Phantasma — Ethereum asset swapping
Phantasma recently integrated Ethereum into its ecosystem along with Neo and our own mainnet through providing interoperability between our two blockchains. This allows assets (Initially Ethereum, SOUL and KCAL) to flow between Phantasma and Ethereum the same way they have been doing since October 2019 between Phantasma and Neo. In the following article we will show step by step how to proceed with your first swaps between Ethereum and Phantasma.
This guide assumes that you have downloaded and created a wallet in Poltergeist, which gives you access to both an Ethereum, a Phantasma and a NEO wallet all using a single private key. If you have not done so, you can find both the latest version (v1.9) and guides here. Mind that existing Phantasma wallets will have an Ethereum address automatically created upon first launch of Poltergeist v1.9.
Before we start — warning: reduced speed ahead
If you receive a message saying your swap has failed when claiming tokens in your Ethereum wallet, this is usually because the transaction has been broadcast, but not mined on Ethereum yet. If this happens, give it some time (15–20 minutes) and then try again — remember that transactions on the Ethereum blockchain take longer than you will have become used to while using the Phantasma mainnet.
Getting your Poltergeist Ethereum wallet ready
There are three basic ways to do this:
- Use your existing Phantasma wallet and send ETH to your freshly created Ethereum wallet in Poltergeist, or
- Import your existing Ethereum wallet holding ETH into Poltergeist using your private key. This will give you corresponding Phantasma and NEO addresses using the same private key, or
- Create a new wallet in Poltergeist and send ETH to the Ethereum wallet that is created
Once you have done this, you are ready to start swapping!
Swapping Eth to your Phantasma mainnet wallet
This is necessary to pay the Ethereum side gas fees when swapping SOUL or KCAL to Ethereum.
Important note: Swapping to and from Ethereum is contingent on the speed of the Ethereum blockchain — you may face delays if it is congested, and it will be far slower than you are used to on the Phantasma blockchain.
- Switch to “Ethereum” view in the top left
2. You can now see the Ethereum wallet balance. Click “Send” next to your ETH balance
3. Click the corresponding Phantasma mainnet wallet, marked [Pha] in the dropdown menu, and click “Confirm”
4. Choose your preferred ETH gas fee for the transfer in the dropdown menu and click “Confirm”
5. Input the amount of ETH you would like to swap and click “Confirm” (at least 0.1 ETH recommended, preferably more considering the highly variable gas fees on Ethereum)
6. Review transaction details and click “Send”
7. Click “View” to monitor the transaction on the Ethereum block explorer, or “Ok” to close the window. You can find your transaction under history tab later if needed
8. Switch to “Phantasma” view in the top left
9. You can now see the Phantasma mainnet wallet balance. Click “Claim” next to your ETH balance. If there is no claimable balance displayed yet, that means the Ethereum side transaction is taking longer to confirm. You can monitor this by going to your history tab and viewing the latest transactions
10. Click “Yes” to release your ETH to your Phantasma mainnet wallet
11. Your ETH has now arrived in your Phantasma mainnet wallet
Swapping SOUL/KCAL to your Ethereum wallet
- After ensuring you have some ETH in your wallet for the gas fee, click “Send” next to SOUL or KCAL
2. Click the corresponding Ethereum wallet, marked [Eth] in the dropdown menu, and click “Confirm”
3. Input the amount you wish to swap or choose “Max” from the dropdown menu to swap the full balance, then click “Confirm”
4. Review transaction details, then click “Send” (note that the ETH gas fee is not displayed)
5. Click “View” to view the transaction on the Phantasma block explorer, or “Ok” to close the window. You can find your transaction under history tab later if needed
6. Switch to “Ethereum” view in the top left
7. You can now see the Ethereum wallet balance. Click “Claim” next to your SOUL/KCAL balance.
8. Click “Yes” to release your SOUL/KCAL to your Ethereum wallet
9. Your SOUL/KCAL has now arrived in your Phantasma mainnet wallet. Mind that this is dependant on the transaction being confirmed on the Ethereum blockchain and may take some time.
Note: If you receive a message saying your swap has failed when claiming tokens in your Ethereum wallet, this is usually because the transaction has been broadcast, but not mined on Ethereum yet. If this happens, give it some time (15–20 minutes) and then try again — remember that transactions on the Ethereum blockchain take longer than you will have become used to while using the Phantasma mainnet
With time additional assets will be swappable between Ethereum and Phantasma, such as various ERC20 tokens that can be used on Phantasma, Ethereum based and Phantasma based NFTs and other assets.
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:
- Phantasma integrates Ethereum
- Poltergeist wallet’s ETH flavoured v1.9
- Future proofing the Phantasma blockchain
The Phantasma Team
Telegram Announcements: https://t.me/phantasma_announcements