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    Phantom wallet is a non-custodial Web3.0 wallet, and it is the most popular cryptocurrency wallet for the Solana blockchain. Most new crypto users haven’t heard of it, since Solana only launched its mainnet in 2020.

     

    Web 3.0 aims to combine the decentralized nature of Web 1.0 (where people and businesses own their own websites) with the modern functionality of Web 2.0. Similar to MetaMask, Phantom wallet is a browser-based crypto wallet. When interacting with a Solana application, you will be able to connect your Phantom wallet, by simply logging in with the wallet.

     

    Phantom aims to enable Web 3.0, and it allows users to freely transfer crypto assets between their wallet and the Solana DApps. For instance, gamers can use Phantom wallet to play blockchain games and claim their in-game tokens. Then, using the same wallet, they can connect to decentralized exchanges, such as Raydium to exchange those tokens for fiat money or any other Solana-supported tokens.

     

    The Phantom wallet currently supports the following currencies: USDT, USDC Raydium (RAY), SRM (SRM), and every utility token launched with Solana’s DApps.

     

    The Phantom wallet will feel very familiar if you’ve ever used MetaMask before. The interface is easy to use and simple to navigate.

     

    Here are some of the Phantom wallet features that most users will likely enjoy using:

    • Phantom’s wallet built-in exchange
    • NFT compatible
    • Crypto staking capabilities
    • Can connect to a hardware wallet (Ledger)
    • Web3.0 support

    Other features that may soon be implemented to the Phantom wallet are:

    • Ethereum and ERC-20 tokens support
    • More markets on the Phantom Swap feature
    • Multi-chain support

    Phantom’s built-in exchange

    The Phantom wallet includes a built-in decentralized exchange. It allows users to instantly swap Solana-based tokens directly from within their wallets. The swap interface is similar to the one on the MetaMask wallet, and it displays the swap rate, slippage tolerance, and estimated fee when making swaps.

     

    Since Phantom wallet introduced the swap feature in Jun. 2021, more than one billion dollars worth of trades have been conducted. This wallet aims to improve the DEX experience by fixing the UX and scalability issues as soon as they emerge.

     

    Phantom wallet is NFT compatible 

    Phantom wallet supports NFT collectibles from the Solana blockchain. Since NFTs have become such a massive industry, many investors want to expand their portfolios on blockchains other than Ethereum.

     

    The wallet has a feature that automatically groups similar NFTs to make it easier to access. This will save you from having to go through hundreds of NFTs trying to find what you are looking for.

     

    It is important to note that the Phantom wallet only supports Solana NFTs. However, if the wallet cannot identify the token as an NFT, it will display it as an SPL token.

     

    Crypto staking capabilities

    Investors can stake solana (SOL) crypto and receive rewards using the Phantom wallet. Similar to other cryptocurrencies that can be staked, the solana staking rewards depend on the chosen validators from the available ones.

     

    Please note that the wallet doesn’t offer built-in staking options, and it only connects the investors to the validators that receive the stake and pay the rewards.

     

    Staking solana (SOL) is easy. Once your wallet has SOL, you can click on the solana balance and select the option Start earning SOL. The wallet will show a list of validators where you can pick from. After selecting one, simply click Stake and that’s how you can stake SOL using the Phantom wallet.

     

    Hardware wallet (Ledger) support

    Phantom wallet allows you to connect to Ledger, the popular hardware wallet. This means that your tokens will always be safe on your hardware device. This feature is currently only available for Ledger hardware devices.

    To use Ledger with your Phantom wallet, you will need to install Ledger live on your device, and then you will be able to connect your Ledger hardware wallet. You will need to create an address and account to pair your wallet.

     

    Web3 support

    Web3 represents the decentralized internet. It is able to combine the power of blockchain technology and of the internet to allow decentralized applications (DApps).

    As the Solana ecosystem continues to expand, internet users will find thousands of apps to interact with. We’ve talked before about the top Solana projects that have massive potential.