Phantom Wallet Integrates with dYdX, Expanding DeFi Access to Millions

In a major development for DeFi, the dYdX Foundation has announced the integration of the popular Solana-based Phantom Wallet with its decentralized platfrom

This partnership significantly broadens access to dYdX’s trading platform, offering Phantom’s 7 million users a simplified entry point to DeFi trading.

We’re now compatible with @dYdX 🙌

Access this leading DEX via Phantom Explore now 👻 pic.twitter.com/78HukypS4g

— Phantom (@phantom) September 25, 2024

What is Phantom Wallet?

Phantom Wallet is a crypto wallet and browser extension designed for secure and easy management of digital assets. Originally built for Solana, it now also supports other major blockchains, while still being a top choice for Solana users. The wallet enables users to store, send, receive, and exchange cryptocurrencies and NFTs, as well as engage with DeFi protocols.

Phantom features in-app token swapping, allowing users to trade tokens at market prices without needing to use an external decentralized exchange.

New Integration Broadens DeFi’s Horizon

As part of the integration, Phantom joins the list of non-custodial wallets supported by dYdX, which already includes MetaMask, Coinbase Wallet, and OKX Wallet. With this integration, users can now connect their Phantom wallets directly to dYdX, deposit USDC, and start trading on the protocol’s decentralized order book. The ease of use provided by Phantom aligns with dYdX’s goal of making DeFi accessible to a broader audience.

Charles d’Haussy, CEO of the dYdX Foundation, described the partnership as a natural progression following the integration of Solana’s Raydium markets. By bringing Phantom into the fold, dYdX aims to offer its robust DeFi services to millions more users, boosting accessibility and participation in decentralized finance.

The timing of this integration is significant, as it comes ahead of the anticipated launch of dYdX Unlimited, a comprehensive upgrade to the protocol. This new version promises to introduce an unlimited number of perpetual markets, boost liquidity with the MegaVault, and offer enhanced wallet security through permissioned keys, setting the stage for a new era in DeFi trading.

Alexander Stefanov