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Solana's Phantom Wallet Launches New Tool to Prevent Scam: Details

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Fri, 10/02/2023 - 10:49
Solana's Phantom Wallet Launches New Tool to Prevent Scam: Details
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Phantom Wallet, one of the most prominent noncustodial service providers on the Solana network, has announced the introduction of three new security standards for its users. Dubbed "Sign in With" (SIW) Standards, Phantom said the new provision is one of its proactive measures to protect its users from exploits.

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The three standards include the Sign In With X (CAIP-122), the Sign In With Ethereum (EIP-4361), and the Sign In With Solana (EIP-4361 extension). While the three standards have broad functions, Phantom said there are three key benefits they will provide to all the users within its ecosystem.

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According to Phantom, the standards will help prevent bad actors from intercepting sign-in messages and aid in protecting users' privacy and in the general improvement of Web3 authentication.

The decentralized finance (DeFi) ecosystem is tagged as one of the most vulnerable in the Web3 world as it relates to exploitations. With noncustodial wallets like Phantom playing a key role in this ecosystem, the protocol's new standards will offer additional safeguards for users to hang their self-protection on.

In a related move, MetaMask directed similar awareness to data protection after flagging a new exploit being deployed by hackers.

Consolidated effort to boost Solana

That Phantom wallet has an upgrade to its security infrastructure is bound to have an underlying positive effect on Solana. With the possibility of security improved across the board, more users are likely to trust Phantom, and by extension, Solana, more.

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These events are also bound to increase the positive outlook of the Solana protocol as it jostles to maintain a good grip on the broader DeFi market. According to data from DeFiLlama, Solana has about $248.8 million in Total Value Locked (TVL), an indication of how popular its DeFi ecosystem is.

The SOL digital currency is changing hands at $21.01, down 7.97% at the time of writing.

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