As a seasoned crypto investor with a knack for navigating the ever-evolving landscape of digital assets, I find the recent announcement by Phantom to support Coinbase’s layer-2 network, Base, quite intriguing. Having started my journey in 2017, I remember when Solana was just a twinkle in someone’s eye and Ethereum was the king of smart contracts.
The cryptocurrency wallet known as Phantom has initiated beta compatibility with Base, a layer-2 network developed by Coinbase. This means that users can now oversee their assets on various blockchains using this wallet.
The Solana-focused cryptocurrency wallet, known as Phantom, recently unveiled its beta phase of compatibility with Base – a scalable Ethereum layer-2 solution created by the team at Coinbase.
In a recent blog update, the Phantom team unveiled an exciting new feature: users can now utilize their debit/credit cards, Apple Pay, or Coinbase to perform actions like transferring, receiving, and even purchasing Base-backed stablecoins such as USD Coin (USDC) and digital currencies including Ethereum (ETH).
Activate Base:
— Phantom (@phantom) October 7, 2024
Phantom clarifies that the “Base” feature is still in its testing phase (beta) and requires explicit activation, so users who wish to experiment with this novel aspect need to turn it on within their digital wallet preferences.
Apart from handling assets, Phantom additionally empowers users to interact with decentralized financial apps and unique digital tokens known as non-fungible tokens within the Base environment. Furthermore, this wallet includes several security-boosting features, including integration with Ledger hardware devices, safeguards against spamming by malicious NFTs and tokens, and a transaction simulation tool to flag potential fraudulent activities.
Established in the year 2021, Phantom subsequently secured a series B funding round worth $109 million, with Paradigm taking the lead. This investment elevated its valuation to an impressive $1.2 billion. Additionally, Jump Capital, Andreessen Horowitz, Solana, and Variant also participated in this funding. Notably, this digital wallet is compatible with various networks such as Bitcoin, Ethereum, and Solana.
Currently, blockchain networks are encountering increasing security issues as unscrupulous actors take advantage of weaknesses in smart contracts, particularly on the Coinbase’s Base network which has seen a significant number of high-risk detections. According to recent reports from crypto.news, Trugard Labs’ data indicates that over 34,000 such incidents occurred in Base’s smart contracts last month alone.
The network developed within Coinbase experienced a high vulnerability to Digital Signature problems, reporting approximately 22,000 occurrences of tampering in commonly-used libraries such as SafeMath. Additionally, malicious boolean checks on token transfers were found to pose considerable risks, with over 6,300 instances detected within Base. These checks had the potential to either halt or manipulate token transfers, creating a critical weakness.
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2024-10-08 13:02