Phantom Wallet - a Friendly Solana Wallet Built for Defi & Nfts

Have you started using the Solana blockchain? Are you interested in knowing the ins and out of the Solana Ecosystem? Then be assured you are at the right place. Let’s get moving.

One of the most popular new networks is the Solana blockchain, which competes with Ethereum. A secure and dependable wallet is necessary for all major networks to increase usage. That is a Phantom wallet in Solana's case.

The Phantom wallet, which can be used to swap tokens right from the wallet's interface, also enables users to stake SOL and keep Solana NFTs. Here is all the information you require regarding the Phantom wallet.

This self-custodial Web 3.0 wallet is decentralized and gives you full control over your money by storing your private keys on your device. Chrome, Firefox, Edge, and the Brave browser are among the browsers that are compatible with Phantom. Before we go ahead in our conversation let us understand what this wallet is all about.

The Phantom wallet is the Solana ecosystem's MetaMask counterpart because its primary goal is to greatly simplify the process of managing private keys for DeFi projects within the Solana network. The money will be utilized to develop the company's platform. Let us look at some of the key features of the Phantom wallet.

Phantom is a non-custodial browser plugin and cryptocurrency wallet that gives users in the Solana ecosystem an easy and safe way to communicate with a variety of blockchain networks. The wallet includes a conveniently located extension that enables users to transfer and receive tokens and cryptocurrencies, accumulate NFTs, and even trade tokens inside the wallet.

This wallet includes several fantastic features that make it the perfect option for owners of Solana tokens, such as:

• Solana Staking has an APY ranging from 5% to 9% and more than 10 validators.

• NFT and collectibles storage with a Solana location.

• Most dApps in the Solana ecosystem are supported.

• Swap tokens easily within the application with Token Swap.

Now let’s understand the steps of creating a Phantom wallet.

FOR BROWSER EXTENSION:

To download Phantom, go to https://phantom.app/download and choose a browser. To add and download the Phantom extension for Chrome or if you want to download the phantom wallet extension for Firefox follow the instructions in the respective extension store. After installation, a new tab should open with Phantom starting up.

1. Choose "Create New Wallet" and enter a password if you are a new Solana user.

If you currently use Solana, you can migrate your wallets to Phantom by following the instructions.

1. The only way to get your wallet back is to save your "Secret Recovery Phrase" safely and securely.

No one from the Phantom team will ever request this sentence from you. This sentence gives access to your money to anyone who possesses it.

1. Look for the Phantom icon in the toolbar of your browser.

2. It will be in the upper right corner of your browser if you're using Chrome.

Look for a "puzzle piece" icon if you don't see it, then click on it to get a list of installed extensions. Phantom should be there; to make things simpler, hit the "pin icon" for making it easier for you in the future.

FOR MOBILE DEVICES:

1. Visit the Phantom crypto wallet download page and choose the appropriate app store for your iOS or Android device.

You will be routed to the Phantom app store on your smartphone; use the instructions there to download and install the app. Open the app after installation, and the Phantom onboarding screen for creating a new wallet should appear.

1. To safeguard your wallet from unauthorized access if you are a first-time user, choose "Create a new wallet" and enable device authentication (device type may vary).

To restore your wallets if you already use Solana, choose "I already have a wallet," and then type in your seed phrase.

1. In Settings (upper left corner), Security & Privacy, you can increase security by, for instance, enabling biometric security or facial recognition.

2. The only way to get your wallet back is to save your "Secret Recovery Phrase" safely and securely. Your seed phrase is NOT accessible to the Phantom team, and they will never request it! Your wallet will always be completely in their hands if someone gets their hands on your seed phrase.

3. To receive immediate alerts about your wallet activities, enable notifications. Additionally, these can be changed under Settings - Notifications.

NOTE: If you want to use the Phantom app you simply need to visit https://phantom.app/download and you will be able to download the Phantom app download on Android by simply clicking the button “Get It on Google Play”. If you desire to use the Phantom wallet on your iPhone click on the button “Download on the App Store”.

Now we have understood the complete process of how you can download and install the wallet for both your browser and your mobile device let’s simply hop on to its login procedure.

PHANTOM WALLET LOGIN PROCEDURE

After installing the Phantom wallet app on your specific devices or installing its browser extension, now you must be wondering about how to log in. Let us take a look at logging in through your web browser.

Phantom Wallet log-in instructions:

1. Launch the extension, then select "recover using a secret recovery phrase."

2. After entering your key, click "Continue."

3. You have successfully logged into the Phantom wallet.

As you have already seen from the platform's daily active user count, the services it offers, and the sheer quantity of functions it offers in a single app, the Phantom wallet is a reliable one. You now understand how to use the Solana ecosystem's decentralized applications.

Decentralized apps carry several hazards, including the possibility of smart contracts being exploited, software flaws, and other issues. Before syncing your wallet with an application, take mindful steps to weigh the hazards of DeFi. I can guarantee that your money is secure and that you retain ownership of your assets if you choose not to connect your wallet to any dapps. Before interacting with any dubious dapps, please do an extensive study on wallet security. So, if you're new to the cryptocurrency world, you should begin your trip with this wallet because it has special features and goods. I hope you will give the Phantom wallet a go and be amazed at its wonders as I have been.

• DOES PHANTOM HAVE A MOBILE WALLET?

Yes, the Phantom wallet has a mobile wallet that you can easily download and install from their website. You can download the app on both Android as well as iPhone. After your download is complete you can easily start using the mobile wallet.

• HOW DO I WITHDRAW MONEY FROM PHANTOM WALLET?

Here's how to take money out of your Phantom wallet.

1. Send Money from a Phantom Wallet to an Exchange Account for Cryptocurrency.

2. On a centralized exchange, sell Solana.

3. Pick a withdrawal method for Binance.

4. Obtain the Funds.

• HOW DO I ADD SOLANA TO MY PHANTOM WALLET?

Open the Solana (SOL) app on your Ledger device after connecting it. Select Add / Connect Wallet under Settings (=) in the Phantom add-on. Choose Connect hardware wallet, then press Continue. Your browser displays the selected wallet address.

• DOES PHANTOM WALLET HAVE FEES?

Yes, the Phantom wallet does have wallet fees. It charge which is a flat 0.85% transaction fee on swaps. You must pay transaction fees, also referred to as gas fees, for all Solana transactions carried out on the network. Similar to the way Ethereum utilizes ETH and Binance uses BNB, it asks that you pay such fees in SOL.