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Phoenix collateral lives on Solana as USDC. If your source token is on another chain, Phoenix routes the deposit through Relay, which swaps and bridges the funds to Solana USDC before crediting your trader account.

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Supported source chains

Cross-chain deposits are currently supported from:
  • Ethereum
  • Base
  • Arbitrum
  • HyperEVM

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How it works

  1. You select a supported source chain and source token in the deposit UI.
  2. The UI displays a sample quote from Relay, including the amount of Solana USDC you will receive after fees.
  3. After you confirm, Relay executes the swap and bridges the funds to Solana.
  4. The resulting Solana USDC is deposited through Ember and credited to your Phoenix trader account.

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Quotes

The sample quote shown in the UI is provided by Relay and varies based on the cost of gas on the source chain at the time of the request. The final amount credited may differ slightly from the sample quote if gas prices move between when the quote is displayed and when the transaction is executed.

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Troubleshooting

If a cross-chain deposit does not arrive or you run into any issues, file a ticket in the Phoenix Discord and include your source-chain transaction signature. The team can use the signature to trace the deposit with Relay and resolve the issue.