🌎 Phantom Wallet Adds Beta Support for Coinbase’s Layer-2 Network Base

Crypto Wallet Phantom Launches Beta Support for Base, Coinbase’s Layer-2 Network

Phantom, a cryptocurrency wallet initially designed as a Solana-centric application, has announced the rollout of beta support for Base, an Ethereum-based layer-2 network developed by Coinbase.

The Phantom team revealed that users can now explore functionalities such as sending, receiving, and purchasing Base-based stablecoins like USD Coin (USDC) and cryptocurrencies such as Ethereum (ETH) using debit and credit cards, Apple Pay, or Coinbase.

How to Enable Base on Phantom

Follow these steps to enable Base on your Phantom wallet:

Step 1: Open Phantom on mobile or browser
Step 2: Go to ‘Settings’
Step 3: Select ‘Active Networks’
Step 4: Toggle ‘Base’ on

Once you complete these steps, Base will be enabled on your Phantom wallet.

Phantom has emphasized that Base support is currently in beta and opt-in, meaning those interested in trying the new addition would have to enable it in their wallet settings.

Enhanced Features and Security

In addition to asset management, Phantom allows users to engage with decentralized finance (DeFi) applications and non-fungible tokens (NFTs) within the Base ecosystem. Moreover, the wallet supports features designed to enhance security, such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulation to flag suspicious activities.

Phantom’s Growth and Investment

Founded in 2021, Phantom completed a $109 million series B funding round led by Paradigm, bringing its value to $1.2 billion. Other investors include Jump Capital, Andreessen Horowitz, Solana, and Variant. The wallet supports multiple networks, including Bitcoin, Ethereum, and Solana.

Security Challenges in Blockchain Networks

Blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts. Coinbase’s Base network has been leading in high-risk detections. Data from Trugard Labs shows Base accounted for more than 34,000 high-risk detections in its smart contracts during August. The network was particularly susceptible to Digital Signature issues, with nearly 22,000 detections related to tampering in standard libraries like SafeMath. Malicious boolean checks on token transfers also posed significant risks, with over 6,300 instances identified on Base. These checks could block or manipulate token transfers, presenting a key vulnerability.