The phantom wallet is a self-custodial browser extension and cryptocurrency wallet. It offers encrypted private keys stored on your device, giving you total control. The Phantom wallet is a Google Chrome toolbar extension that makes it simple to use.

Phantom Wallet is a self-custodial browser extension and cryptocurrency wallet that runs on the Solana ecosystem. Launched in 2021 as a website plugin, it grants you sole control of your private keys. The keys manage your cryptocurrencies and show the funds are yours.

If you need the best wallet in the market, read this phantom wallet review to learn more about the Phantom Solana Wallet and also get the phantom vs exodus wallet comparison.

Key Features of Phantom the Wallet

Here are the features of the phantom wallet:

• Phantom wallet, the non-custodial wallet, is simple to use. This is especially in running virtual assets in the Solana blockchain. The built-in exchange, which allows you to shift tokens within the Solana ecosystem, is its core feature.

• The Phantom wallet includes a merged segregated exchange. It allows you to exchange Solana tokens directly from the depths of their wallets. The swap component is like the MetaMask wallet. It shows the swap speed, slippage sensitivity, and fee charged during swaps. It is known as the Metamask of the Solana blockchain. Since its launch in 2021, about one billion dollars worth of trades have transpired.

• Phantom wallet offers assistance to all the cryptocurrencies found on the Solana ecosystem. USDT, USDC, Serum, Raydium, and Solana are some of the most popular cryptocurrencies supported by the wallet.

• The Solana blockchain's NFT components benefit from the Phantom wallet. Many investors want to diversify their portfolios beyond Ethereum.

• Web3 is the internet's decentralized notion. It's a combination of blockchain and internet technologies that allows you to experience decentralized blockchains and to run applications. They are known as decentralized applications or DApps. There are 500 separate ecosystems, including 93 web3 applications on the Solana blockchain. Audius, Affliarium, Soldate, Apexit, and Acumen Protocol are just a few available programs.

• Investors can use the phantom wallet to stake Solana (SOL) currency and get returns. The Solana staking rewards are comparable to other stake-able cryptocurrencies. The rewards are determined by the validators, picked from among the list of those available.

However, the wallet does not give integrated staking alternatives, and it only links the shareholders to the validators that obtain the stake and remunerate the rewards. It is simple to stake Solana (SOL). Once you have SOL in your wallet, click on the Solana balance, and choose to Start earning SOL. The wallet will display a list of validators from which you can choose. After this, you can click Stake to start staking SOL with the Phantom wallet.

• The Ledger Nano X One is the most secure wallet on the market today is. As a hardware wallet, it leaves minimal room for internet hackers. Only Chrome, Edge, and Brave browsers are compatible with this integration. After setting up your Ledger wallet for interaction with Solana, you will need to link it to your computer. Then, on the menu page, access your phantom wallet and follow the on-screen directions to connect your phantom wallet to a hardware wallet.
 

The Downside Of The Crypto Wallet

Here are the disadvantages of the phantom wallet:

• It is a wallet launched in 2021, and thus it is still new in the market. It has not been tested enough like other competing wallets.
• The web browser extension works solely in the Solana ecosystem and does not work with other systems like Bitcoin.
• The mobile app is still in the creation stages, accessible only through browsers. Phantom Wallet reviews are not enough.
 

How Do I Use the Web Browser Extension?

The Phantom Wallet is a web addon that is simple to use and gives you a free download. The wallet will ask you whether you want to establish a new wallet address or import an existing one. This happens when you install the plugin on your browser.

When you make a new address, you'll be given a 12-word seed phrase, then asked to create and confirm a password. Your wallet is now available for usage.

Open your browser, press ALT + SHIFT + P, and the wallet will appear, showing your portfolio balance and allowing you to send and receive coins as well as use the wallet's other features.

How Safe Is the Non-Custodial Wallet?

Is phantom wallet safe? A question you may ask yourself when contemplating whether to use it. While the Phantom wallet is a popular crypto wallet, users consider it secure. Kudelski Security, a crypto-security firm, did a phantom wallet review and found it safe. A thorough report on Phantom's wallet security is available to investors.

Phantom offers encrypted private keys stored on your device, giving you total control. Also, the wallet prevents you from making unintentional actions. These can lead to the loss of funds.

It's one of the most relevant and secure browser extensions. Additionally, you can pair it with your Ledger Nano X wallet. The combination of these items provides one of the most secure digital wallet alternatives available.

How the User-Friendly Wallet Compares to Exodus Wallet

• Phantom Wallet supports the SaaS platform only. While Exodus Wallet aids Windows Mac, Linux, SaaS, iPhone. iPad, and Android.
• The phantom wallet is your answer to finding a multi-platform wallet and exchange solution. It can store, manage, and exchange blockchain assets. Exodus wallet is for professional users and anyone looking for a Solana crypto wallet to store, send, receive, stake, and swap tokens.
• This non-custodial wallet allows for integration with the Exodus wallet. It is free to use and download.

The phantom wallet and Solana component

The Phantom wallet is a Google Chrome toolbar extension that makes it simple to use. As the most popular Solana Wallet, it has extensive capabilities.

Solana is a scalable and the world's quickest blockchain that is noted for providing a wide range of Defi solutions, its popular SOL coin.

Anatoly Yakovenko, who worked with Qualcomm before founding Solana, founded the platform in 2017. Solana's purpose is to perform over 50,000 transactions per second, making it competitive with Visa and Paypal.

They do this by employing a technique referred to as "Proof of History."

Not only does the Phantom Solana wallet make accessing your SOL simple, but it also contains features for viewing your NFT collection and full support for SPL tokens. This means you'll have complete visibility of the tokens you own if you want to swap USDC for SOL or engage in Solana's exciting world of Defi and Dapps.

You must pay transaction expenses or gas fees for any transactions on the Solana network. This is through SOL in this case, which is comparable to ETH for Ethereum transactions or BNB for Binance Smart Chain transactions. Here, you will have to pay SOL for Solana.
As a result, you need to have enough SOL tokens in your wallet to cover any transaction fees incurred when transferring, swapping, staking, and so on.
 

Phantom Wallet Bottom line

The article has looked at the features of the phantom Solana wallet, how to use it, its safety, and how it compares to the exodus wallet. Depending on your skill and comfort level with commands (for sophisticated users) or app-based alternatives, you can choose from numerous crypto wallets.

App-based wallets allow you to install an app for easy interaction instead of learning complex codes or commands that more experienced or tech-savvy users prefer.

The phantom wallet is easier to use and you can try it to enjoy a secure way of engaging with blockchain apps through your favourite web browser. You can always visit Interactivecrypto to learn more about the phantom wallet.