Phantom is a non-custodial service created for the purpose of holding assets on the Solana blockchain. One of its many features is that it makes it possible to store NFTs and other collectibles in a friendly environment for beginners.
The Phantom wallet is still in the development stage and hasn’t been tested as much as other, better known wallet providers such as Metamask or Binance, but it has definitely had an important impact on the field since it was released in 2021. Its attractive low fees or the built-in exchange feature that allows users to swap tokens on the Solana ecosystem, Phantom continues to rise.
To be part of this community and start using this platform, you only need to follow a few simple steps:
The first step is to download the extension on any of the browsers that are supported: Chrome, Firefox, Edge, and Brave Browser.
Click on “create new wallet” and set up the Secret Recovery Phrase. Is important to keep an eye on where you are storing this phrase since it is the only way to recover your wallet with everything within it in case you forgot your password.
Create your password and start adding funds or synchronizing your wallet to start buying, selling, or swapping your tokens.
First steps inside the Phantom wallet
The first thing you could do once you’ve successfully set up your Phantom wallet is go to settings and start adding your frequently used addresses so you can have access to them any time you need it while carrying out your transactions. Also, configure any trusted app that you may need to be synchronized with Phantom wallet.
Another security measure that is recommended to configure ASAP, is the “Auto-lock timer”. Customize how much time would you like your wallet to remain open after a certain period of inactivity.
How to add funds to Phantom wallet?
Clicking on the upper-left corner you’ll find the option to add or connect to a wallet. Once you’ve set up all of this you can start with operations by clicking on receive. There you’ll have two options, send from wallet /exchange or make a deposit from another wallet or exchange.
Your wallet’s address is available at the top of the menu. With it, you’ll be able to receive coins from any user.
Swapping tokens inside the built-in Phantom’s exchange
This feature makes it easier to swap your tokens because there's no need to move your funds. You can swap between Solana, USDC, USDT, Raydium, and Serum, among others. To be able to swap one token into another, you just have to click on the center right-pointing arrow and then select the tokens you are swapping and type how much you’d like to swap.
You can also adjust the slippage tolerance before swapping, just to make sure it won’t be an important loss if your token’s value changes in the middle of the operation. However, Solana is a pretty fast platform so it’s unlikely that those values change significantly while swapping. By pressing on the lightning icon you’ll be able to visualize every single transaction.
Staking Solana with Phantom: what to do
To take advantage of Solana staking awards, click on the Solana token and then do the same on “start earning SOL”. A list of validators will display. You can pick any of those but first, you should check the percentage fee first. Finally, type how many Solana tokens you’d like to stake and then click “stake”.
Using the Solana blockchain is really intuitive and lower in cost compared to other blockchains. Try it out today and let us know how you get on!
Check out this short video we made here to show step-by-step:
Want to find out how you can view your Solana assets at the same time as your ETH, BNB, Avalanche assets and more? Sign up for the Blockchainr closed beta today and get on the waiting list. Blockchainr allows you to view and manage your assets across multiple blockchains in one, easy to use interface.