Last updated on January 11th, 2022
Sending ETH to your Phantom Wallet allows you to perform liquidity mining on Raydium.
However, the Phantom Wallet only supports the SOL version of ETH, and not the ERC20 version which is commonly found on most platforms.
Here’s what you need to know about this process.
Can I send ETH to Phantom Wallet?
It is possible to send ETH to your Phantom Wallet. However, you will need to transfer ETH via the SOL network, and not the ERC20 network as your Phantom Wallet only accepts SOL network deposits.
ERC20 is ETH’s native network. However, since Phantom Wallet is created for the SOL network, you can’t send ETH via the ERC20 network to your Phantom Wallet.
Otherwise, your ETH may be lost forever!
How to transfer ETH to Phantom Wallet
Here are 5 steps you’ll need to transfer ETH to your Phantom wallet:
- Buy ETH on a platform that enables ETH withdrawals via the SOL network
- Obtain the ETH withdrawal address on your Phantom Wallet
- Paste the withdrawal address on the platform of your choice
- Withdraw ETH via the SOL network to Phantom Wallet
- Receive ETH in your Phantom Wallet
Buy ETH on a platform that enables ETH withdrawals via the SOL network
Currently, only FTX allows you to withdraw ETH using the SOL network. This is advantageous as they offer one of the lowest trading fees (up to 0.07%) when you make a trade!
Furthermore, FTX does not charge fees for any withdrawals that you make via the SOL network.
Obtain the ETH withdrawal address on your Phantom Wallet
After buying ETH on the platform of your choice, you will need to obtain the deposit address of your Phantom Wallet.
You can go to ‘Deposit‘,
and then search for ‘ETH‘.
You will see the deposit address that you can use to transfer from the platform of your choice to Phantom Wallet.
You will notice that you are depositing ‘Wrapped Ethereum‘ to the Phantom Wallet. This is because ETH is on the ERC20 network, and you are using the SOL network to withdraw ETH.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Paste the withdrawal address on the platform of your choice
Once you’ve obtained the address to send to, you’ll need to go to the platform of your choice to send your funds.
In this example, I will be using FTX.
On FTX, you’ll need to go to ‘Wallet‘, and then select the currency that you wish to withdraw.
To withdraw ETH, you will need to find ‘ETH’, and then select ‘Withdraw‘.
FTX supports ETH withdrawals on both the ERC20 and SOL networks.
Withdraw ETH via the SOL network to Phantom Wallet
For the deposit address, you will need to paste the address that you’ve obtained from your Phantom Wallet.
Afterwards, you’ll need to select Solana SPL as the network that you’ll use to withdraw.
This is because the Phantom Wallet only supports SOL network deposits. If you transfer your ETH to Phantom Wallet via the ERC20 network, your ETH may be lost forever!
Receive ETH in your Phantom Wallet
After the transfer has been initiated, you will receive ETH in your Phantom Wallet.
Transfers on the SOL network are much faster than ERC20, and you should receive ETH rather quickly!
When you are transferring ETH to your Phantom Wallet, you will need to make sure that you are sending it via the SOL network. This is similar to transferring BTC, USDC or USDT to your Phantom Wallet.
As such, it would be good to check that the platform that you’re using to buy ETH supports SOL withdrawals, and not just ERC20 withdrawals!
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