Since launching our in-wallet token swapper in June, Phantom has helped over 100k unique users complete over $1B in swap volume, with each transaction costing <$0.01 in network fees. If you haven't done your first swap yet, try it out today by visiting the swapper tab in your Phantom wallet.
Our goal is to create the best swap experience possible by removing friction that commonly plagues today's decentralized exchanges across the industry. Common pitfalls range from scalability issues (ex. high network fees and slow confirmation times) to UX issues (ex. receiving wrapped SOL, separate settlement transactions, and pop-ups). All of these problems are things of the past when swapping tokens in Phantom.
In order to provide the best swap experience on Solana, we are making a commitment to continuously shipping improvements and updates to Phantom's in-wallet swapper. These improvements include:
- More markets: New tokens and exchanges are launching everyday on Solana. We will be adding support for new tokens on a continuous basis. If your favorite token is missing, give us a shout on Twitter!
- Better prices: Currently, the in-wallet swapper sources trades using Raydium, the deepest source of liquidity in the Solana ecosystem. However, with the advent of many new decentralized exchanges (i.e. Orca, Mercurial, Saber), we will be investing in a technique called "liquidity aggregation" in order to make sure the user is always getting the best price possible.
- Improved errors / warnings: Using web 3.0 can be a confusing experience. We will always strive to make the in-wallet swapper more user-friendly by improving messaging and warnings.
Experimenting with Monetization
It has been an amazing experience building Phantom with the feedback and support of the Solana community. From seasoned vets to crypto first-timers, DeFi degens to NFT collectors, Phantom has helped over 1 million users perform millions of transactions per week while giving them a safe, secure, and polished tool to store their crypto.
Operating at this pace of growth has challenged us to scale every aspect of our operation from node infrastructure to customer support, but this is just the beginning. We want to continue to deliver the world-class experience people have come to love from Phantom for the next 10 million users and beyond.
Today, we will begin to experiment with monetization on our path to scaling up. As a first step, we will be rolling out fees in the in-wallet swapper for a subset of users. This subset of users will experience fees on trades between SOL, USDC, USDT, Wrapped ETH, Wrapped BTC, and renBTC. For more information on specifics, visit phantom.app/fees.
Let us know if you have any problems making your first swap! If you have any feedback, ideas or questions, please reach out to us through the Help Center.