The Key Features of Phantom Wallet are:
- Solana staking: Users who hold SOL tokens can participate in the Solana network and earn rewards by delegating their tokens to stake with one of the hundreds of validators who run, maintain and secure the blockchain. A smaller validator with a higher APY and lower commission is best for the Solana ecosystem and your returns, according to the company. Phantom Wallet recommends validators.app or StakeView.app to find a ranked list of the best options.
- Token swap: Phantom Wallet allows you to conduct in-app swaps for Ethereum, Polygon and Solana networks. It charges a flat 0.85% fee for searching and offering the best pricing available for most swaps. This fee is on top of network fees.
- NFTs and collectables storage: Non-fungible tokens may not be hot right now, but Phantom Wallet makes storing them easy. A feature lets you group similar NFTs together, saving you precious time of having to sift through hundreds of them to find what you're looking for. You can hide and remove unwanted spam, discover new collections, and manage listings all from within your wallet. Users also have access to metadata like floor price, last sale price, total return and total unique holders.
- Multichain support: Phantom Wallet may have started with support for just the Solana ecosystem, but it has since added Ethereum and Polygon to the list of supported networks. You can import your existing MetaMask, Solana or EVM wallets to Phantom. You can view all your tokens and NFTs in one place and connect to apps automatically.
- Ledger integration: If you have a Ledger hardware wallet, you can use it for Solana, Ethereum and Polygon through Phantom Wallet. However, if you're looking to integrate Ledger with Phantom, it can only be achieved via Chrome, Brave or Microsoft Edge; Firefox isn't currently supported. Phantom mobile apps currently don't support Ledger hardware wallets either, but the company plans to add this feature soon.
- Non-custodial: Phantom Wallet puts you in the driver's seat, which means users can control their assets completely without any intrusion from a third party. In a non-custodial wallet, users have full control of their wallet. On the flip side, if you lose your seed phrase, the account cannot be recovered.
Phantom Wallet Overview
Type of walletSoftware (browser extension support for Chrome, Brave, Firefox and Edge)Released2021Supported networksSolana, Ethereum and PolygonCostFree to downloadStakingYes, Solana tokens onlyMobile appYesSecurityHighNFT supportYesTransaction or balance limitsNo
What is Phantom Wallet?
Phantom is a non-custodial multichain Web3 wallet with support for Solana, Ethereum and Polygon networks. With self-custody, users can use DApps without any third-party interference. This also means users will be responsible for their transactions and security. Phantom works as a browser extension, similar to MetaMask. For those looking to use it on the go, the company also has apps for Android and iOS devices.
Phantom Wallet started in 2021 with 40,000 active beta testers supporting the Solana ecosystem. In the same year, it raised $9 million to fuel its growth plans and introduced an in-app token swapper. A year later, it raised $109 million in a Series B funding round at a $1.2 billion valuation, achieving the coveted unicorn tag. Today, the company boasts over three million users, and it has launched a host of features since its nascent days.
Support for Ethereum and Polygon network arguably marked its biggest leap and broadened the scope of assets and decentralized applications users can access and interact with through the app. With Phantom, you can:
- Manage your crypto and NFTs
- Stake Solana
- Swap tokens
- Access DeFi applications
Phantom Wallet aims to provide users with a secure and user-friendly way to manage their digital assets, interact with decentralized applications (DApps), and participate in DeFi ecosystem. Phantom allows users to store their private keys, giving them full control over their digital assets. With integrated MoonPay and Coinbase Pay, users can purchase or transfer ETH, MATIC and SOL directly from their wallet.
You can also connect your Ledger Nano hardware wallet with Phantom. However, this feature is only available on Chrome, Brave and Microsoft Edge web browsers. Phantom's iOS and Android mobile apps do not currently support this integration, but the company plans to bring this feature to its mobile apps soon.
It is important to note that last year, some 8,000 Solana hot wallets were hacked for an estimated loss of about $8 million. Phantom, then a fast-growing Solana wallet, said at the time that it wasn't a “Phantom-specific issue” but the hack did affect Phantom wallet users.
Phantom Wallet Review: Top Features
Token Swaps in the Phantom Wallet
Phantom launched its in-app token swapper in June 2021 and recorded over $1 billion in swap volume by October of that year. As it currently stands, in-app swaps are available for EVM chains. Phantom has a built-in swapper system, which aggregates liquidity from multiple decentralized exchanges or DEXes.