Everything you need to know about the Phantom wallet on the Solana blockchain

The Solana blockchain is one of the hottest new networks and is currently competing with Ethereum. To drive adoption, large networks need a secure and reliable wallet. In Solana’s case, that’s it fake wallet

With Phantom Wallet, you can exchange tokens, stake SOL and keep Solana NFTs right from the interface. Here you can find out everything you need to know about Phantom Wallet.

Solana’s rise

In late 2017, Raj Gokal and Anatoly Yakovenko founded Solana Blockchain. Their project aims to eliminate the scalability issues most blockchain networks faced at the time. Yakovenko published a white paper describing a new system called Proof of History (PoH) It is referred to as.

Phantom Wallet – Image from BeInCrypto.com

Solana ecosystem is built by a core team of developers made up of ex-engineers from QualcommAnd Intel Corporation And apple component. The network’s founders also established Solana Labs to strengthen the Solana ecosystem. In March 2020, the beta mainnet began.

Solana is a highly scalable freelance app The fastest blockchain in the world. She is known to her Wide range of DeFi solutions and the SO . icon. Solana is designed for Processing more than 50,000 transactions per second And Thus it competes with PayPal or Visa.

Designed to compete with Ethereum and other smart contract networks, Solana enables developers to create DApps, decentralized exchanges (DEXs), and NFT marketplaces. According to DappRadar, as of January 2022, the total value (TVL) of the DeFi asset accumulation on the Solana blockchain is approximately $2.36 billion for the DeFi space. The best dApps on Solana are Magic Eden, Raydium, and Solanart.

Solana’s native cryptocurrency is SOL, which the entire Solana ecosystem relies on and which is used to pay network fees.

Solana cycle, SOL cycle,
Solana Price – Source: TradingView

The Solana cycle experienced significant growth in 2021. At the beginning of 2021, the price was $1.84 and reached an all-time high of $260 in November, which represents Price increase by 14000% equivalent. Several partnerships and network launches in the project also contributed to the price increase.

What is a phantom wallet?

Phantom Wallet is a non-secure 3.0 web wallet and The most popular crypto wallet on the Solana blockchain. Most new crypto adopters have not heard of it since Solana only launched the mainnet in 2020.

The Phantom wallet is what the MetaMask wallet is for the Ethereum blockchain. Web 3.0 aims to combine the decentralized nature of Web 1.0 (in which individuals and businesses have their own websites) with the modern functionality of Web 2.0. Similar to MetaMask, Phantom Wallet is also a browser-based crypto wallet. If you want to interact with the Solana app, you can simply connect to a fake wallet.

Phantom aims to support Web 3.0 and allows users to transfer crypto assets between the wallet and Solana dApps. For example, players can use the Phantom Wallet to play blockchain games and receive in-game tokens. Players can then connect to decentralized exchanges like Raydium using the same wallet and trade those tokens for fiat money or other Solana-backed tokens.

Phantom Wallet currently supports the following currencies: USDT, USDC, Raydium (RAY), SRM (SRM) and all tokens introduced with Solana’s dApps. If you have used MetaMask before, you will feel that Phantom Wallet is very familiar. It is easy to use and navigate.

Here are some of the features of Phantom Wallet that most users will likely enjoy:

  • Exchange integration
  • Compatibility with NFT
  • Cryptocurrency storage
  • It can be connected to a hardware wallet (ledger).
  • 3 . web support
crypto wallet
Crypto Wallet – Image from BeInCrypto.com

Other features that could be implemented soon in Phantom Wallet are:

  • Ethereum and ERC-20 token support
  • More Markets for Phantom Swap
  • Multi-thread support

phantom exchange integration

Phantom Wallet has a built-in decentralized exchange. There, users can redeem Solana-based tokens directly from their wallets. The swap interface is similar to the MetaMask wallet, showing the swap rate, slippage tolerance, and estimated fees when making the swap.

Since the swap feature was introduced in June 2021, more than $1 billion in transactions have been made. The team behind the wallet aims to improve the DEX experience by addressing user experience and scalability issues as they arise.

