Solana is a blockchain network using the RUST programming language that is used to create DeFi applications and Solana SOL tokens. SOL is used to complete transactions and has gained great popularity among crypto investors. One of the main advantages of Solana is its speed, being able to complete 50,000 transactions per second, far surpassing the speed of slower blockchains such as Ethereum and Bitcoin. If you are looking to invest in the Solana network, you might be considering Phantom, a browser extension built specifically for storing, sending and receiving tokens within the Solana ecosystem. Let’s take a look at this wallet, its advantages and shortcomings to help you determine whether this is the right wallet for your Solana investments.
What is Phantom?
Phantom is a relatively new extension for Google Chrome, Brave, Firefox and Edge that essentially turns your browser into an online Solana wallet, allowing you to interact with the Solana blockchain. The Phantom wallet works with the Solana network and allows you to store your SOL token private keys.
The wallet is considered non-custodial, which means that Phantom doesn’t hold your private keys. Instead, keys are stored securely on your own device, giving you complete control over your tokens. Using the wallet, you can easily store, send, receive, stake and swap your SOL tokens.
Phantom Wallet Features
Here are some of the highlight features that Phantom provides:
- Browser wallet for the Solana network.
- Trade tokens right within the wallet using Phantom’s built-in exchange.
- Stake crypto within the Phantom wallet.
- Compatible with NFTs.
- Hardware wallet support to link your Phantom wallet to a Ledger device, increasing security for your assets.
Why Choose Phantom?
If you are looking for a simple and user-friendly solution to store and trade tokens within the Solana ecosystem, the Phantom wallet is one of the top choices. Phantom can be quickly added to your browser and accessed with your personal password.
The wallet’s interface is simple and easy to navigate, allowing you to send, receive and swap tokens with ease with their built-in exchange. Additionally, the wallet allows you to stake your tokens directly within your wallet. What’s even better, Phantom also allows you to hold your NFTs and collectibles.
Security wise, Phantom is a non-custodial wallet, meaning you will maintain full control over your asset’s private keys at all times. At the same time, Phantom doesn’t track your personal information. For those looking for additional security, you’ll be glad to find that the Phantom wallet also supports the Ledger hardwallet, allowing you to store your keys offline, while still experiencing the convenience of their user-friendly browser interface.
No crypto wallet is perfect. Just like Phantom has many great features, there are a few considerations you should keep in mind. One of the wallets limitations is that the wallet is only available as a browser extension, while other web and desktop wallets are also available for mobile devices. Secondly, those looking to build a diverse investment portfolio might also prefer to use a different wallet, since Phantom only supports the Solana network and can’t be used to store other cryptocurrencies.
Phantom Wallet: The Verdict
If you are investing in Solana, Phantom is definitely a wallet option to keep in mind. While it is limited to the Solana network and is still very new in the crypto wallet market, it has many attractive features for investors, including in built.trading and support for NFTs and collectibles.