base. This move solidifies Phantom’s commitment to integrating only the most capable blockchain networks, enhancing user experience and accessibility in the crypto space.
Phantom’s Strategic Expansion
Phantom’s journey from a Solana-focused wallet to a true multichain platform began in 2023. With the latest integration of Sui, the wallet continues to reinforce its mission of providing seamless crypto transactions across various chains. Phantom CEO Brandon Millman emphasized that Sui’s scalability and advanced user experience made it an ideal addition to their platform.
“When we transformed Phantom into a multichain wallet in 2023, we did so with the commitment that only the most capable chains would be integrated into the app,” Millman stated. “Sui’s focus on scalability and its superior user experience aligns perfectly with Phantom’s goal of making crypto accessible for everyone.”
What Makes Sui Stand Out?
Sui is the first blockchain supported by Phantom that utilizes the Move programming language. Originally developed by Meta (formerly Facebook) for the now-defunct Diem stablecoin project, Move is designed to enhance security, productivity, and ease of development. The inclusion of Sui in Phantom underscores the growing influence of Move-based blockchains and their potential for mass adoption.
Christian Thompson, Managing Director of the Sui Foundation, highlighted the significance of the integration, stating, “The launch of Sui as the first Move-based chain on the Phantom wallet validates what the community has accomplished in the past year.”
How to Activate Sui on Phantom
Users can easily activate Sui support on their Phantom wallet by following these steps:
- Open the Phantom app or browser extension.
- Navigate to the ‘Settings’ menu.
- Select ‘Active Networks.’
- Toggle on Sui to enable support.
With this activation, users can trade SUI and other tokens directly within the Phantom interface, including meme coins and other digital assets built on the Sui blockchain. Additional features such as Sui NFT support, fiat onramps, and more are expected in future updates.
Sui’s Rapid Growth and Market Performance
Over the past year, Sui has experienced significant growth, becoming the 8th largest blockchain by total value locked (TVL), surpassing $1.6 billion in assets. Its native SUI token has surged 140% to $3.70, placing it among the top 20 cryptocurrencies by market cap. The increasing adoption and integration of Sui into platforms like Phantom further cement its position as a formidable player in the blockchain ecosystem.
Phantom’s Market Position and Future Prospects
Phantom continues to thrive as a dominant multichain wallet, boasting over 15 million monthly active users and facilitating more than $20 billion in annual token swap volume. The company recently secured $150 million in funding, bringing its valuation to an impressive $3 billion.
As competition intensifies, with MetaMask—the leading Ethereum wallet—announcing plans to expand into Bitcoin, Phantom’s aggressive multichain strategy positions it as a formidable contender in the crypto wallet space. With Sui’s integration, Phantom further reinforces its vision of providing users with a seamless, secure, and versatile crypto experience.
The addition of Sui marks another milestone for Phantom, and as the blockchain industry continues to evolve, users can expect even more innovative features and integrations in the near future.