NFTs Compatible Phantom Wallet

The Phantom wallet also supports NFTs on the Solana blockchain. With NFTs becoming a huge industry, many investors are looking to expand their portfolios to other blockchains besides Ethereum.
The wallet can automatically group similar NFTs for easy access. This saves you having to search through hundreds of NFTs to find what you’re looking for.

However, it is important to note that a file The Solana Dummy Wallet only supports NFTs. If the wallet cannot identify the token as an NFT, the NFT will appear as an SPL token.

Cryptocurrency storage

Investors can also use the dummy wallet to share Solana cryptocurrency SOL and get rewarded for doing so. Similar to other staking cryptocurrencies, Solana staking rewards are based on selected validators. Please note that the wallet does not offer built-in staking options, it only connects investors with validators.

Solana’s suspension is easy. Once your wallet has SOL, you can click on Solana Balance and select the “Start Earning SOL” option. A list of validators will appear in the portfolio for you to choose one from. Then you simply click on Stake and you can share your SOL with Phantom Wallet.

Hardware wallet support (ledger)

Phantom Wallet also allows you to connect to Ledger, a popular hardware wallet. This means that your tokens are always securely stored on your device. However, this feature is currently only available for Ledger devices.

The fake wallet, Ledger
Phantom Wallet Compatible with Ledger Wallets – Image from BeInCrypto.com

To use Ledger with your Phantom wallet, you need to install Ledger directly on your device and then connect your Ledger hardware wallet. You also need to create an address and an account to link your wallet.

3 . web support

Web 3 refers to the decentralized internet. Web 3 allows the integration of blockchain technology and the Internet to develop decentralized applications (dApps).

As the Solana ecosystem continues to grow, Internet users will find thousands of applications to interact with. We’ve already talked about Solana’s most important projects here, which have great potential.

Pros and Cons of the Phantom Wallet

Here are some of the pros and cons of using a phantom wallet.

Advantages

  • The wallet is easy to use and available on multiple browsers (Chrome, Brave, Firefox and Edge).
  • The wallet has a built-in swap
  • Hardware wallet (ledger) support for increased security
  • The wallet is non-conservative, which means that you can only access your private key and cryptocurrency.

Negatives

  • The Phantom Wallet is a fairly new wallet as it was only launched in 2021.
  • It targets the Solana ecosystem and does not support any other networks.
dummy wallet, crypto wallet
Phantom Wallet – Image from BeInCrypto.com

How to use Phantom Wallet?

Phantom Wallet can be downloaded as a web extension and is easy to use. All you have to do is install the plugin, create a new wallet, or import an existing one using the initial statement.

The wallet displays your wallet balance, allows you to send and receive coins, and also gives you access to some other features.

It turns out that the Phantom wallet is basically a MetaMask wallet for the Solana ecosystem. And with more decentralized apps being developed on the Solana blockchain in the near future, you will likely need a Solana wallet to interact with dApps.

Since the platform is still relatively new, more features will be added over time.

Frequently Asked Questions

Yes, Phantom also has a mobile wallet. But it is only available for iOS.

Yes, Phantom Wallet is a non-secure crypto wallet for the Solana blockchain used to hold Solana tokens and NFTs.

Although Phantom Wallet is a fairly new crypto wallet, it is already considered a secure wallet by users. Crypto security company Kudelski Security checked and found it safe. Investors can find a detailed report on the security of the dummy wallet here.

You can download Phantom Wallet as a browser plugin from the official website: phantom.app.

Not giving an opinion

All information on our website is published to the best of our knowledge and belief and for general information purposes only. Any action taken by the reader in connection with the information on our website is entirely at your own risk. Regarding the field of learning, our priority is to provide quality information. We take the time to identify, research and create useful educational content for our readers. To maintain this standard and continue to create great content, our affiliates may reward us with a commission for placements in our articles. However, these commissions do not affect our processes for creating unbiased, honest and useful content.

Leave a Comment