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

Phantom Wallet, a leading non-custodial, multichain crypto wallet with over 7 million active users monthly, has integrated with the Sui network. 

The Sui Foundation confirmed this development on December 5, marking a significant milestone for both platforms.

Sui Becomes the Fourth Blockchain on Phantom Wallet

Phantom’s integration with Sui introduces the first blockchain outside of Solana, Bitcoin, and Ethereum to its ecosystem. This move also makes Sui the first blockchain leveraging the Move programming language to join Phantom. 

Phantom Wallet currently has the largest on-chain user base. The web3 wallet processed nearly 560 million on-chain transactions this year alone.

“The integration of Phantom Wallet with Sui represents a giant leap for the Sui ecosystem, which now gets access to a first-class wallet experience with several features that the Sui community has been asking for,” said Sui Foundations’s Global Head of Ecosystem, Jameel Khalfan.

This announcement comes after a challenging year for Phantom. In October, technical glitches with Phantom Wallet disrupted access to Grass Network’s highly anticipated GRASS airdrop. Many users were unable to claim their tokens. 

Earlier in July, users reported a bug displaying incorrect wallet balances, sparking widespread concern on social media. Phantom quickly resolved the issue, assuring users that their funds remained secure.

Sui Blockchain Reaches Record TVL

The Sui network has witnessed significant growth following this integration. Its native token recently hit an all-time high of $4.40. This reflects a 20% increase in a week and a 110% rise over the past month. 

Also, Sui’s total value locked (TVL) has reached a record $1.72 billion, making it the eighth-largest blockchain. Sui has now surpassed more prominent networks like Avalanche and Polygon.

Sui Network’s TVL Throughout 2024. Source: DeFiLlama

Meanwhile, according to CoinMarketCap data, Sui’s daily trading volume has surged by over 100%. Sui has seen several significant developments in the last few months. 

Recently, the Sui network collaborated with Babylon Labs and Lombard Protocol and introduced BTC staking on its DeFi ecosystem through liquid staking tokens (LBTC). 

Additionally, a partnership with investment firm Franklin Templeton includes financial backing and support for Sui’s blockchain initiatives.

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.