Phantom wallet is a crypto wallet for the Solana blockchain. As a browser extension, you can manage digital assets such as NFTs and gain access to dApps on the Solana blockchain. You will generate and manage private keys so that you can store your SOL and sign transactions.
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Set-Up
Head to the Chrome Store or phantom.app to download Phantom. Pin the extension to the browser for easy access.
Click the Phantom icon to get started then “Create New Wallet”. If you already had a Phantom wallet you could restore it by clicking “Use Secret Recovery Phrase”.
Once you’ve created a new wallet you will get 12 words. This is your Secret Recovery Phrase. Write down your Secret Recovery Phrase and store it in a safe place. Never share this information either as anyone who has access to your words has access to your crypto. Once you have written it down, click “Ok, I saved it somewhere”.
You’ll also need to create a password. This encrypts your wallet even more. Anytime you reset your browser session you’ll be required to enter your password. Make sure it is a strong one and click “Save”.
Click “Continue” and then “Finish”.
For easy access, pin the Phantom extension.
You will see your wallet address at the top. Click to copy your address to your clipboard.
Funding Phantom
Now that you have your Phantom wallet set up, you can now deposit SOL.
You can see that you can either send from a wallet/exchange or deposit from a crypto exchange.
Other than an exchange you could have a friend send you some SOL or have it bridged from another blockchain.
Buy SOL
A new tab will open where you’ll be on the exchange of your choice. Once there you can see there are 3 markets: SOL/USD, SOL/USDT, and SOL/BTC. Decide which market you want to buy from and the amount of SOL you want. Once you have bought some SOL you can withdraw from an exchange to your Phantom wallet. You will then need to authenticate via SMS and click “Withdraw”. You won’t have to worry about fees when withdrawing your SOL from the exchange. After a few minutes, you’ll see your SOL appear in your Phantom wallet.
Swap Tokens
Swapping tokens with Phantom wallet is now available and the experience is buttery smooth. Phantom wallet gets its liquidity from the deepest source with Raydium. In the future, Phantom plans to invest in a technique called “liquid aggregation” which ensures the user always gets the best price possible. Many new decentralized exchanges such as Orca, Mercurial, and Saber use this technique.
Connect a Ledger
Once you have set up your Phantom wallet in the browser (Chrome, Brave, Edge), you can then use your Ledger hardware wallet too. Head to this guide to make sure your Ledger is properly set up to interact with Solana. Please note that you must enable “blind signing” on your Ledger to be able to perform SPL token transactions.
Plug your Ledger into your computer and make sure it is unlocked. Head to the Solana App on your Ledger. Open your Phantom wallet and open the account menu on the top left-hand side. Select “Add/Connect Wallet” from the menu.
Then select “Connect hardware wallet”.
Once you’re in the Ledger connection flow, follow the onscreen steps. You will be prompted to select a USB device. Choose Ledger and click “Connect”.
Decide the address you want to use with Phantom. You are all set and have successfully added Ledger and will be able to view your crypto via Phantom. In addition to this, you’ll also be able to interact with Solana dApps and send SOL.
Staking SOL
You will be pleased to know that the Phantom wallet has built-in staling. When you stake you are delegating your SOL to a certain validator. The role of a validator is to process new transactions, vote, and add new blocks.
Click “Start earning SOL” to start staking. Decide what validator to stake with and decide how much. You will see how much yield you’ll earn as well. Click “Stake”.
Please visit validators.app to find the most suitable validator for you.
Privacy and Security
When you use Phantom wallet, you alone are in charge of your crypto. As a non-custodial wallet, you are in full possession of your private keys. Via a password, your private keys are encrypted. Phantom won’t track your identity, addresses, or balances either.
For each move you make, you will be prompted with information. You will know exactly what you are doing and how it affects your account beforehand. If any potential threats emerge, you’ll be warned as well.
Ghost With the Most
Why not give Phantom wallet a try? If you’re used to using wallets like Metamask and are interested in Solana, Phantom is a beautiful wallet for the Web3 era.
Stay tuned for more informative guides on wallets, NFTs, and DeFi.
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