Phantom Wallet Phantom is a non-custodial wallet, which means you’re the only person with access and sole control over your funds. A phantom wallet makes it possible for you to use any …
This is a decentralized Web 3.0 self-custodial wallet that stores your private keys on your device thus giving you complete control of your funds. Phantom is compatible with several browsers including Chrome, Firefox, Edge, and the Brave browser.
Simply put, Phantom is the MetaMask equivalent of the Solana ecosystem as it is mainly designed to make the process of managing private keys for DeFi projects in the Solana network much easier. Already, Phantom has raised $9 million from renowned venture capitalists such as A16z.
The funds are set to be used for the development of its platform. Phantom Pros & Cons Pros Available on several browsers with an intuitive and beginner-friendly interface Benefits from Solana’s extremely low fees Features a built-in token swap feature with Ethereum support coming in the future Supports linking hardware wallets such as Ledger for increased security Non-custodial wallet, which means you still hold your private keys Cons Relatively new wallet that’s not as tested as some of the competing products The mobile app is still in development so right now Phantom is only available in browser form Limited to the SOL ecosystem so that means no support for crypto heavyweights like Ethereum and Bitcoin Phantom User Interface Overview As they say, a wallet can make or break a chain.
Thanks to an intuitive user interface, Phantom makes it easy to use the Solana blockchain. Once you have it downloaded on your browser, all you have to do is insert your password to access the wallet. There are no rigorous KYC or AML requirements. The home page of the dashboard features easy access to your send and receive buttons.Transactions are paid using the SOL token and you can easily navigate to your portfolio of tokens or the built-in DeX.
With every token swap, you can easily see your slippage rate and fees displayed below. The Phantom interface also gives you an overview of your latest activities in your wallet and you can also navigate to the settings of the wallet with ease. Phantom’s Top Features Phantom is built for simplicity when it comes to managing digital assets on the Solana blockchain.
Its most outstanding feature is the built-in exchange that lets you swap tokens on the Solana ecosystem.Phantom also supports NFTs and collectibles thus making it easy for users to not only collect but also view their NFTs in the app. For additional security, the Phantom web browser features compatibility with hardware wallets such as the Ledger hardware wallet.You can easily connect your Ledger hardware wallet with Phantom. What’s more, Phantom allows for SOL staking meaning you can use it to earn rewards for staking Solana’s native token. However, note that the Phantom wallet is not a full node on the Solana blockchain network.
Cryptocurrencies supported Phantom supports all the cryptocurrencies on the Solana ecosystem.Some of the most prominent supported cryptocurrencies on the wallet include USDT, USDC, Serum, Raydium, and Solana. Phantom’s development team also plans to soon introduce support for Ethereum. Is Phantom Safe?