Phantom Wallet | A beginners guide to Use Phantom Wallet
The phantom wallet is a non-custodial Web3.0 wallet, and it is the most popular cryptocurrency wallet for the Solana blockchain. Most new crypto users haven’t heard of it, since Solana only launched its main net in 2020. But the Phantom wallet is mirroring what MetaMask wallet is for the Ethereum blockchain.
Web 3.0 aims to combine the decentralized nature of Web 1.0 (where people and businesses own their own websites) with the modern functionality of Web 2.0. Similar to MetaMask, a Phantom wallet is a browser-based crypto wallet. When interacting with a Solana application, you will be able to connect your Phantom wallet, by simply logging in with the wallet.
Phantom aims to enable Web 3.0, and it allows users to freely transfer crypto assets between their wallets and the Solana DApps. For instance, gamers can use the Phantom wallet to play blockchain games and claim their in-game tokens. Then, using the same wallet, they can connect to decentralized exchanges, such as Raydium to exchange those tokens for fiat money or any other Solana-supported tokens.
The Phantom wallet currently supports the following currencies: USDT, USDC Raydium (RAY), SRM (SRM), and every utility token launched with Solana’s DApps.
The Phantom wallet will feel very familiar if you’ve ever used MetaMask before. The interface is easy to use and simple to navigate.
Here are some of the Phantom wallet features that most users will likely enjoy using:
- Phantom’s wallet built-in exchange
- NFT compatible
- Crypto staking capabilities
- Can connect to a hardware wallet (Ledger)
- Web3.0 support
Other features that may soon be implemented to the Phantom wallet are:
- Ethereum and ERC-20 tokens support
- More markets on the Phantom Swap feature
- Multi-chain support
Phantom’s built-in exchange
The Phantom wallet includes a built-in decentralized exchange. It allows users to instantly swap Solana-based tokens directly from within their wallets. The swap interface is similar to the one on the MetaMask wallet, and it displays the swap rate, slippage tolerance, and estimated fee when making swaps.
Since Phantom wallet introduced the swap feature in Jun. 2021, more than one billion dollars worth of trades have been conducted. This wallet aims to improve the DEX experience by fixing the UX and scalability issues as soon as they emerge.
The phantom wallet is NFT compatible
The phantom wallet supports NFT collectibles from the Solana blockchain. Since NFTs have become such a massive industry, many investors want to expand their portfolios on blockchains other than Ethereum.
The wallet has a feature that automatically groups similar NFTs to make it easier to access. This will save you from having to go through hundreds of NFTs trying to find what you are looking for.
It is important to note that the Phantom wallet only supports Solana NFTs. However, if the wallet cannot identify the token as an NFT, it will display it as an SPL token.
Crypto staking capabilities
Investors can stake Solana (SOL) crypto and receive rewards using the Phantom wallet. Similar to other cryptocurrencies that can be staked, the Solana staking rewards depend on the chosen validators from the available ones.
Please note that the wallet doesn’t offer built-in staking options, and it only connects the investors to the validators that receive the stake and pay the rewards.
Staking Solana (SOL) is easy. Once your wallet has SOL, you can click on the Solana balance and select the option Start earning SOL. The wallet will show a list of validators that you can pick from. After selecting one, simply click Stake and that’s how you can stake SOL using the Phantom wallet.
Hardware wallet (Ledger) support
The phantom wallet allows you to connect to Ledger, the popular hardware wallet. This means that your tokens will always be safe on your hardware device. This feature is currently only available for Ledger hardware devices.
To use Ledger with your Phantom wallet, you will need to install Ledger live on your device, and then you will be able to connect your Ledger hardware wallet. You will need to create an address and account to pair your wallet.
The easiest guide to using the Solana web3 wallet. Here in this tutorial, we’ll show you how to set up a Phantom wallet and how you can use it to send, receive, stake, and swap tokens on the Solana blockchain. Additionally, we’ll also show you how to connect the Phantom wallet to Solana Dapps and explain how you can connect your Ledger hardware wallet to Phantom.
Now before we get into the guide here is a little bit of information about Solana and the Phantom wallet in case you are new.
Solana is one of the fastest-growing ecosystems in the crypto space. Similar to Ethereum; Solana also offers a vast array of DApps and Defi (Decentralized Finance) solutions. You have Solana Name Service similar to ENS (Ethereum Name Service), Defi exchanges, Dapps, and NFT marketplace such as Solana Art where you can buy or mint your own NFTs. There are even many play-to-earn Metaverse games on the Solana ecosystem.
To name some here are some of the popular projects on the Solana network.
Raydium, NFT Rarity, Serum, Solape swap, Solanart, Star Atlas, Ninja game, Aurora project, and Solana Monkey Business.
So many companies, developers, gamers, and artists are using the Solana ecosystem at the moment to build their projects. The reason is mainly that Solana is a highly scalable, fast, and efficient blockchain.
Now to access the Solana platform and to get involved with projects on the Solana ecosystem you need a Solana wallet. Solana has many popular wallets like Solflare, Sollet, Solong, Slope, and Phantom. But the best one is the Phantom wallet. Not only its the best Solana wallet but it is one of the best crypto wallets out there.
Phantom is a noncustodial crypto wallet of the Solana blockchain. This wallet allows you to manage digital assets and lets you access the world of decentralized applications on the Solana network. Using Phantom wallet you can store, send, receive, stake, swap tokens on the Solana blockchain. Also, you can interact with decentralized finance (Defi) apps, exchanges, Non-fungible token (NFT) platforms, and games on the Solana blockchain.
This wallet is readily available as a browser extension that you can install on Firefox, Microsoft Edge, Google Chrome, and Brave browsers. It has a smooth and modern user interface that is very similar to the alternative web3 wallet metamask. You can turn any of your favorite browsers into a Web3 enabled crypto wallet.
Phantom was only available as a browser extension initially. But now it is also available for the iPhone which you can download from the App store. Everything you can do on desktop, you can now do it in your pocket.
Install the Phantom wallet on your iPhone to store assets and access dApps on the Solana blockchain. Using your mobile wallet application you can deposit, transfer, stake, and swap assets on Solana easily. Not only Solana but in the near future, it’ll even have support for other blockchains.