In this post, we’ll look at the phantom wallet app and how to use it. Meanwhile, Phantom is a three-wallet digital web that is user-friendly.
With a Phantom wallet, you may securely store, send, receive, stake, and transfer tokens on the Solana blockchain.
We’ll look at the functionality of the secure wallet browser extension, as well as the blockchains it supports and how to exchange and stake for profit in this Phantom Wallet review.
What Is Phantom Wallet?
The Phantom wallet is the Solana blockchain’s non-custodial wallet.
The wallet is eerily similar to Metamask, a web 3 wallet alternative, and is now accessible as a free browser plugin for Chrome, Firefox, Edge, and Brave Browser.
You can use the Phantom wallet to manage your crypto and NFTs, stake, swap tokens, and access DeFi applications on the Solana blockchain.
The company is also working on Ethereum integration, with a beta version expected soon. Phantom wallet, in my opinion, is a real competitor to the popular Metamask wallet.
Phantom Wallet Extension Download
- Select your browser type at https://phantom.app/download.
- To add Phantom to your browser, follow the instructions in your extension store.
- After installation, phantom should start up in a new tab: Choose “Create New Wallet” if you’re a first-time Solana user.
The phantom wallet is a Solana blockchain plugin for interacting with distributed apps. The add-on inserts an object into each…
Phantom also allows users to create and control their own identities (through private keys, mnemonics, and hardware wallets like Ledger).
When a decentralized application wishes to make a transaction and write to the blockchain, the user can review it before approving or rejecting it.
How to Create A Phantom Wallet Account
Phantom allows you to choose your browser type. Follow the instructions in your specific extension shop to add Phantom to your browser.
Following installation, Phantom should open in a new tab:
Choose “Create New Wallet” if you’re a first-time Solana user.
If you’re coming from Solana, you can transfer your existing wallets to Phantom by following the procedures here.
It is the only option to recover your wallet if you keep your “Secret Recovery Phrase” in a safe and secure area.
A member of the Phantom team will never ask you for this sentence. Anyone who knows this phrase has access to your money.
It will be in the top right-hand corner of your browser if you are using Chrome. Look for a “puzzle piece” icon and click it to see a list of installed extensions if you don’t see it.
You should find Phantom there; click the “pin icon” to make it simpler to locate in the future.
How to Stalk Solana on Phantom Wallet
You’ll need to install Phantom and deposit if you haven’t previously.
Click on the Solana token balance in your wallet once you have some SOL in your wallet.
To begin earning SOL, click the “Start earning SOL” button.
To stake, choose a validator.
Select a stake amount, then click “Stake”!
What is Staking?
Validators are in charge of validating new incoming transactions and voting on and adding new blocks to the blockchain on Solana’s Proof of Stake (PoS) network.
By delegating their tokens to stake with one of the hundreds of validators who manage, maintain, and secure the blockchain, SOL holders can participate in the network and earn rewards.
To discover a sorted list of the best solutions according to current network conditions, we propose using validators.app or StakeView.app.
In general, for the Solana network and your returns, a smaller validator with a higher APY and lower commission is preferable.
You may also watch this video to learn more about Phantom Wallet
How long does it take to “activate” or “deactivate”?
Time is defined in Solana staking by epochs, which are intervals of time. Typically, they last between two and three days. At the start and conclusion of each era, your stake activates and deactivates.
Since the beginning of 2021, I have never dealt with the Solana blockchain before making a Phantom wallet tutorial despite holding the SOL token. I had trouble connecting Phantom to Ledger at first, but I enjoyed using the wallet once I got beyond it. For a better APY, I even chose to unstake my SOL and RAY tokens from the FTX exchange and stake them using Phantom wallet.