As cryptocurrency adoption grows, so does the necessity for safe, user-friendly wallets.
Whereas MetaMask dominates Ethereum, Phantom is a self-custody cryptocurrency pockets that provides a multi-chain resolution, supporting Solana, Ethereum, Base, Polygon, and Bitcoin. With built-in ship, obtain, purchase, and swap options, it eliminates the necessity for a centralized alternate, making asset administration seamless.
What is Phantom?
Launched in 2021, Phantom is a non-custodial cryptocurrency wallet initially designed for the Solana blockchain. It permits customers to retailer, ship, and obtain Solana-based tokens together with Official Trump, Pudgy Penguins, Bonk, and Dogwifhat.
Phantom additionally supplies entry to decentralized purposes and web sites comparable to NFT marketplaces like OpenSea and Magic Eden.
Initially launched as a desktop browser extension, Phantom expanded to mobile with an iOS app in January 2022 and an Android model in April 2022.
In Could 2023, Phantom added help for the Ethereum blockchain and Polygon scaling framework. By December 2023, it additional expanded to embody the Bitcoin blockchain, supporting Ordinals and BRC-20 tokens.
How to Use Phantom
1. How to set up Phantom
To make use of Phantom as a browser extension, download and set up the official extension in your most well-liked browser. Phantom is appropriate with Chrome, Courageous, Firefox, and Edge browsers. For this demonstration, we are going to use Firefox.
As soon as put in, you’ll be prompted to both create a brand new pockets or restore an current one. Right here, we’ll create a brand new pockets.
2. Organising a Phantom pockets
To start establishing a Phantom pockets, click on on the icon in your browser’s extension bar. You’ll be able to create a pockets utilizing an e mail deal with or a seed phrase.
Phantom permits customers to arrange a pockets utilizing an e mail deal with or to create a seed phrase pockets that gives twelve random phrases to report for future use.
In case you create a seed phrase pockets, you can be requested to create a password in your new pockets. In case you use an e mail deal with, Phantom helps Apple ID and Google/Gmail.
In case you create a seed phrase pockets, you’ll additionally set a password. Phantom will then show the Secret Restoration Phrase, which is required to restore your pockets if misplaced or stolen.
A seed phrase accommodates all the knowledge wanted to recuperate the cryptocurrency saved in a pockets if misplaced, stolen, or destroyed. This phrase, normally 12 random phrases, may be troublesome to bear in mind, so it is an excellent behavior to write it down or retailer it on a separate flash drive or different safe storage machine not connected to your laptop.
After you have recorded the restoration phrase, verify that you’ve got saved the restoration phrase and proceed.
Do you know?
Retailer your seed phrase offline on a safe machine or written doc, as dropping it means dropping entry to your pockets.
3. Receiving and sending tokens
Customers nonetheless want a centralized exchange to convert cryptocurrency into fiat, as Phantom doesn’t help direct fiat withdrawals. Nonetheless, by default, the pockets helps Solana, Ethereum, Base, Polygon, and Bitcoin, permitting customers to ship, obtain, purchase, and swap crypto with out counting on third-party exchanges to handle their property.
For individuals who do need to alternate tokens utilizing a decentralized exchange, Phantom is compatible with DEXs, together with Uniswap, Jupiter, Mango, and Sushiswap.
Shopping for cryptocurrency in Phantom
To buy cryptocurrency in your Phantom pockets:
- Open Phantom and faucet “Purchase.”
- Choose the coin or token you need to buy.
- Enter the quantity in {dollars} you want to purchase.
- Phantom presents a number of fee strategies, together with:
- PayPal
- Coinbase
- Robinhood
- Stripe
Full the transaction to add crypto to your pockets.
Sending and receiving cryptocurrency in Phantom
Sending and receiving cryptocurrency with Phantom is easy, giving customers two choices to obtain funds: producing a scannable QR code if sending from a cellular pockets or copying and pasting your pockets’s cryptocurrency deal with into the specified web site.
To ship funds utilizing your Phantom browser extension, select the cryptocurrency you need to ship, enter the recipient’s deal with, and specify the quantity. Phantom additionally permits customers to create customized names or handles that can be utilized as an alternative of the lengthy, advanced cryptocurrency deal with. Utilizing a deal with makes transactions simpler and reduces the danger of errors when coming into an deal with.
Shopping for and buying and selling Solana meme cash utilizing Phantom
Due to its velocity and low transaction charges, Solana is a preferred community for launching meme coins. Phantom allows customers to purchase and commerce meme cash and Solana-based tokens, together with Moo Deng (MOODENG), Star Atlas (ATLAS), Drift Protocol (DRIFT), JITO (JTO), and Jupiter (JUP), immediately from the pockets.
4. Swapping tokens on Phantom
Phantom helps cross-chain swaps between Bitcoin, Solana, Ethereum, Base, and Polygon. Its built-in swap characteristic permits token buying and selling with out an exterior alternate, offering a handy and safe means to handle property—notably helpful for decentralized finance customers.
5. Staking SOL with Phantom
Phantom permits customers to stake SOL with Solana validators, serving to safe the community whereas incomes rewards. Earlier than deciding on a validator, customers ought to analysis every validator rigorously to keep away from scams.
How to Stake SOL:
- Choose Solana (SOL).
- Faucet “Extra” then “Stake SOL.”
- Select a validator from the listing.
- Enter the quantity to stake and evaluate the validator’s estimated APY, fee, and whole stake.
- Faucet “Stake” to full.
Word: Regardless of supporting a number of blockchains, Phantom solely permits SOL staking right now.
Phantom safety: Is it protected?
Phantom prioritizes security with options comparable to:
- 🔎 Transaction Previews – Confirm transaction particulars earlier than approval.
- ✋ Open-Supply Blocklist – Routinely blocks identified phishing websites.
- 🔥 Spam NFT Burning – Removes undesirable NFTs out of your pockets.
- 🤝 Additional Integration – Helps {hardware} wallets for offline non-public key storage.
In 2023 alone, Phantom claims to have scanned 85 million transactions and blocked 18,000+ wallet-draining makes an attempt—highlighting its proactive safety measures.
Professionals and cons of Phantom
Professionals:
- ✅ Simple-to-use interface with built-in swaps and staking.
- ✅ Low transaction charges on Solana.
- ✅ Seamless integration between the desktop and the Phantom cellular app.
- ✅ Native NFT help with easy UI.
- ✅ Increasing multi-chain help past Solana.
Cons:
- ❌ Much less help for Ethereum-based blockchains in contrast to MetaMask.
- ❌ Restricted help for the Bitcoin ecosystem past Ordinals.
- ❌ Restricted DeFi integrations in contrast to Ethereum-based wallets.
Conclusion
Phantom is a superb alternative of crypto pockets for freshmen. It presents a simple means to handle SOL and stake with only a few faucets.
With each a desktop and cellular app, maintaining along with your cryptocurrency is easy regardless of the place you’re. Because the Solana ecosystem grows, Phantom has loads of room to evolve, including new options and instruments to make staking, safety, and DeFi much more accessible.
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