What is Phantom Wallet?
If you are looking to know what is Phantom wallet – well, all major cryptocurrency networks need a reliable and safe wallet to improve their acceptability; in Solana’s case, it is a Phantom wallet.
Technically speaking, it is a non-custodial crypto wallet and browser extension that provide a secure way of interacting with Solana and other blockchain networks.
The wallet has an easy accessibility extension, thus allowing users to send and receive tokens and cryptocurrencies, swap coins, and even collect NFTs within the wallet.
Moreover, it is a self-custodial decentralized Web3 wallet capable of storing users’ private keys on their devices, giving users full control of funds. Similarly, it is compatible with multiple browser extensions, including Chrome, Edge, Brave and Firefox.
Phantom is a Solana wallet designed to hold cryptocurrencies and manage private keys for DeFi projects.
Let us further explore “what is Phantom wallet.”
Phantom Wallet At A Glance
- Wallet Type – A software wallet
- Cryptocurrencies – USDT, SOL, USDC, Serum
- Price – Free to download
- Released – 2021
- Trust Rating – Medium
- Size of App – A browser extension
Phantom Wallet’s Key Features
Here are key features users can enjoy using Phantom’s crypto wallet.
Managing digital assets is not easy, and many users direly struggle to keep up with the ever-changing crypto space. However, Phantom’s wallet effortlessly solves this problem.
Therefore, if you are new to the crypto world or an expert, you can easily fall in love with this wallet as the outlook is sleek and straightforward. The UX is a thing of art.
- Tokens swapping
One of the key features that put Phantom out of the rush is its ability to allow users to swap tokens within the app on the Solana networks.
Hence, if you are a regular trader and like to swap your investments with other potential cryptocurrencies, Phantom can make your life easy.
- NFT support
Phantom not only supports NFTs but also supports users to collect and view their NFTs. Therefore, if you are really into NFT projects, Phantom can help you manage your non-fungible tokens.
If you want to add a passive income stream by staking your cryptocurrency, Phantom will not let you download another app.
Users can pledge their tokens with the wallet through simple steps and start earning rewards.
- Hardware wallet support
Another competitive advantage of Phantom over its rivals is that it supports other hardware wallets like Ledger. Therefore, you can easily connect your hardware wallet and transfer coins whenever you wish.
Pros and Cons of Phantom Wallet
Following are the main advantages and disadvantages of using the Phantom wallet.
- The wallet supports multiple browsers offering an extension
- It has a built-in coin-swapping option
- Supports NFTs
- Supports hardware wallet for increased security
- Non-custodial wallet
- User-friendly interface
- Low fees
- Limited to Solana network only, does not support other networks like Ethereum or Bitcoin.
- Relatively new wallet, launched in 2021.
- Mobile is in the development phase.
Phantom User Interface
Wallets can make or break a chain; thus, the interface is critical to the success of a portal. Luckily and thanks to Phantom’s intuitive user interface, it is one of the best wallets to operate.
Even new users can guide through the wallet with ease, thus making it an attractive option for investors. Moreover, users can easily insert passwords and access their wallets. Additionally, they do not require you to provide personal details or run rigorous KYC or AML procedures.
The dashboard’s home page has featured “Send” and “Receive” to make transactions hassle-free. Similarly, the built-in DeX allows users to pay for transactions using SOL tokens.
Furthermore, users can view each transaction’s total cost as it offers a full view of rates applied and slippage fees, if any. Thus, there are no chances of hidden charges.
Moreover, a clean UX interface offers an overview of the latest activities in the wallet; thus, users can navigate between transactions with just a single click.
Supported Operating Systems
Since it is a browser wallet, thus it supports almost all major operating systems with a browser. Here is the list of supported operating systems.
Although competitors have developed mobile apps, a Phantom crypto wallet is also making its app, which is under development.
All cryptocurrencies based on the Solana network are supported by Phantom wallet. Some of the prominent ones are listed below.
Frequently Asked Questions
Is Phantom wallet safe to use?
Kudelski Security (a top software auditing firm) has passed Phantom wallet as a safe platform; thus, it is safe to use. Moreover, since it is a self-custodial wallet, it does not store user’s private keys or passwords.
What is the Phantom wallet?
Phantom is a Web3 wallet on the Solana blockchain ecosystem. It is a non-custodial wallet offering services like stacking, swapping, NFTs and easy digital asset management facilities.
Does Phantom wallet work on mobile?
Unfortunately, Phantom wallet is currently not available on mobile phones in the form of an app. However, its app is in the development phase.
Can I stake SOL on Phantom wallet?
Yes! Phantom wallet allows users to stake their SOL coins and earn rewards, opening an opportunity to make a passive income stream. Validators can earn 5% to 10% return by stacking their SOL coins on Phantom wallet.
Phantom wallet is making highlights in the crypto space; thus, many users are searching for answers – what is Phantom wallet? Simply put, it is a crypto wallet that holds users’ coins. However, currently, it only supports Solana blockchain’s coins.
Moreover, users can access their wallets through web browser extensions across all famous browsers. In addition, its mobile app is also in the making and will hit the market in 2023.
Phantom’s interface is intuitive and easy to understand; thus, users from all experience levels can benefit from its features. Similarly, users can manage their digital assets, including NFTs. Furthermore, it supports hardware wallets as well.
In short, Phantom wallet is a good place to be; if you are looking for a wallet to hold your Solana-based cryptos, then you should install Phantom’s extension of your computer and start enjoying an unparalleled user experience.