You never go shopping for something without carrying your wallet. Similarly, if you wish to buy tokens on the Solana blockchain, you need to make sure that you have a compatible wallet to make purchases on this network. And, when it comes to choosing a Solana compatible wallet, nothing could beat the efficiency of a Phantom wallet. Well, this wallet is pretty easy to use and you can definitely go ahead with using it whenever required. Although using this wallet is completely free, you need to make sure that you have already created and set up the wallet either by downloading its extension or by installing its app on your mobile phone.
What is a phantom wallet used for?
Well, a Phantom wallet is used for fulfilling varied crypto requirements. With this wallet by your side, sending, swapping,
phantom wallet staking, and receiving cryptos become easier for the users. However, this wallet can be used only for performing these actions on the Solana blockchain. Here, you just cannot work with crypto tokens, but also deal with NFTs, Defi, and more.
Traits of a phantom wallet
Now, the question is why should you choose only this wallet despite the availability of other wallet services. Well, the following points would help you understand this in a better way:
First of all, it has a very intuitive user interface that works great for beginners
Secondly, a non-custodial wallet that comes with the token swapping feature
Not just that, you can also swap tokens over it
Apart from this, the phantom wallet comes with the Ledger and Web3 support
By staking SOL over it, you are subject to get rewarded
After knowing this, it's time that you learn the procedure to set up a new Phantom wallet on your device. For the same purpose, we have listed the easy guidelines below.
A glance at creating a new Phantom wallet
Whether you own a mobile device or a PC, you can follow the given steps to get started with this wallet:
To begin with, open the official phantom website on your device
Next up, what you need to do is find and click that "Download" button
After this, you simply need to choose the download option according to your device type- desktop or mobile
Based on it, the phantom extension or the app would be added to your device
Now, open the extension or the app and then click on the option to set up a new wallet
Note down or copy the secret recovery phrase when it is shown to you
And then, set up a new Phantom wallet login password
Followed by this, you can set a keyboard shortcut and start using it
How to stake SOL through the Phantom wallet?
In order to stake Solana through your wallet, here are some easy guidelines that can be followed in order to do the same:
To begin, make sure you have set up the wallet
Next up, you need to deposit some SOL in your wallet
Now, click on the available SOL balance in your account
Thereafter, what you can do is find and choose the "Start earning SOL" button
Go through the list of validators you can choose to stake with
Followed by this, you can choose one of the desired validators from that list
Choose an amount for staking
And then, click on the "Stake" option to end the process
Conclusion:
As it is crystal clear from this read, you can easily work your way on the Solana blockchain network by using the Phantom wallet on your device. For this purpose, you can choose to go ahead with applying the directions that we have enlisted here.
