Crypto traders are still required to store their assets in a wallet, even though the DeFi space enables them to transact without a third party. The crypto wallet must be safe enough while providing ease of use and access to several decentralized applications. We have wallets that cater to mostly all the blockchains, then what about the Solana blockchain? This is what we will cover in this article. With that, let us have a look at the Phantom wallet review.
A Phantom wallet is a hot wallet or software that functions as an intermediary between the Solana blockchain and crypto users. It was launched in 2021 and operates as a website extension, along with decisions that were taken to introduce its mobile version early this year.
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This crypto wallet is available for free download in the form of a plugin on famous websites like Chrome, Firefox, Brave, and Edge. It shares numerous resemblances to the Metamask wallet and has seldom been termed as the Metamask of the Solana blockchain.
Lately, this wallet declared that strategies are already being introduced for enabling support for ERC-20 and Ethereum tokens. This illustrates that the wallet is not stopping for less. It is slowly making its way to the top with a range of decentralized wallets.
Due to its ability to evolve in the decentralized finance space, the Phantom wallet has witnessed financial support from big companies in the industry. In July 2021, it declared the successful completion of a $9 million series.
With the Phantom wallet, the user can manage their NFT and digital currency, swap, stake, and access DeFi applications on the Solana blockchain. The team is also behind supporting Ethereum through a Beta version that may arrive soon.
In this Phantom wallet review, it is important to state that the wallet is created for simplicity when it is about handling digital assets on the Solana blockchain. One of the great features of this wallet is the built-in exchange that allows you to swap tokens on the Solana blockchain. With that, let us start this Phantom wallet review and have a look at the features of the Phantom wallet.
This is the most decentralized form of wallet. A non-custodial wallet is among them, where the users can control their assets completely. The security of the user is in their hands and is not levied on any third party. This type of wallet is a good choice as nobody else except the user can control their wallet. However, the drawback is that if the user loses the seed phrase, their account cannot be recovered. They are gone forever.
The Phantom wallet offers an in-built decentralized exchange where the user can make an instant swap of coins on the Solana blockchain. The swap feature interface is the same as that of Metamask. When the user is swapping, it shows the rate, estimates fees, and slippage tolerance.
The swap feature was released by Phantom wallet in June of this year. Over one billion dollars in trade has been transferred since then in this wallet. For such a new exchange, this target is impressive. This wallet wishes to enhance the average DEX (decentralized exchange) experience by addressing the UX and scalability issues that often arise in other applications as well.
This is another great feature of this wallet that makes this wallet even more attractive considering the fact that NFTs are the hot topic of the market. To make accessing this wallet more convenient, this wallet automatically groups similar NFTs to save the user from the stress of having to look for numerous NFTs to find what you are actually looking for.
One thing should be noted that the form of NFT that this wallet supports is only Solana NFT. Also, NFTs are portrayed as collectibles on the exchange or wallet, but if the wallet fails to determine the token as an NFT, it would be shown as the primary SPL token instead.
Ledger Nano X is among the most secure wallets that are available presently. Being a cold or a hardware wallet, it is air-gapped from the online space, leaving little space for hackers. In this Phantom wallet review, it is important to mention that luckily there is a way of integrating the Phantom wallet with the Ledger Nano X.
This integration can only be completed with Edge, Chrome, and Brave browsers. You would be required to connect your Ledger wallet to your computers after setting that up to communicate with Solana. From there, you are required to open your wallet and follow the instructions that are shown on the screen, as they guide you to link your Phantom wallet with a cold wallet for enhanced security.
Web3 is a decentralized idea of the internet. It is an amalgamation of internet technology with blockchain technology that enables applications to be operated on decentralized networks. Those are known as dApps or decentralized applications.
Altogether there are roughly 500 varied spaces on the Solana blockchain that include nearly 93 Web3 applications. Some of them include Audius, Affliarium, Soldate, Acumen Protocol, and Apexit, among others.
The Phantom wallet also enables that user to stake SOL tokens and also get rewards. The rewards are not pre-planned, and they rely on the validator you select to stake with. This wallet itself does not provide staking services; it only operates as an intermediary between validators and holders.
Staking on this wallet is not at all stressful. The wallet has made it a convenient process that includes just five clicks. It goes thus:
- Deposit some quantity of Solana tokens into the Phantom wallet
- Select your Solana balance
- A ‘Start earning SOL’ button will arrive. Click on it
- It will bring up a list of numerous validators with diverse APYs. Select one.
- Click ‘Stake’
The most essential thing to consider when you are planning to choose a crypto wallet is its security. So in this Phantom wallet review, we cannot miss talking about security. Is Phantom wallet safe? With the percentage of funding that has been used in backing the Phantom wallet, one anticipates that it would offer the best in respect to security. Now, if you wonder about the scenarios of Phantom wallet hacked, they have always come up with their solutions and help. It does not fall short of expectations, and here are the reasons why.
- Your private keys are not available to anyone, and with that, we mean not even to the Phantom team.
The code of the Phantom wallet Solana has been audited independently by the best crypto audit firm, Kudelski security. You can have a look at that audit report now.
- The wallet involves some security tips on its blogs for assisting its users to be more secure and avoid attacks.
- There are several bug bounties in place for the white hat hackers to evaluate and address all the security errors. The rewards are juicy enough that includes 50,000 being the first prize for evaluating and detecting crucial security problems.
Installing the Phantom wallet on your browser’s extension is super easy and fast. Open the Phantom website on any of the browsers that it supports. There is an “Add to Chrome” option (if you are opting from Chrome). Once you are done clicking that, the website takes you into a web store that contains numerous plugins. Select “Add to Chrome” (if you are opting from Chrome) on the Phantom plugin, and it downloads the wallet. Once done, it can be easily accessed from the downloads.
There is no better option for the Solana blockchain other than the Phantom wallet as of now. Before we end this Phantom wallet review, let us have a look at the wallet at a glance.
If you are new to the crypto space, this wallet might be a little daunting for you if you have not previously used the Metamask wallet. If Phantom prevails to keep developing and also releases its Ethereum version, we are sure its adoption will be very high.
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