Phantom Wallet – A Crypto Wallet You’ll Love
Solana’s native wallet Phantom just hit over 1 million active usersWith Solana becoming increasingly popular amongst crypto enthusiasts, available information has shown that Phantom wallet , Solana’s native crypto wallet, just crossed one million active users leveraging on NFTs popularity and the bull run that saw the asset become one of the top 5 crypto assets by market cap.
Solana price rise
The “Ethereum killer” is now among the top 5 crypto assets after its market cap rose to over $74 billion during the weekend. During this meteoric rise, the asset was able to flip Cardano and Tether to now sit fourth on the list.
Per data from CoinMarketCap, Solana has seen its value rise by 18% within the last seven days. Though, some of the gains have been lost within the last 24 hours as its value dropped by almost 4%; however, it is still trading for $245 as of press time.
Interestingly, we reported that analysts in a recent survey have predicted that the asset could rise to $250 before the end of the year.
Phantom’s NFT link
There is no denying the fact that NFTs have become more mainstream than they used to be in previous times. While Ethereum-based tokens still dominate the space, those built on the Solana blockchain have begun a rise of their own.
Phantom, thus, is to Solana what MetaMask is to Ethereum —a wallet that users of the networks can use to easily trade their NFTs and also to store, send, receive, stake, and swap their holdings.
The continued NFT mania amongst crypto enthusiasts has seen the transaction volume of secondary sales on Solana rise over $500 million within three months, placing it among the top ecosystems based on NFT sales.
Describing its active users, Phantom wallet wrote that they are “someone who manually opens the wallet or interacts with a Dapp such as signing a transaction or connecting to it.”
Though it is still a long way behind the numbers MetaMask is able to pull, Phantom’s current success is notable when you consider the fact that the wallet has only been in operation for less than a year.
The Phantom wallet has a built-in decentralized exchange where you can make instant swaps of tokens on the Solana blockchain. The swap feature interface is similar to that of Metamask. When making swaps, it displays the rate, slippage tolerance, and estimated fee.
Phantom wallet launched its Swap feature in June of this year. More than one billion dollars in trade has been transacted since then. For such a young exchange, this achievement is impressive. The wallet hopes to improve on the average DEX experience by addressing the scalability and UX issues that often plague other in-app swaps
NFTS AND COLLECTIBLES
This is another exciting feature of the Phantom wallet, which makes it even more appealing considering that NFTs are hot in the crypto world now. To make accessibility easier, the wallet includes a feature to group similar NFTs automatically to save you the stress of having to come through hundreds of NFTs to find what you’re looking for.
We should note here that the only form of NFTs that the Phantom wallet supports are Solana NFTs. Also, NFTs are displayed as collectibles on the wallet, but if the wallet can’t identify the token as an NFT, it would be displayed as a main SPL token instead.
Ledger Nano X is one of the most secure wallets available today. Being a hardware wallet, it is air-gapped from the online world, leaving little space for hackers. Fortunately, there is a way to integrate your phantom wallet with Ledger Nano X.
This integration can only be done with the Chrome, Edge, and Brave browsers. You would need to connect your Ledger wallet to your computer after setting it up to interact with Solana. From there, open your phantom wallet and follow the on-screen prompts on the menu page as they guide you to connect your phantom wallet with a hardware wallet.
Web3 is the decentralized concept of the internet. It is a merging of blockchain technology with internet technology that allows applications to be run on decentralized blockchains. Those applications are known as decentralized applications or DApps.
Altogether, there are about 500 different ecosystems on the Solana blockchain, including about 93 web3 applications. Some of those applications are Audius, Affliarium, Soldate, Apexit, Acumen Protocol, among others.
The Phantom wallet also allows you to stake Sol tokens and receive rewards. The rewards are not fixed and depend on the validator you choose to stake with. The Phantom wallet itself does not offer staking services; it only acts as the middleman between holders and validators.
Staking on the Phantom wallet is not stressful at all. The wallet has made it an easy process that involves just five clicks. It goes thus:
- Deposit some Solana tokens into your Phantom wallet
- Click on your Solana balance
- A ‘Start earning SOL’ button will come up. Click on it
- It will bring up a list of hundreds of validators with varying APYs. Pick one.
- Click ‘Stake’
You’re good to go!
PHANTOM VS METAMASK COMPARISON
There are certain similarities between both wallets. For example, they are both software wallets, and both include support for other hardware wallets. Also, they are both non-custodial wallets, and both support Chrome, Brave, Edge, and Firefox websites.
However, there are certain differences. For example, Metamask already has an app on the Android and iOS systems, while Phantom does not have such at the time this article was written. On the other hand, the Phantom wallet has built-in NFT support and benefits from the low network fees of the Solana platform, while that is more than we can say for Metamask.
Truth be told, Phantom is not on Metamask’s level in terms of reputation and trade volume. But with its mobile app along with support for ERC-20 tokens on the way, the Phantom wallet is not to be underestimated.