Phantom Wallet: Best Solana wallet built for DeFi & NFTs
Among various cryptocurrency wallets available across the world, the Phantom wallet is the most popular one. These crypto wallets actually vary as per their usage and features. Phantom is one of such crypto wallets. It allows you to store, send, receive, stake, and swap tokens on the Solana blockchain.
The phantom wallet is known for its cost-effectiveness and security. You can use the Phantom wallet to transact and interact with NFT platforms and Defi apps. Go through the information mentioned here to know what is a Phantom wallet and how you can use it.
What is Phantom Wallet?
Phantom Wallet is a non-custodial crypto wallet that allows its users to access decentralized apps available on the Solana network. This digital wallet of the Solana blockchain helps you to trade cryptocurrency and even manage your digital assets.
When the Phantom wallet was launched, it was available only as a browser extension in its initial days. But after some time, the company launched an app for iPhone users. You can use this app of Phantom wallet to directly access all its services without any desktop. For this, download and install the Solana Phantom wallet on your iPhone from its website, i.e., https://phantom.app/. Once the app is installed on your device, you can easily deposit, transfer, stake, and swap assets on Solana using it. The wallet also generates and manages private keys where you can store your SOL and sign transactions.
How to use Phantom wallet?
Once you know what is a Phantom wallet, it’s time to learn how you can use it. Go through the following information to know how to use the Phantom wallet.
Deposit SOL & tokens
First of all, you need some funds to start using the wallet. You have to send SOL, i.e., the native asset of the Solana blockchain before sending Solana (SPL) tokens to your Phantom wallet. This is done because you need some SOL for paying the transaction fees to perform any transactions on the Solana blockchain. This is just like ETH which is used as a gas fee on Ethereum and BNB as a gas fee on the Binance Smart Chain network.
You have to install the Phantom app for your Chrome browser using its website, i.e., https://phantom.app/. Click on the Download button located at the top-right corner and select your browser from the list of supported browsers appearing on the homepage.
Here, you have to click on the “Add to Chrome” button, if you want to add it to Google chrome. Approve all the permissions asked to add the wallet application to your browser extension.
Setup Phantom Wallet
Tap the application icon to set up your wallet. This will display you two options for wallet setup:
The first option will help you to create a new wallet. In case, if you have to import your existing wallet to some other device, then choose the import wallet option.
Connect Hardware wallet
The Phantom wallet Solana allows you to connect with your hardware devices. Currently, you can connect only to the Ledger device. For this, navigate to Add/Connect Wallet and choose Connect hardware wallet.
Go through the instructions that appear in the application window to establish a connection with your device.
All you need is the Deposit address for depositing any SOL assets. To find the deposit address, search for the required token and choose it.
You will get the receiving address and the QR code to receive the asset on the screen of the application.
The Send option allows you to transfer your tokens to other wallet users. To Send the token from your wallet, you have to enter the recipient wallet address and the number of tokens. After entering the asked information, confirm the process.
You can even swap two supported tokens from your Phantom wallet. For this, choose the token that you want to trade on the top, and provide the token that you want to get at the bottom.
At last, review your order and check the slippage and network fee and then confirm the process completion.
Benefits of Phantom Wallet Extension
Before opting for the Phantom wallet, it is important to have some amazing features that make it different from others. Given below are some benefits that you can get while using Phantom wallet:
You can use the Phantom wallet with Ledger devices as well for extra security.
The lightweight non-custodial Phantom Wallet can be added to any browser as an extension.
The Phantom wallet can help you in staking Solana for passive income generation.
You can easily access your tokens and SOL-based NFTs.
How to Setup Phantom Wallet?
If you want to set up your Phantom wallet, you need to follow certain simple steps. For this, you must have the correct private keys as any mistake in this can put you in trouble. Apply the following steps to set up Phantom wallet:
Launch any browser and open the Phantom browser extension.
Now, click on the ‘Create New Wallet’ option.
Enter a new password for your Phantom Wallet and click the ‘Continue’ button.
Now, identify the seed phrase for your wallet and make a note of it.
Then, click the ‘OK, I saved it somewhere’ button.
Go to the next page and enter the seed phrase details on the next page.
At last, tap the ‘Finish Wallet Setup’ button to complete the setup process of your Phantom wallet.
How do I Recover Phantom Wallet Password?
In this section, we have mentioned some simple steps that can help you to recover the Phantom Wallet:
Launch the Phantom wallet app or open its browser extension on your device.
Now, click the ‘Import Wallet’ button.
Type the 12-word seed phrase details correctly, when asked.
Create a new password for your wallet and re-enter it to confirm.
Now, tap the ‘Recover my wallet’ button.
The detailed information mentioned above is enough to clear your concept about the Phantom wallet. You can easily use this crypto wallet as a browser extension or iOS mobile app. Phantom wallet somehow works very much similar to MetaMask, and that’s why it is known as the MetaMask wallet for the Solana blockchain network. Once your account is created, you can send, stake, swap Solana to your Phantom wallet, and even buy NFT using it.
Frequently Asked Questions (FAQs)
Is Phantom wallet safe?
When it comes to the safety of the Phantom wallet, the answer is obvious Yes. As per the Phantom Wallet Review, the crypto wallet app employs several security mechanisms to protect your crypto from hacking or theft. Phantom Wallet provides you with everything that makes it safe.
How do I withdraw money from the Phantom wallet?
Following steps will help you to withdraw your stakes from the Phantom wallet:
Click on your Solana token balance that appears in your wallet.
Tap the “Your Stake” option. Choose the validator or staking account from where you want to withdraw.
Click the “…” icon and then press “Withdraw SOL” button.
How do I transfer from Coinbase to Phantom wallet?
Go through the below-mentioned steps to transfer Solana from Coinbase to Phantom Wallet:
Tap the Phantom Wallet extension and choose the “Deposit” option.
Copy your Phantom wallet address and visit the Coinbase website.
Now, transfer Solana from Coinbase to the Phantom wallet.
At last, check the balance left in your Phantom wallet.