Phantasma integrates Ethereum

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PhantasticPhantasma

4 min readSep 30, 2020

Dear SOULdiers

Having launched our mainnet with full interoperability between the Phantasma mainnet and the Neo blockchain in October 2019, the time has come to expand Phantasma’s ecosystem by integrating Ethereum, the original smart contract platform. Accessing Ethereum’s vibrant ecosystem open up a lot of additional opportunities for Phantasma, and offers a solution to some of the inherent issues of the Ethereum blockchain. In the following, we will go through some of the many doors this will unlock for Phantasma.

Expanding the Phantasma ecosystem

Through enabling assets to flow freely between the Phantasma mainnet and the Ethereum blockchain, Ethereum dApps will be able to integrate SOUL and KCAL as in-dApp currencies, and conversely dApps on our own Phantasma mainnet can integrate ETH, ERC20 tokens and stablecoins as in-dApp currencies and payment options for various goods and services.

Initially Phantasma will support swapping ETH from Ethereum to Phantasma, and SOUL & KCAL from Phantasma to Ethereum. Having built Ethereum interoperability into the core of our blockchain, we can easily expand the selection of assets swappable between our two chains — and we will.

Non-Fungible Tokens

Our advanced Phantasma NFT technology encompasses all the properties of ERC721 and ERC1155 tokens and more, and our NFT standard is compatible with Ethereum based NFT standards. Because of this and our core implementation of Phantasma-Ethereum interoperabililty, enabling cross chain NFT swaps is on our roadmap and will be coming at a later time — whether tokenized physical assets, licenses, in-game items or other assets. But what does this mean?

First of all, this means that Phantasma based NFTs can flow across to the Ethereum ecosystem of dApps, where they can be used in compatible games or traded on Ethereum based NFT marketplaces such as OpenSea.

More importantly, Ethereum based NFTs will be able to flow in the opposite direction, to the Phantasma blockchain. This will enable owners of Ethereum based NFTs to take advantage of the ultra low cost, high capacity and fast transactions that Phantasma has to offer. Artists and gamers can utilize the NFT marketplace Ghostmarket to offer their items up for sale without having to pay tens of dollars to merely list their items, and similarly interested buyers can acquire these items without having to pay exorbitant Ethereum gas fees.

Given time, we expect the attention this generates, along with the realization that there are such high quality options available, to attract more developers, artists and regular users to the Phantasma core ecosystem. As observant members of our community will already know, certain well known Ethereum based players are already actively collaborating with Phantasma in this regard. If a dApp creator should wish to take full advantage of the power of Phantasma, this interoperability would also allow them to either add support for Phantasma or easily migrate their dApps to the Phantasma mainnet.

Liquidity

Being able to swap SOUL and KCAL from the Phantasma mainnet to Ethereum enables us to take advantage of the well established Ethereum based decentralized exchanges such as Uniswap which has seen a surge in trading volume recently. Bringing additional liquidity to our tokens is and has been a high priority for the team, so expect to see both SOUL and KCAL becoming tradeable on Ethereum DEXes shortly after we have implemented Phantasma-Ethereum swaps. For KCAL this will be the first opportunity to trade our fuel token.

While we highly appreciate the decentralized, trustless nature of DEXes, we do recognize that the majority of the trading volume for blockchain based assets remains on centralized exchanges for now. Having an ERC20 based version of SOUL and KCAL lowers the treshold for achieving listing arrangements on reputable centralized exchanges, and this is something the Phantasma team has actively been pursuing. We can however not preannounce anything in this regard — beyond the fact that Phantasma-Ethereum interoperability brings us one step closer to increasing liquidity options for SOUL and KCAL also in this area.

Uniswap links

Final words

These are some of the most important aspects that have been driving our efforts to integrate Ethereum into our ecosystem. It is the result of a massive effort from the entire Phantasma team and several members of the Phantom Force, born of a desire to bring blockchains together, increase awareness and grow the Phantasma brand in the largest blockchain ecosystem on the planet. We hope you enjoy the result!

Get the full story

This article is part of a larger series covering the massive upgrades being implemented across the Phantasma blockchain and ecosystem. To get up to date with everything that has happened, please enjoy the following articles:

To the future of blockchain,

The Phantasma Team