How to create and use a Phantom wallet

To navigate the world of DeFi, the use of a cryptocurrency wallet is essential. Just as browsers enable users to access the Internet, cryptocurrency wallets facilitate interaction with the blockchain and its decentralized applications (dApps). Phantom stands out as a wallet specifically designed for the Solana ecosystem, offering an interface dedicated not only to storing and managing cryptocurrencies, but also to interacting with compatible dApps.

How to create and use a Phantom wallet

Table of contents




What is Phantom?

Founded in 2021 by software engineers Brandon Millman, Francesco Agosti, and product designer Chris Kalani, Phantom quickly emerged as an up-and-coming cryptocurrency management wallet. This start-up has evolved into a company valued at over $1 billion after a Series B fundraising round in January 2022, illustrating the meteoric growth of the Solana ecosystem in 2021.

Phantom wallet offers a variety of access options, deploying as a browser extension compatible with Chrome, Brave, Firefox and Edge. It is also available as a mobile application on the Apple App Store and Google Play Store.

In November 2022, Phantom unveiled a strategic partnership with Polygon, extending its multichain support to the Polygon and Ethereum networks. Since the beginning of 2024, Phantom has been actively integrating the Bitcoin blockchain (â‚¿eta).

Creating your Phantom wallet

To start using Phantom, you first need to create your wallet. Here are the steps to follow:

1. Go to the official Phantom website at the following address: https://phantom.app/download

2. Then download the appropriate version: browser extension (Firefox, Chrome, Brave or Edge) or mobile app (iOS or Android).

  1. 3. Once the download is complete, start the application or open the browser extension.
  2.  

Configuring your Phantom wallet

Once your Phantom wallet has been created, follow these steps to get started:

1. Launch Phantom wallet on your device.

  1. 2. When you open the application, you can choose between creating a new wallet or importing an existing one. If you are a new user, choose "Create a new wallet".
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  2. 3. Follow the on-screen instructions to set a password to secure access to your wallet.
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  2. 4. After creating your password, you need to generate a secret recovery phrase. Be sure to save this phrase in a secure place, as it will be essential for recovering your wallet in the event of a change of device, for example.
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  2. After following these steps to set up your wallet, you're ready to start using Phantom.
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Phantom wallet features

Now that you've created and configured your Phantom wallet, let's explore some of its key features:

  1. 1. Asset management
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  3. Phantom lets you easily manage your cryptocurrencies as well as your NFTs. You can view the balance of your various cryptocurrencies, send funds or NFTs to other users and receive payments using your unique wallet address. You can also swap your cryptocurrencies against other cryptocurrencies.
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  2. 2. SOL staking
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  4. Phantom wallet allows users to participate in the Solana consensus by staking SOL and receiving rewards. Simply have SOL in your wallet, then click on the SOL balance to open a window with the "Start earning SOL" option. On the next page, a list of Solana validators is presented for the delegation, followed by the choice of the amount to be staked.
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  6. 3. Interaction with decentralized applications (dApps)
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  8. Phantom offers seamless integration with decentralized applications (dApps) based on the Solana blockchain, such as the NFT Magic Eden marketplace and the DeFi Raydium protocol. You can access these dApps directly from the app and interact with them using your Phantom wallet.
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  2. 4. Enhanced safety
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Phantom wallet offers a range of features designed to keep your funds safe and provide a secure Web3 experience. Here's an overview of these features:

  1. - Non-custodial wallet: this means you have total control over your funds. Phantom never has access to your funds, guaranteeing maximum security.
  2. - Transaction details: this feature lets you check and understand the transactions you make.
  3. - Connecting your Ledger: by connecting your Ledger, you further strengthen the security of your cryptocurrencies, ensuring the preservation of your assets and reducing the risk of piracy.
  4. - Scam detection: Phantom is equipped with a malicious transaction detection system.
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  6. 5. Support service
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Phantom's strength also lies in its solid support service, offering detailed FAQ pages, an integrated chatbot for rapid responses, and dynamic community forums to encourage discussion around new features. For Solana application developers, Phantom simplifies portfolio integration with a comprehensive documentation library.

Conclusion

  1. In conclusion, the use of Phantom is emerging as a compelling option for those wishing to access the Solana blockchain in a fast, cost-effective and intuitive way. As the undisputed leader in the Solana ecosystem, Phantom stands out for its active development team and its constant commitment to improving its core functionality. Despite its relative newness, the portfolio has won over users thanks to a user-friendly interface and regular updates. The extension of support to other blockchains, including Ethereum and Polygon, reinforces its position as a versatile choice beyond the Solana ecosystem.
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  1. Sources:
  2. https://phantom.app/, consulted on 04.02.24
  3. https://www.bitstamp.net/learn/web3/what-is-phantom/, consulted on 04.02.24
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Disclaimer: this is not financial advice. Satolix.io website aims to inform readers about Blockchain, cryptocurrencies and Web3. Any type of investment involves risk. Please do your due diligence and research the articles and projects presented on the site. Be responsible and don't invest more than your goals or financial means allow. In this regard, please read our page: Warning about virtual currencies.

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