Phantom Adds Sui Support, Extending Its Multi-Chain Wallet Functionality

TL;DR

• Phantom Wallet has integrated support for the Sui blockchain, allowing its 15 million users to manage $SUI directly from the app.
• The update facilitates the sending and receiving of $SUI, swapping native tokens, and accessing decentralized applications (dApps) such as Suilend and Navi.
• The integration of Sui with Phantom responds to the growth of the blockchain, which surpassed $11 billion in market capitalization and is ranked among the top 10 by TVL.

Phantom Wallet, one of the most popular non-custodial wallets on the market, has integrated support for the Sui blockchain, expanding its multi-chain offering.

This update allows its 15 million monthly active users to manage and use $SUI, the native token of the Sui blockchain, directly from the app. With this addition, Sui becomes the only Move-based blockchain fully supported on the platform.

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Advantages of the Integration

The integration of Sui with Phantom allows users to perform various actions such as sending and receiving $SUI, swapping native Sui tokens like BLUE and SEND, and engaging with decentralized applications (dApps) like Suilend, Navi, Aftermath, and Bluefin. It provides access to a network distinguished by its object-centric model, which enhances transaction processing efficiency and state updates.

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Phantom began its journey as a wallet focused on the Solana ecosystem, but in 2023, it expanded its horizon by adding support for other networks such as Ethereum, Polygon, and Bitcoin, achieving exponential growth. Its multi-chain approach aligns with its goal of providing greater access to more users, allowing them to interact seamlessly with various blockchain platforms. Additionally, with Sui’s support, it enhances its offering and the flexibility and scalability of the app.

Phantom Wallet and $SUI: Success Stories

Sui, developed by Mysten Labs, gained popularity quickly due to its innovative architecture and focus on scalability. In recent months, it has experienced impressive growth, reaching a market capitalization of over $11 billion. It has also climbed into the top 10 blockchains by total value locked, with over $1.6 billion in deposits. The integration of Sui into Phantom is the result of this rise and the increasing trust of the community in this blockchain.

On the other hand, Phantom has demonstrated strong ability to remain relevant in the market. In 2024, the wallet facilitated a total of 850 million transactions and continues to expand its offerings to include new blockchains.