Phantom Wallet Expands to Sui Blockchain

Popular web3 wallet Phantom launched support for the Sui blockchain on Wednesday, marking the fourth Layer 1 blockchain accessible to its claimed 15 million monthly active users.

The integration allows users to manage their SUI, access Sui-native tokens like BLUE and SEND, swap assets, and interact with dApps such as Suilend, Navi, Aftermath, and Bluefin, according to a statement shared with The Block.

Phantom first announced its plans in December but did not specify a date for integration. The launch makes Sui the only Move-based chain fully supported by the platform thus far.

> “The launch of Sui as the first Move-based chain on the Phantom Wallet validates what the community has accomplished in the past year,” said Sui Foundation Managing Director Christian Thompson. “Sui’s time has arrived, and it is clear that the ecosystem is ready to onboard the next billion users into crypto.”

Developed by Mysten Labs, Sui’s technological architecture is distinct from traditional blockchains. The platform employs an object-centric model, which enables parallel transaction processing and more efficient state updates. Like Aptos and Movement, Sui utilizes the Move programming language originally created at Meta by a team from the now-defunct Diem stablecoin project.

Over the past year, Sui has emerged as the leading Move programming language-based chain, increasing over 500% to a market cap of $11 billion, placing it among the top 20 cryptocurrencies. The SUI token is currently trading at $3.69, down 3.2% over the past 24 hours, as per The Block’s Sui Price Page.

Sui recently climbed into the top 10 blockchains by total value locked, boasting deposits exceeding $1.6 billion, according to DeFiLlama. The chain has processed over 7.5 billion transactions in 2024 and is the second-largest destination for Ethereum outflows, only following Solana, according to Wormhole data.

Phantom’s Multi-Chain Strategy

Phantom started as a web3 wallet primarily focused on the Solana ecosystem in 2021, leveraging the adoption wave during the bull run.

However, its multi-chain strategy commenced in April 2023, expanding its support to Ethereum and Polygon. A Bitcoin integration was introduced in December 2023, adding support for Bitcoin, Ordinals, and BRC-20 tokens. Most recently, Phantom introduced access to the Coinbase-incubated Layer 2 network Base last November, facilitating a total of 850 million transactions in 2024. The wallet also plans to support the anticipated Monad blockchain upon launch.

> “When we transformed Phantom into a multi-chain wallet in 2023, we did so with the commitment that only the most capable chains would be integrated into the app,” said Phantom CEO Brandon Millman on Wednesday. “Sui’s focus on scalability and its superior user experience aligns perfectly with Phantom’s goal of making crypto accessible for everyone.”

Earlier this month, Phantom announced raising $150 million in a Series C round led by Sequoia and Paradigm at a valuation of $3 billion. Despite ongoing rumors of an airdrop amidst the app’s deployment of social features in December, Phantom clarified that it has no plans to launch its own token.