- Phantom Wallet adds beta support for Coinbase’s Base layer-2 network
- Phantom users can send, receive, and purchase Base-based assets via multiple methods
- Base network faces security risks, but Phantom strengthens user protection features
Phantom, the cryptocurrency wallet initially built for the Solana ecosystem, has expanded its capabilities by launching beta support for Coinbase’s Base network, an Ethereum-based layer-2 solution.
This new feature allows Phantom Wallet users to manage their digital assets across multiple blockchains seamlessly according to a blog post published by Phantom.
With functionalities like sending, receiving, and purchasing stablecoins and cryptocurrencies using various payment methods, Phantom aims to enhance user experience and broaden its ecosystem.
Enhanced features for asset management on Phantom
With the introduction of Base support, Phantom users can now interact with a range of features tailored to facilitate efficient asset management.
The wallet will allow users to send and receive Base-based stablecoins, such as USD Coin (USDC), and cryptocurrencies like Ethereum (ETH). Users can purchase these assets using debit and credit cards, Apple Pay, or directly through Coinbase, making it accessible for newcomers and seasoned crypto enthusiasts alike.
However, it is important to note that this support is currently in beta and requires users to opt in via their wallet settings.
In addition to managing assets, Phantom has integrated functionalities that enable users to engage with decentralized finance (DeFi) applications and non-fungible tokens (NFTs) within the Base ecosystem.
The wallet emphasizes security with features such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulation to flag suspicious activities, thereby addressing growing security concerns in the crypto space.
A growing ecosystem amid security challenges
Phantom’s expansion comes at a time when the crypto landscape is increasingly susceptible to security threats.
Recent data from Trugard Labs revealed that Coinbase’s Base network accounted for over 34,000 high-risk detections in its smart contracts during August. The network has experienced vulnerabilities, particularly concerning digital signature issues and malicious boolean checks on token transfers.
These challenges highlight the pressing need for robust security measures as malicious actors exploit vulnerabilities in smart contracts.
Nevertheless, despite these risks, the partnership between Phantom and Base signals a positive direction for both entities.
Jesse Pollak, creator of Base, and recently appointed to lead the Coinbase Wallet as the engineering vice president at Coinbase, emphasizes the shared vision between Base and Coinbase to simplify the on-chain experience for users. He expressed enthusiasm for the new role and the mission to bring a billion people and a million builders onto the blockchain.
As the crypto space continues to evolve, Phantom’s integration with Base represents a significant step toward expanding its user base while also addressing the pressing need for security and accessibility in the decentralized ecosystem.
With the growing popularity of layer-2 solutions like Base, the future looks promising for Phantom and its users as they navigate the complex landscape of cryptocurrencies.