Among various cryptocurrency wallets available across the world, the Phantom wallet is the most popular one. These crypto wallets actually vary as per their usage and features. Phantom is one of such crypto wallets. It allows you to store, send, receive, stake, and swap tokens on the Solana blockchain.
The phantom wallet is known for its cost-effectiveness and security. You can use the Phantom wallet to transact and interact with NFT platforms and Defi apps. Go through the information mentioned here to know what is a Phantom wallet and how you can use it.
Phantom Wallet is a non-custodial crypto wallet that allows its users to access decentralized apps available on the Solana network. This digital wallet of the Solana blockchain helps you to trade cryptocurrency and even manage your digital assets.
When the Phantom wallet was launched, it was available only as a browser extension in its initial days. But after some time, the company launched an app for iPhone users. You can use this app of Phantom wallet to directly access all its services without any desktop. For this, download and install the Solana Phantom wallet on your iPhone from its website, i.e., https://phantom.app/. Once the app is installed on your device, you can easily deposit, transfer, stake, and swap assets on Solana using it. The wallet also generates and manages private keys where you can store your SOL and sign transactions.
Once you know what is a Phantom wallet, it’s time to learn how you can use it. Go through the following information to know how to use the Phantom wallet.
First of all, you need some funds to start using the wallet. You have to send SOL, i.e., the native asset of the Solana blockchain before sending Solana (SPL) tokens to your Phantom wallet. This is done because you need some SOL for paying the transaction fees to perform any transactions on the Solana blockchain. This is just like ETH which is used as a gas fee on Ethereum and BNB as a gas fee on the Binance Smart Chain network.
You have to install the Phantom app for your Chrome browser using its website, i.e., https://phantom.app/. Click on the Download button located at the top-right corner and select your browser from the list of supported browsers appearing on the homepage.
Here, you have to click on the “Add to Chrome” button, if you want to add it to Google chrome. Approve all the permissions asked to add the wallet application to your browser extension.
Tap the application icon to set up your wallet. This will display you two options for wallet setup:
The first option will help you to create a new wallet. In case, if you have to import your existing wallet to some other device, then choose the import wallet option.