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Solana Enters Spotlight As BTC Ordinals Goes Live On Phantom Wallet – Crypto News

Published

1 year ago

May 31, 2024

Dripp

The Solana network is witnessing revival as Phantom Wallet introduces Bitcoin ordinal support on its platform. In a significant announcement on X, Phantom says Bitcoin support is now out of beta and available to everyone.

The Bitcoin Ordinals Integration

With the unveiling, users no longer need to rely on centralized exchanges or unfamiliar wallets to collect Ordinals as everything can now be done seamlessly and directly on Phantom. According to the platform, its team of developers have dedicated themselves to enhancing the Bitcoin experience since beta’s debut in December 2023.

Notably, users will experience enhanced integrations on the platform and are free to buy and sell Ordinals and BRC-20s through a variety of apps including Magic Eden, Atlas 3, Ordinals Wallet and UniSat. Others are BeFi Labs, Matrica Labs, Ordiswap, Hello, and Gamma.

Solana is proving to be an attraction to these platforms given its low cost and high speed network.

Recently, the online payments giant PayPal expanded its stablecoin, PYUSD, to the Solana network. Although PayPal initially launched on the Ethereum blockchain, the Solana adoption is a big leap in expansion for the online payment platform.

Solana also profits in credibility as far as the payments processing industry goes. These benefits has helped in shaping its DeFi ecosystem with Total Value Locked (TVL) jumping to $10.18 billion, up from $3.8 billion in January

Comprehensive Crypto Management on Solana Phantom Wallet

Some significant key features that users of Phantom Wallet can hope to enjoy include recursive inscriptions such as those from Gamma. There is also the ledger compatibility. With this, the mobile app and browser extension now support connecting a ledger device, allowing users to securely manage their Bitcoin, Ordinals, and BRC-20s in one account.

Furthermore, the Collectibles tab lets users discover and manage rare sats, check total sat amounts, and view “satributes” for each UTXO. This enables the sending of rare sat UTXOs with just a few clicks. Phantom also offers simple address management, enabling Native Segwit, Taproot, or both. Thus, users can also view rich Ordinals metadata, including key details like sat number and inscription ID.

With this comeback, Phantom simplifies the process of transferring and buying Bitcoin instantly. Users now have the convenience of managing Solana, Ethereum, and Bitcoin all in one place, offering a comprehensive and streamlined experience for all their crypto needs.

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