Phantom Wallet is a non-custodial Web3.0 wallet designed for the Solana blockchain, one of the rising competitors to Ethereum. Phantom Wallet offers a range of features similar to what MetaMask provides for the Ethereum blockchain. It serves as a browser-based crypto wallet that enables users to interact with Solana applications and conduct transactions directly from the wallet’s interface.
Phantom Wallet is designed to facilitate the use of decentralized applications (DApps), allowing users to transfer crypto assets freely between their wallet and the Solana DApps. For example, gamers can use Phantom Wallet to play blockchain games, claim their in-game tokens, and then use the same wallet to connect to decentralized exchanges, such as Raydium, to exchange those tokens for fiat money or any other Solana-supported tokens.
Here are some of the key features of Phantom Wallet:
- Built-in exchange: Phantom Wallet includes a built-in decentralized exchange that allows users to instantly swap Solana-based tokens directly from within their wallets. The swap interface is similar to the one on the MetaMask wallet, and it displays the swap rate, slippage tolerance, and estimated fee when making swaps.
- NFT compatibility: Phantom Wallet supports NFT collectibles from the Solana blockchain. The wallet has a feature that automatically groups similar NFTs to make it easier to access.
- Crypto staking capabilities: Phantom Wallet enables users to stake Solana (SOL) crypto and receive rewards. While the wallet doesn’t offer built-in staking options, it connects investors to validators that receive the stake and pay the rewards.
- Hardware wallet connection: Phantom Wallet allows you to connect to Ledger, a popular hardware wallet. This means that your tokens will always be safe on your hardware device.
- Web3.0 support: Phantom Wallet supports Web3, the decentralized internet, combining the power of blockchain technology and the internet to allow decentralized applications (DApps).
While Phantom Wallet offers multiple features that users enjoy, it’s worth noting that it is primarily focused on the Solana ecosystem and doesn’t support other networks as of now. Future updates may include support for Ethereum and ERC-20 tokens, more markets on the Phantom Swap feature, and multi-chain support.