As a seasoned researcher with years of experience in the cryptocurrency and blockchain sphere, I find Phantom’s recent expansion to Coinbase-developed Ethereum layer-2 network Base intriguing. This move is strategic, given that Base is currently the largest Layer 2 blockchain by total value locked. It opens up a plethora of opportunities for Phantom users, allowing them to interact with the Base ecosystem seamlessly.
Phantom Wallet is now accessible on the Ethereum layer-2 network developed by Coinbase, which forms a part of its strategy to support multiple blockchains.
Following the launch of beta accessibility for Base a month ago, Phantom confirmed on November 25th that the integration has become active. Now, every user can engage with the Base ecosystem.
The recent growth spurt is noteworthy since Base, at present, is the biggest Layer 2 blockchain in terms of total value secured, and it ranks sixth overall across all blockchain networks.
Through our newest update, Phantom users gain the ability to purchase Ether and USDC on Base, as well as exchange tokens between Base, Ethereum, Solana, and Polygon platforms using a variety of payment methods such as debit cards, credit cards, Apple Pay, or Coinbase.
Additionally, within this system, users can engage with decentralized apps and unique digital items like Non-Fungible Tokens (NFTs). This ecosystem supports integration with Ledger devices, provides protection against spam from potentially harmful NFTs and tokens, and offers a transaction simulation tool to identify potential suspicious activities.
The growth in question is linked to the wallet provider’s recent takeover of web3 security platform, Blowfish. According to crypto.news, Blowfish is now part of Phantom, improving protection against harmful applications and bugs. It leverages Blowfish’s technology that has already thwarted more than 2.8 million potential scams.
Over the past few months, I’ve encountered a series of technical issues with Phantom, particularly an update on November 13 that seemingly introduced a snag for some iOS users. This issue unfortunately prevented these users from accessing their accounts, causing frustration and inconvenience. Worse still, the bug led to wallet resets and requests for users to re-enter their recovery phrases, which, for some unfortunate individuals, resulted in significant losses. One user even reported a staggering loss of $600,000 due to these unforeseen circumstances.
Despite the surge in popularity of memecoins, causing a rise in demand for digital wallets, the wallet has experienced an increase in usage. This trend has propelled retail investors towards decentralized trading platforms. Notably, Phantom has outpaced Coinbase in the U.S. App Store rankings by Apple.
New traders have been drawn in large numbers towards decentralized wallets such as Phantom, even though they may not be as user-friendly for beginners as centralized exchanges. This is due to the fact that these wallets provide access to meme coin markets on decentralized platforms.
The fusion of Phantom with Base, along with the growing use of AI-powered token bots like Clanker for launching meme tokens on Base, might ignite a “meme coin frenzy” in Ethereum (ETH), as suggested by Ryan Sean Adams, co-founder of Bankless.
Phantom additions in the base (framework)
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) November 25, 2024
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2024-11-26 14:59