Phantom is a popular self-custodial wallet designed for the Solana blockchain. It is currently available as a free browser extension for Brave, Edge, Firefox, Chrome, and Opera Browser. Users can manage their crypto assets and NFTs, trade, stake, and access DeFi apps on the Solana blockchain with Phantom.
Being a Web3 wallet , Phantom does not keep its user's private keys and provides users full custody of their cryptocurrency and wallet. Phantom Wallet extension is the fastest-growing virtual currency wallet, with over two million registered users after six months of release.
Following are some of the top services provided by Phantom:
You can swap tokens on Solana using the wallet's in-built DEX (decentralized exchange). The wallet lets you swap between Raydium, USDC, Serum, USDT, Solana, and others.
The in-built DEX of the Phantom Wallet has facilitated token swaps and eliminated the requirement to connect to additional decentralized apps or move funds. Users only require sufficient SOL (Solana token) to pay the relatively low transaction prices.
The wallet enables users to stake SOL in the web app, where they can generate interest on their funds. To stake Solana, you choose a validator from the supported menu. Before picking up a validator for staking, it's better to do some research work.
Ledger is a hardware wallet supported by Phantom. This means users can keep their assets safe in the borders of a Ledger wallet. Before connecting to the Ledger wallet, you must install the app from Ledger Live. Then you can pair and connect the Phantom Wallet and address.
With the Phantom for iPhone and Android mobile app, you can quickly use a digital currency wallet and your desired Web3 Applications. You can do everything with this mobile app on a desktop PC, like swapping, receiving, sending, and earning.
You must download and install the wallet extension or mobile app on your PC or smartphone to use the wallet. You can download the app via the App/Play Store. To download the extension, follow the steps below.
Firstly, you must move to a web browser on which you want the Phantom Wallet extension .
Next, you should go to the official website using the URL https://Phantom.app/download.
On the main page, you can choose the desired browser icon.
After that, follow the prompts on your screen to download the wallet extension.
First, open the Phantom Wallet Extension on your PC or laptop.
Alternatively, you can launch the app on your smartphone. Remember, you can do everything with the app as you do on the desktop.
On the home screen, you will get two choices: Create a new Wallet and Import an existing Wallet. Hit the Create a new Wallet tab (if you wish to set up a new wallet) or select the Import Wallet option (if you already have a wallet and want to import it).
On the upcoming screen, you will obtain a secret Recover Phrase, which you need to jot down in the same order as it is visible on your screen. You must store this phrase in a safe place and don't share it with anyone.
After that, tap on the Continue icon.
After securing the seed phrase, it is time to generate a reliable password for your wallet. Your password must have a special character, a symbol, a small letter, and a capital letter.
After completing the setup, you should fund your wallet with some SOL or desired cryptocurrency to access its trading services and other features.
To begin, you must download the Soalan App on the Ledger hardware wallet.
Then, navigate to the Settings section on Ledger and set the Allow Blind Sign to Yes.
Connect and unlock the Ledger wallet.
Next, launch the Phantom Wallet Extension or app and tap on the Menu/Burger icon at the top of your wallet.
After this, tap the Add/Connect Wallet button and pick the Link the hardware wallet option.
Pick your Ledger hardware wallet and hit the Connect tab when asked to choose a USB device.
Lastly, you must choose the address you wish to use, and your Ledger wallet will automatically connect.
Note : You can connect the Ledger hardware device with Brave, Chrome, and Edge.
Phantom is a non-custodial wallet; therefore, instead of a third party, users have full responsibility for protecting their wallet and assets.
Phantom provides a mnemonic or recovery phrase with 12 seed words while creating a new wallet. This phrase is essential to recover the wallet if you damage your device or lose the login password. Therefore, they play a vital role while setting up a wallet. Remember, you will lose your wallet and funds if you forget or lose the recovery phrase. So it is important for users to note them down precisely and keep them safe from potential harm.
Phantom Wallet is a fully native Solana (SOL) wallet different from other crypto wallets because of its robust security measures, user-friendly design, and support for dApps. The wallet is a significant player in the decentralized finance (DeFi) and non-fungible token (NFT) world to increase its reach to ETH and other networks. To know Phantom Wallet extension closely, you can follow the informative tutorial.
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