Solana It is one of the most important blockchain networks at the moment, but also one of the strongest competitors to Ethereum. Like any self-respecting blockchain, Solana needed a secure and reliable crypto wallet to fuel its growth. From this observation the Phantom Wallet was born.
In addition to the swap functionality, the Phantom Wallet allows its users to share their SOL tokens and hold Solana-based NFTs. Here is everything you need to know about this crypto wallet.
- Solana’s rise
- What is a phantom wallet?
- Built-in phantom exchange
- NFTs support
- Compatibility with hardware wallets (Ledger)
- Compatibility with Web 3.0
- Advantages and disadvantages of the Phantom wallet
- How to use Phantom Wallet?
- Phantom Wallet: MetaMask Solana?
end of 2017, Created by Raj Gokal and Anatoly Yakovenko Solana, a blockchain designed to eliminate the scalability issues that most networks suffered at the time. Subsequently, Mr. Yakovenko published a white paper in which he introduced a new distributed ledger recording system, called Proof of History. (PoH or Proof of History in French).
The project was developed by a team made up of ex-engineers from Qualcomm, Intel and Apple. Before the mainnet beta launch in March 2020, The founders of the blockchain created Solana Labsan entity aimed at strengthening the Solana ecosystem.
Solana is a very scalable platform, and according to its creators, It is the fastest blockchain in the world. It is also known for its wide range of DeFi solutions and the popular SOL token. With a capacity of over 50,000 transactions per second, Solana has nothing to envy against payment giants like PayPal or Visa.
As a primary competitor to Ethereum and other smart contract networks, Solana allows developers to create dAppsAnd Decentralized Exchanges (DEX) and a programsMy NFTs. According to DappRadar, the total locked-down value (TVL) of the Solana blockchain was approximately $2.36 billion in January 2022.
Currently, the largest blockchain dApps are: Magic Eden, Raydium, and Solanart.
The original Solana code is called SOL. This is included in all blockchain operations, including transaction fee payments and staking.
At the beginning of 2021, SOL was trading at just $1.84. However, thanks to several partnerships and projects launched on its blockchain, the token reached an all-time high of $260 in November, with a massive 14,000% increase.
Of course, a network of this caliber needs a secure and easy-to-use crypto wallet. In Solana’s case, this is the Phantom Wallet.
What is a phantom wallet?
Portfolio ghost It is a dishonest web3 wallet. It is also the most popular cryptocurrency wallet on the Solana blockchain. However, most new crypto investors are unaware of this. This is completely normal, because Solana only launched its mainnet in 2020. However, Solana’s fake wallet what Metamsk It is for Ethereum.
As a reminder, Web 3.0 aims to combine the decentralized nature of Web 1.0 (Where individuals and companies have their own websites) With modern Web 2.0 features. Just like MetaMask, Phantom is a browser-based crypto wallet. So you can connect it to any Solana app in just a few seconds.
By allowing users to freely transfer crypto assets to Solana-based dApps, Phantom Wallet gives a taste of Web3. For example, players can use it to play blockchain games and exchange earned tokens. Then they can connect with DEXs like Raydium to exchange those tokens for fiat currency or any other Solana-compatible crypto.
Currently, Phantom Wallet is compatible with many crypto assets including USDT, USDC, Raydium (RAY), SRM (SRM) and all Solana-based dApps utility tokens.
If you’ve used MetaMask before, Phantom Wallet will sound very familiar to you. Its interface is easy to use and explore.
Here are some of the coolest features of Phantom:
- Built-in wallet exchange.
- Compatibility with non-fungible tokens (NFT).
- It can be used for installation.
- The ability to connect it to a hardware wallet.
- Compatibility with Web 3.0.
Some of the updates that the Phantom wallet team has planned include:
- Support for Ethereum and ERC-20 coins.
- Adding new markets for exchanges.
- Integration with other block chains.
Built-in phantom exchange
fake wallet Offers an integrated decentralized crypto exchange. This allows users to trade Solana-based tokens instantly and directly from their wallets. The interface of the exchange is also similar to that of the MetaMask wallet. You can find exchange rates, slippage rates and estimate transaction fees.
Since Phantom Wallet introduced the swap functionality in June 2021, more than $1 billion in deals have been made on it. his success? The credit goes to the continuous efforts of its developers who regularly fix UX and scalability issues.
The Phantom Wallet supports non-fungible tokens based on the Solana blockchain. Since NFTs have gained traction, many investors want to expand their investment portfolios outside of Ethereum.
In addition, a cryptocurrency wallet It has a feature that automatically groups similar NFTs together to facilitate access. This will save you going through hundreds of NFTs trying to find what you’re looking for.
However, it is important to note that the Phantom wallet is only compatible with Solana NFTs. However, when the wallet fails to identify a token as an NFT, it displays it as an SPL token.
The Phantom Portfolio offers investors Share their SOL codes To receive rewards. Just like other cryptocurrencies, Solana staking rewards vary depending on the validators selected.
Note, however, that The wallet does not offer a built-in staking function. Its unique role is to connect investors with validators who receive the reserved amounts and pay the rewards.
Staking Solana (SOL) is simple: to get started, deposit SOL tokens into your crypto wallet. Next, go to your Solana balance and tap “Start Earning SOL”. Phantom Wallet will then display a list of authenticators for you to choose from. After selecting the verifier, complete the transaction by clicking on “quotas“.
Compatibility with hardware wallets (Ledger)
Phantom wallet allows you to connect to Ledger, one of the most widely used hardware wallets. This means that your assets will always be safe in your hardware wallet. Currently, Ledger is the only wallet for Phantom compatible devices.
To use Ledger with your Phantom Wallet, you will need to install it directly on your device and then connect it. Next, you will need to create an address and account to associate your wallet.
Compatibility with Web 3.0
In short, Web3 stands for Decentralized Internet. It is able to combine the power of blockchain technology and the Internet to enable the creation of dApps (Decentralized Applications).
As the Solana ecosystem continues to grow, Internet users can find thousands of applications within it. To learn more about Solana blockchain and how it works, feel free to read our full guide on the subject.
Advantages and disadvantages of the Phantom wallet
Here are some of the pros and cons of the Phantom wallet:
- The wallet is easy to use and available on multiple browsers (Chrome, Brave, Firefox, Edge)
- It has an integrated exchange
- For maximum security, it offers pairing with a Ledger hardware wallet.
- It is an unsecured crypto wallet. So only you can access your private keys and assets.
- The Phantom wallet is still new as it was only launched in 2021.
- It is exclusively for the Solana ecosystem and does not support other networks.
How to use Phantom Wallet?
fake wallet It can be downloaded as a web extension It is easy to use. You just need to install the plugin, create a new wallet or import it with your passphrase.
Then the wallet will show your balance, allow you to send and receive money and many other features.
Phantom Wallet: MetaMask Solana?
It turns out that the Phantom wallet is equivalent to the MetaMask of the Solana ecosystem. Also, due to the high-speed expansion of Solana and all the new dApps it hosts, it might be beneficial to have a dedicated crypto wallet for this blockchain.
Since it is still in its early stages, Phantom Wallet is likely to add more features. So far, it appears to be making good on its promises and fulfilling its role as a dishonest crypto wallet.
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