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Crypto wallet Phantom has launched beta support for Base, Coinbase’s layer-2 network, allowing users to manage assets across multiple chains.
Phantom, a cryptocurrency wallet initially designed as a Solana-centric application, has announced the rollout of beta support for Base, an Ethereum-based layer-2 network developed by Coinbase.
In a blog post, the Phantom team revealed that users can now explore functionalities such as sending, receiving, and purchasing Base-based stablecoins like USD Coin (USDC) and cryptocurrencies such as Ethereum (ETH) using debit and credit cards, Apple Pay, or Coinbase.
How to turn on Base:
— Phantom (@phantom) October 7, 2024
Step 1: Open Phantom on mobile or browser
Step 2: Go to ‘Settings’
Step 3: Select ‘Active Networks’
Step 4: Toggle ‘Base’ on
Once you do this, Base will be enabled.
Friendly reminder: Just like our other chains, Base is 100% opt-in. pic.twitter.com/6zKNN1TB0n
Phantom has emphasized that Base support is currently in beta and opt-in, meaning those interested in trying the new addition would have to enable it in their wallet settings.
In addition to asset management, Phantom also allows users to engage with decentralized finance applications and non-fungible tokens within the Base ecosystem. Beyond that, the wallet also supports features designed to enhance security such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulation to flag suspicious activities.
Founded in 2021, Phantom later completed a $109 million series B funding round led by Paradigm, bringing its value to $1.2 billion. Other investors include Jump Capital, Andreessen Horowitz, Solana, and Variant. The wallet supports multiple networks, including Bitcoin, Ethereum, and Solana.
Meanwhile, blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts, with Coinbase’s Base network leading in high-risk detections. As crypto.news reported earlier, data from Trugard Labs shows Base accounted for more than 34,000 high-risk detections in its smart contracts during August.
The Coinbase-incubated network was particularly susceptible to Digital Signature issues, with nearly 22,000 detections related to tampering in standard libraries like SafeMath. Malicious boolean checks on token transfers also posed significant risks, with over 6,300 instances identified on Base. These checks could block or manipulate token transfers, presenting a key vulnerability.