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Milestone Reached: Phantom Wallet Announces Integration with Sui Network

Market Musing-g

Milestone Reached: Phantom Wallet Announces Integration with Sui Network

FTR

DEFI

ADF

SUI

PHANTOM

By The Bit Journal

Created 4 months ago, last updated 4 months ago

•

3 mins read

Milestone Reached: Phantom Wallet Announces Integration with Sui Network

Sui Becomes the Fourth Blockchain Supported by Phantom Wallet
Record Growth for Sui Blockchain
Future Prospects for Phantom and Sui

Phantom Wallet, now boasting over 7 million monthly active users, has unveiled its latest integration with Sui Network, marking a pivotal moment for both its ecosystem and the popular altcoin. The announcement was confirmed by the Sui Foundation on December 5, emphasizing the partnership’s significance in providing innovative solutions for their respective communities.

Sui Becomes the Fourth Blockchain Supported by Phantom Wallet

Previously limited to Solana, Bitcoin, and Ethereum networks, Phantom Wallet has now added Sui as its fourth supported blockchain. This makes Sui the first blockchain using the Move programming language to join Phantom’s ecosystem. With over 560 million on-chain transactions processed in 2024 alone, Phantom Wallet solidifies its position as a leader in the crypto wallet space.

Jameel Khalfan, Global Ecosystem Head at Sui Foundation, described the integration as a “giant leap” for the Sui ecosystem. Khalfan also highlighted that the collaboration delivers a first-class wallet experience that Sui’s community has eagerly anticipated. This partnership ensures that Sui users can now access a secure wallet solution across multiple platforms, including iOS, Android, Chrome, Firefox, Edge, and Brave.

Record Growth for Sui Blockchain

Following the integration with Phantom Wallet, Sui Network has experienced a surge in growth. Its price increased by 20% weekly and 110% monthly, reaching an all-time high of $4.40. Additionally, the total value locked (TVL) soared to $1.72 billion, pushing Sui ahead of larger networks like Avalanche and Polygon.

Strategic partnerships have been a driving force behind this success. Collaborations with Babylon Labs and Lombard Protocol introduced BTC staking solutions to Sui’s DeFi ecosystem. Meanwhile, financial backing from Franklin Templeton bolstered Sui’s blockchain initiatives. These efforts have contributed to Sui’s rapid rise, despite recent challenges like a temporary two-hour halt in block production, which the team resolved swiftly.

Future Prospects for Phantom and Sui

The integration underscores Phantom Wallet’s commitment to a multi-chain future. Phantom CEO Brandon Millman praised Sui’s focus on scalability and developer-centric solutions, aligning with the wallet’s vision for high-performance blockchains.