Phantom Wallet integrates Sui as TVL hits $1.72 billion

Phantom Wallet integrates Sui as TVL hits $1.

• Sui becomes the first blockchain outside Solana, Bitcoin, and Ethereum to integrate with Phantom Wallet.
• The network’s total value locked (TVL) surges to $1.72 billion, driven by partnerships and innovative features.

What happened: Sui integration marks a milestone for Phantom Wallet

Phantom Wallet, the leading non-custodial, multichain crypto wallet boasting over 7 million monthly active users, has expanded its ecosystem by integrating with the Sui blockchain. This development, confirmed by the Sui Foundation on December 5, positions Sui as the first blockchain outside Solana, Bitcoin, and Ethereum to join Phantom’s ecosystem. Additionally, Sui is the first blockchain leveraging the Move programming language to collaborate with Phantom.

With a user base processing nearly 560 million on-chain transactions this year, Phantom Wallet’s integration introduces Sui’s community to advanced wallet features. Jameel Khalfan, Global Head of Ecosystem at the Sui Foundation, stated, “This integration represents a giant leap for the Sui ecosystem, providing access to a first-class wallet experience.”

Despite challenges earlier this year, including technical glitches and incorrect balance displays, Phantom’s continued innovations reinforce its position as a multichain wallet leader.

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Why this matters

The Sui blockchain has seen a meteoric rise in recent months. Its native token reached an all-time high of $4.40, reflecting a 110% monthly growth. Moreover, Sui’s total value locked (TVL) hit a record $1.72 billion, elevating it to the eighth-largest blockchain, surpassing competitors like Avalanche and Polygon.

The network’s partnerships, including collaborations with Babylon Labs and Franklin Templeton, have been instrumental in its growth. Recent developments such as BTC staking through liquid staking tokens (LBTC) exemplify Sui’s innovation in the DeFi space. Despite a brief technical halt in block production, Sui’s resilience has bolstered investor confidence and adoption. This integration with Phantom Wallet not only validates Sui’s growth but also positions both platforms for continued success in the Web3 ecosystem.