KeyTakeaways:
- Phantom now supports Sui, expanding its multichain capabilities.
- Move programming language boosts Sui’s security and scalability.
- Sui blockchain has grown to $1.6 billion in total value locked.
Phantom, a leading crypto wallet, has introduced support for the Sui blockchain, enhancing its multichain capabilities. This addition follows the wallet’s commitment to integrating only the most scalable and user-friendly blockchains into its ecosystem, a strategy the company has maintained since its transformation in 2023. Sui joins the ranks of Solana, Bitcoin, and Ethereum, offering users an expanded suite of options for managing digital assets.
Sui’s integration into Phantom also brings the Move programming language to the wallet’s platform. Move, initially developed by Meta for its now-defunct Diem project, is a blockchain-agnostic language designed to boost security, scalability, and developer productivity. Sui is the first blockchain-based on Move to be supported by Phantom, marking a significant milestone for both platforms.
Sui’s Growth and Token Performance
Over the past year, Sui has demonstrated substantial growth, becoming the 8th largest blockchain by total value locked. The network currently holds over $1.6 billion in assets, a notable achievement in decentralized finance. Its native SUI token has also seen impressive gains, rising by 140% to $3.70, making it the 19th largest cryptocurrency by market capitalization.
Phantom’s growth mirrors that of the blockchains it supports. The wallet now boasts over 15 million monthly active users and facilitates token swaps worth around $20 billion annually. With a recent $150 million funding round raising the company’s valuation to $3 billion, Phantom continues solidifying its position as a dominant player in the multichain wallet sector.
In a related development, MetaMask, Phantom’s largest competitor, recently announced plans to broaden its support beyond the Ethereum ecosystem, starting with Bitcoin. This expansion highlights the growing trend of wallet providers embracing a wider range of blockchains to cater to the evolving needs of the crypto community.
