You may have heard of Ethereum, a network infrastructure that recreates banking functions without a bank. Instead, Ethereum uses smart contracts. Solana offers the same service, but better service. In short, transactions are significantly faster at very low rates.
However, because these blockchain networks are independent, each uses a different crypto wallet. The best wallet to use with Solana is Phantom. In effect, this wallet is the starting point for interacting with Solana, the so-called Ethereum killer.
Phantom: Solana crypto trading in a web browser
There are many ways to split a crypto wallet. For example, you can split them by connectivity (Cold vs hot), By platform (Hardware and software) Or by ownership of the private key (Custodian vs. non-custodian). Phantom wallets fall into the hot, software, and unmanaged categories. That means:
- Non-administrator It means that you did not give ownership of the wallet’s private key to a third party. For example, if you create an account with a crypto exchange, this is a storage wallet. It’s useful for fast crypto transactions, but giving your company a long-term private key isn’t a big deal. As is often said in cryptography, “it’s not your key, it’s not your coin.”
- software A wallet means that Phantom is an app that is installed on your computer as a browser extension.
- hot This means that you can always connect to the internet. More precisely, use the DApps available in the Solana ecosystem.
A mobile version of the phantom wallet will be available in 2022, but at the moment it’s desktop only and Download from here.. It supports all four major browsers: Chrome, Brave, Firefox and Edge.
Phantom wallet is like Solana’s MetaMask
The concept of crypto wallets that integrate into web browsers is quite new Ethereum MetaMask..
Phantom Wallet is Solana’s answer to MetaMask as part of Web 3.0. Web 3.0 seeks to bridge the decentralized nature of Web 1.0, where people and businesses had their own websites, with the latest features and interactiveness of Web 2.0. For illustration, go to the Solana ecosystem of hundreds of DApps, launch the blockchain game Aliens vs. People, and you’ll see an option to connect your Phantom wallet in the upper right corner.
This is the essence of Web3.0. Connecting the DApp to the phantom gives you the freedom to move crypto assets between the two. For example, you can earn tokens by playing certain blockchain games. Tokens can be withdrawn to the Phantom Wallet.
You can then redeem these tokens for fiat money (USD) by launching another DApp, such as Raydium.this is Distributed exchange You can exchange tokens. Currently, the Phantom wallet supports SOL, USDT, USDC, Raydium (RAY), Serum (SRM), and all other utility tokens launched with Solana’s DApp.
How to raise or withdraw funds from your phantom wallet
You may have noticed that the US dollar is not listed in the list of supported currencies. This is because tokens cannot be exchanged directly. This is the sole purpose of stablecoins like USDT and USDC. They are worth the US dollar and are effectively tokenized fiat money. In other words, Stablecoin is a bridge between fiat money and cryptocurrencies.
This is how the bridge works. Suppose you want to buy an NFT from Solana art, the marketplace for Solana. There are many NFT collections available, but choose one from our new blockchain game, Aurora.
To Buy NFTFirst, you need to fund the Phantom Wallet.
-
Create a cryptocurrency exchange account such as FTX, Crypto.com, Gate.io, Binance.
-
Once confirmed, you can add funds (USD) to your account via your bank account / credit / debit card.
-
When you add USD to a crypto exchange, use it to buy USDC stablecoins. The value is equal to the transaction fee deducted.
-
Now, it’s a matter of sending the purchased USDC to the phantom. First, you need to get the address of your phantom wallet by clicking on the phantom wallet icon in the upper right corner. deposit..
-
Then type USDC in the search bar to get the address of that particular crypto asset. As you type, the prompt appears on the first line. Click.
-
And you go. The phantom wallet address arrives as both a QR code and a hash (alphanumerical string). Copy the hash.
-
With the cryptocurrency exchange account where you purchased USDC, go to Send Options and paste the copied address.
Depending on the cryptocurrency exchange account you use, you will need to confirm your transaction by SMS or email. This is the final step in adding money to your phantom wallet. Once received, you can exchange the USDC for any cryptocurrency supported by your wallet, such as the SOL required to purchase an NFT.
Similarly, if you want to withdraw money from your wallet, you must first exchange it for stablecoin, send it to a crypto exchange, lock it in and return it to fiat money, and withdraw it to your bank account. Of course, the process is reversed.
How to use SOL in a phantom wallet
SOL is Solana’s native cryptocurrency, much like ETH is for Ethereum. You can use SOL in hundreds of DApps to create and sell NFTs, pay for them, and more. In addition, you can bet SOL. What exactly does this mean?
Since Solana is a Proof of Stake (PoS) blockchain, it uses economical validators instead of miners (such as Bitcoin) to protect the network.
Therefore, if you fix (invest) SOL funds, you will provide valuable services. You will be rewarded as interest in exchange, just as you would when depositing money in a traditional bank. This is how a decentralized blockchain network operates, providing incentives and rewards.
Steaking SOL for passive gain is very easy. Click on the SOL balance in your phantom wallet[SOLの獲得を開始]Just click. Here, select the validator and the amount you want to bet, and confirm the selection with the “Bet” button.
You can also stake your own DApp tokens.For example, as mentioned above AuroraThe Play-to-Earn (P2E) Metaverse game offers a very generous benefit to staking AURY tokens. For locked staking, the APR (annual rate) is 30% to 115%. The latter means making funds unavailable for withdrawals for a specific period of time. As a result, your bottom line will increase significantly.
You can use the earned AURYs to return them to USDC, send them to your crypto exchange account, convert them to USD and return them to your bank account. Whether through P2E, trading or staking, there are countless opportunities to make money in the Solana ecosystem.
Phantom makes Solana easier to use
The Phantom Wallet is the gateway to Solana’s DApp. If you’ve never used Ethereum in MetaMask, you can count on yourself. The difference in transaction fees is very large, at $ 0.00025 per Solana transaction, compared to the hundreds of dollars on Ethereum.
Ethereum transaction fees are very likely to change in the future as the network completes the ETH 2.0 upgrade. Whatever happens, Solana is a heavily funded project with a market capitalization of $ 55.7 billion and a wide range of use cases provided by DApp. Therefore, if you are interested in crypto, metaverse, P2E, and NFT, Phantom is a must-have wallet.
Read next
About the author
