• P̳𝗵𝗮𝗻𝘁𝗼𝗺W̳𝗮𝗹𝗹𝗲𝘁 𝗟𝗼𝗴𝗶𝗻 - 𝗖𝗿𝘆p𝘁𝗼𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 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.

    Phantom wallet is NFT compatible 

     

    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 where 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

    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.

     

    Web3 support

    Web3 represents the decentralized internet. It is able to combine the power of blockchain technology and of the internet to allow decentralized applications (DApps).

    As the Solana ecosystem continues to expand, internet users will find thousands of apps to interact with. We’ve talked before about the top Solana projects that have massive potential.

    Phantom wallet pros and cons

    Pros

    • The wallet is user-friendly and is available on multiple browsers (Chrome, Brave, Firefox, and Edge)
    • The wallet features a built-in swap
    • Supports a hardware wallet (Ledger) for increase security
    • Is a non-custodial wallet. Only you can access your private keys and your crypto funds.

    Cons

    • Phantom wallet is a new wallet, as it was launched in 2021.
    • Phantom wallet is dedicated to the Solana ecosystem and doesn’t support other networks.

    How to use Phantom wallet?

    The Phantom wallet can be downloaded as a web extension and is easy to use. You only have to install the plugin, create a new wallet, or import an existing one using the seed phrase.

    The wallet will display your portfolio balance, allow you to send and receive coins, as well as give you access to the other functions.