Market Times:

London:

New York:

Singapore:

News

Phantom Unveils Beta Support for Base Chain

With the addition of the Base network, Phantom supports five blockchains, including Solana, Polygon, Bitcoin, and Ethereum.

Avatar image of Mishael Nwani Mishael Nwani•October 7, 2024

Web3 wallet Phantom has welcomed the Ethereum layer-2 network Base chain to its ecosystem. In an October 7 announcement, the wallet’s developer team unveiled beta support for the L2 blockchain. This latest addition means that the non-custodial wallet now supports five blockchain networks — Solana, Ethereum, Polygon, Base, and Bitcoin.

Phantom Welcome Base Network

Among the key features Phantom opens to the Base network are access to decentralized finance (DeFi) protocols and non-fungible tokens (NFTs). Users can also buy, sell, and swap thousands of tokens, use spam detection and filtering, and use transaction simulation. They can also benefit from Ledger support.

Phantom was initially launched on the Solana network in January 2021. Since its debut, it has expanded to more blockchains with high traffic. The latest deal will potentially benefit Phantom, encouraging more users to join the multi-chain wallet. It is also expected to profit the Base chain, taking its on-chain metrics to higher records.

Phantom users can enable Base on their wallets by navigating to Settings and turning on ‘Base’ under ‘Active Networks.’ In a blog post, the non-custodial wallet shared several DeFi protocols compatible with the Base chain that new users can interact with.

Base Network Continues Growing

Phantom’s decision to incorporate the Base network comes as the L2 blockchain is experiencing rapid growth. The L2 network’s public mainnet was launched by the leading American crypto exchange, Coinbase, in August 2023. Since then, the blockchain has raked in a total value locked (TVL) of $2.339 billion, as revealed on the blockchain analytics platform DeFiLlama.

The blockchain has equally seen a massive surge in active daily users, indicating that more crypto users are interested in using the scaling solution.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.