Phantom is a crypto wallet that is used to store, send, receive, stake, and swap tokens on the Solana blockchain. Phantom is like MetaMask for Solana, making using Defi and NFTs a simple process for everyone. Here's how it works.
You may have heard of Ethereum, a network infrastructure that recreates banking functions without banks. Instead, Ethereum uses smart contracts. Solana provides the same service, only better—super low fees, and greatly faster transactions.
However, because these blockchain networks stand apart, each uses different crypto wallets. The best wallet to use with Solana is Phantom. Effectively, this wallet is your starting point for interacting with Solana, the so-called Ethereum-killer.
Phantom, the native wallet of Solana, reached the 1 million+ active user mark on October 2021.
Phantom Technologies, Inc. raised $9 million from a16z, Variant, Jump Capital, and Defi Alliance. The company said that they will be using this fund to expand staff, develop new features, and expand to other blockchains; it already supports Ethereum blockchain.
According to Brandon Millman, the CEO and Co-founder of Phantom, Phantom Wallet will be a multi-chain wallet in the upcoming future.
In this guide, We have covered everything from, how to install a phantom wallet, to setting up your phantom wallet in a chrome browser to launching your phantom wallet.
There are many ways we can divide crypto wallets. For example, we can divide them by connectivity (cold vs. hot), by platform (hardware vs. software), or by ownership of your private key (custodial vs. non-custodial). Phantom wallet falls into the hot, software, non-custodial category, meaning the following: