Phantom Wallet Adds Sui as the Blockchain’s TVL Reaches Record $1.72 Billion

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As a seasoned crypto investor with a decade of experience under my belt, I must admit that the integration of Phantom Wallet with Sui has piqued my interest significantly. The fact that Sui is now the fourth blockchain on Phantom’s ecosystem and the first to leverage the Move programming language is noteworthy.

The widely used, non-custodial, multi-chain digital wallet known as Phantom Wallet, which serves more than 7 million active users each month, has connected to the Sui network.

On December 5th, the Sui Foundation announced that this advancement had been achieved, representing a substantial achievement for both systems.

Sui Becomes the Fourth Blockchain on Phantom Wallet

By integrating Phantom with Sui, we’re bringing in the initial blockchain that isn’t Solana, Bitcoin, or Ethereum into its network. Notably, this step also signifies that Sui is the first blockchain adopting the Move programming language to collaborate with Phantom.

Currently, Phantom Wallet boasts the biggest community of users interacting on the blockchain. This year, it’s handled close to 560 million on-chain transactions all by itself.

Jameel Khalfan, the Global Head of Ecosystem at Sui Foundations, stated that linking Phantom Wallet to Sui is a significant advancement for the Sui network. This allows the Sui community to enjoy a premium wallet experience with numerous requested features, marking a substantial improvement in their ecosystem.

Following a tough year, Phantom has made an update regarding the issues encountered. Back in October, some technical troubles with the Phantom Wallet caused disturbances in gaining access to the much-awaited GRASS airdrop on Grass Network, resulting in numerous users missing out on claiming their tokens.

In the early days of July, users brought to light an issue where wallet balances were showing incorrectly, which caused quite a stir on various social platforms. Phantom promptly fixed the problem, giving users peace of mind by confirming that their funds stayed safe and intact.

Sui Blockchain Reaches Record TVL

After this integration, there’s been substantial expansion in the Sui network. Just recently, its native token peaked at a record-breaking value of $4.40. This surge represents a 20% jump within the last week and a staggering 110% climb over the past month.

Moreover, the Total Value Locked (TVL) of Sui has hit an all-time high at approximately $1.72 billion, positioning it as the 8th largest blockchain in existence. Notably, Sui has managed to surpass well-established networks like Avalanche and Polygon in this ranking.

Currently, as per CoinMarketCap’s reports, Sui’s daily trade volume has experienced a substantial increase of more than 100%. In recent months, Sui has undergone multiple major advancements.

More recently, the Sui network has partnered up with Babylon Labs and Lombard Protocol to incorporate Bitcoin staking within its Decentralized Finance (DeFi) environment using Liquid Staking Tokens (LBTC).

Furthermore, Sui is partnered with the investment firm Franklin Templeton, which provides both funding and support for Sui’s blockchain projects.

The token’s resilience was also tested recently after a scheduling bug caused Sui to halt block production for two hours. Yet, prices reacted positively following the team’s prompt response. This resilience has played a key role in the network’s recent price rally and growing adoption.

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2024-12-05 21:25