Phantom Wallet Extension

Download Phantom Wallet Extension | Crypto & NFT Wallet



Phantom Wallet is a hot or web3 wallet that works as a mediator between Solana (SOL) blockchain and cryptocurrency users. Chris Kalani, Brandon Millman, and Francesco Agosti launched the wallet in 2021, intending to make cryptocurrency easy to use. The wallet offers a safe and straightforward way to receive and transact SPL tokens and connect to different dApps (decentralized applications) on the SOL blockchain. The team behind the wallet has raised $118 million in funding via popular investors like Jump and Paradigm, A16Z, valuing the company at over one billion dollars. With this massive fundraising, the Phantom Wallet Extention team can increase the product offering and expand its footprint over the cryptocurrency landscape.

Features of Phantom Wallet Extension


Phantom Wallet Exchange 

Phantom is an easy-to-use crypto wallet that offers an intuitive and simple-to-navigate user experience. The wallet has an in-built decentralized exchange (DEX) that lets users quickly swap Solana-based tokens. 


The wallet takes about a 0.85% fee for the majority of the swaps, with network fees generally costing under $ 0.001. Sending assets from the wallet incurs a network cost of about 0.0001 SOL which doesn't go to Phantom. 


Support NFTs 

Users can use the wallet to connect to famous NFT (non-fungible token) marketplaces such as SuperRare, OpenSea, and Magic Eden. When connected, you can explore the NFT libraries to make bids, buy or post NFTs for sale. 


Staking 

Users seeking to stake the SOL tokens can do with the Phantom Wallet Extension. To stake SOL, simply choose the Start Earning SOL option and pick the validator you need to delegate the tokens. Ensure to choose a validator that doesn't charge a high commission fee. 


Phantom Digital Currencies 

Phantom is a multi-device cryptocurrency wallet for the SOL blockchain that supports each token created on the SPL standard, like USDT, SOL, Raydium (RAY), USDC, and others.


The Phantom team recently announced that they would support two more blockchains in 2023, Polygon and Ethereum blockchain.


Safety Features of Phantom Wallet Extension
Phantom is a self-custodial virtual currency wallet that encrypts private keys on your device so that you can get full hold over your assets. While Kudelski Security independently audits the Phantom Wallet Extension, it is not open-source. The team provides a bug bounty of 50,000 dollars to white hat hackers who can find vulnerabilities that can result in the loss of assets.  


To protect users from phishing attacks and spam NFTs, Phantom has created automated warnings of possible malicious attempts. At the same time, the safest option is to utilize a Ledger hardware device in tandem with Phantom when connecting to DeFi (Decentralized Finance) apps. Ledger is presently compatible with the browser wallet.

How to Download and Set Up Phantom Wallet Extension
Phantom is compatible with the operating system (OS) that supports a web browser. You can utilize the wallet on Linux, MacOS, and Windows OS. Also, you can install the Phantom mobile app on your iPhone and Android devices.



To begin, move to the Phantom website using the URL https://phantom.app/download. 

On the web page, you must select the browser type from the supported browsers (Edge, Chrome, Brave, or Firefox). In this example, we will discuss Chrome. 

On the web store, you should tap Add to Chrome > Add Extension. 

When done with the installation, launch the Phantom Wallet extension to begin the wallet setup. 

On the homepage, detect and hit the Create Wallet button. Also, you can import your existing crypto wallet by pressing the I have a Wallet button and submitting the recovery phrase. 

On the upcoming page, you should generate a strong password and confirm it. Press the Continue button. 

Then, you must store your secret Mnemonic Phrase in a safe place as it's the only method to recover your wallet. Note: Phantom is a self-custodial wallet, so its team members never ask for your recovery phrase. 

After this, tap the Continue option. 

On the next screen, a few keyboard shortcuts will appear to launch the Phantom app. Click Continue. 

That's it; your Phantom wallet is ready for crypto transactions, swaps, and staking SOL.  


Phantom Mobile App 


Move to the Phantom Wallet web page and pick an app marketplace based on your device type (Android or iPhone). You will reach the App/Play store, where you must install the Phantom Wallet mobile app on your smartphone. 

After installation, open the app and pick the Create New Wallet option if you need a wallet. Then, enable the device authentication to save your wallet or assets from authorized access. Also, you can restore your existing wallet by choosing the I already have a wallet option and specifying your seed phrase to recover it.   

After this, you must select a hard-to-break password and secure it.

Guide to Stake and Unstake SOL on Phantom Wallet Extension
Phantom lets users stake SOl tokens and obtain rewards. The rewards depend on your selected validator. Phantom doesn't provide staking services; it only works as an intermediary between validators and holders. Staking with Phantom is quite easy. 


Staking SOL 
To start, launch the Phantom Wallet extension or app on your device. 

You must add some SOL tokens to your wallet to begin staking. After adding SOl to the wallet, tap the Solana token balance. 

Next, navigate and hit the Start Earning SOL button. 

Then, you should select a desired validator to stake. Normally, a smaller validator with low commission and high APY is better for the SOL network and returns.

After this, provide an amount and hit the Stake icon. 

Finally, tap on the Your Stake tab to check the status of your staking accounts.   


Unstaking

Tap on the SOL token balance in the wallet. 

Then, you should hit the Your Stake tab. 

Next, select the staking account or validator you need to unstake with. 

After this, hit the Unstake tab at the bottom. 

Ways to Solve Phantom Wallet Issues
Receive an error or a Settle message? 

Are you facing trouble when purchasing or swapping at Star Atlas, Serum, etc., and getting an error or settle message? Try the following solution. 

The Serum decentralized exchange differs from Raydium and needs swaps and other crypto transactions to settle. Star Atlas and other decentralized exchanges can also utilize serum and might settle 3 transactions too. 

Move to the Serum DEX using the URL https://dex.projectserum.com/#/. 

Then, hit the Settle tab. Your assets must go into the Phantom Wallet.


Tokens not arrived  

CEXs (centralized exchanges) generally queue up asset transactions from several users and then send them together. So chances of your transaction to be sitting in the queue. At peak hours, based on the exchange, the transaction can take many hours to reach Phantom. Sadly Phantom can't do anything to speed up this. You can contact the exchange's support team to know about your transaction. 


Transaction from Phantom failed? 


CEXs generally can delay crediting your assets to your wallet. You can check your transaction on a blockchain explorer, like polygonscan.com, etherscan.io, and solscan.io, and if it shows as received and you have provided the correct address, then you must wait for some time.
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