The popular Web3 crypto wallet service provider Phantom has launched support for Sui, which joins the likes of Ethereum, Solana, and Bitcoin in the application. The support was updated on January 29, following the announcement made by the Sui Foundation in 2024 December. The announcement has made Sui the fourth Layer 1 (L1) blockchain accessible to millions of users of Phantom.
Phantom Announced to Support Sui Blockchain
Phantom is a widely used crypto wallet that has taken a notable step in expanding its services by adding beta support for the Sui blockchain network. This integration made Sui the first blockchain built on the Move programming language to integrate with the Phantom wallet, a significant milestone in the development of the wallet.
With this new addition, Sui holders have the ability to access their digital assets directly using the Phantom wallet. It has offered millions of Phantom users the power to access these top 20 digital currencies, providing them the convenience of handling their Sui tokens alongside other digital assets they hold in the wallet. There is a 15 million monthly active users for Phantom and the platform is going to enhance its multichain support to broaden the scope of digital assets that users can manage from a single interface.
Phantom’s Multichain Expansion
Phantom will be expanding its multichain to attract a broader user base. By integrating Sui into its platform, the wallet focuses on positioning itself as an even more versatile platform for crypto punks, offering a simple-to-use interface for consumers to engage with multiple blockchain ecosystems. After the integration, Phantom Wallets now supports 4 L1 networks, such as Solana, Bitcoin, and Ethereum. Phantom also harbors Base, which is a layer 2 blockchain that was established in late November 2024.
A space that is currently gaining traction in the cryptocurrency space is Move-based blockchain networks. The access to Move-based blockchain networks has been also enhanced with the integration of Sui.
Phantom’s support for Sui has emerged as a notable event in the cryptocurrency landscape, where wallet providers are increasingly providing cross-chain capabilities to users. The multi chain approach made it simple to create more seamless experiences for users, allowing them to interact with a wide range of tokens and assets across multiple blockchain environments without needing to switch between different wallets or platforms.
A Well-planned Move for the Continued Growth of Phantom
Phantom’s decision to integrate with Sui is a strategic move, however, it will remain competitive in the rapidly growing crypto market as Phantom continues to develop its user base and expand its blockchain offerings. The integration of Phantom with Sui, the first blockchain leveraging the Move programming language, will likely open doors for further partnerships with other Move-based projects, strengthening the presence of the Phantom network in this space.
Phantom can position itself as a notable player in the crypto wallet space by staying ahead of market trends and offering support for rising blockchain networks. However, this latest integration is anticipated to benefit both Sui and Phantom, as it improves the functionality of the wallet and brings extra exposure to the growing community of users and developers of Sui.
As Phantom continues to mature, it will easily navigate through additional blockchain integration to continue its momentum and keep pace with the ever-evolving realm of cryptocurrencies and dApps (decentralized applications).
Sui Experiences Bearish Market Conditions
While the integration with Phantom indicates a growing adoption of the Sui ecosystem, the market performance of Sui is not that fair. In recent weeks, the market performance of SUI has faltered.
Sui reached an all-time high of $5.36 on January 05, 2025, and has since faced a significant price drop, declining by more than 20% over the past 10 days. As of the time of this writing, Sui was trading for a price of $3.66, a downturn of more than 4% in the last day.
However, the integration of Phantom with the Sui blockchain is a notable moment for both the wallet and the broader cryptocurrency ecosystem. The integration represents Phantom’s commitment to providing a strong, multichain experience for consumers while featuring the growing prominence of Move-based networks in the vast digital currency space.