Key Features of Phantom Wallet
As of June 2022, Phantom Wallet supports receiving, sending, and swapping Solana and SPL tokens. However, the developers have announced plans to support additional blockchain networks in the future. Here are the key features of the Phantom Wallet:
- NFT Support: Users can collect non-fungible tokens (NFTs) created on the Solana network.
- Swapping Assets: Users can instantly swap crypto assets with a fee of 0.85% per transaction.
- Crypto Purchases with a Bank Card: Purchases are facilitated by Moonpay, although fiat sales were unavailable as of June 2022.
- Staking: Users can stake Solana (SOL) to earn annual rewards.
- DeFi Integration: Primarily used as a browser extension, Phantom allows easy access to various DeFi platforms.
- Biometric Authentication: Mobile users can log in using facial recognition or fingerprint scanning.
- Non-Custodial: Users retain control of their private keys, stored on their devices.
- Anonymity: No personal data is required to use the wallet; only a password is needed during registration.
The Development Team
The success of a project often depends on the competence of its team. According to Phantom’s official website, the team has experience working at companies like Twitter and Yelp. Since 2019, they’ve also been involved in building Ethereum-based applications. The leadership team includes:
- Brandon Millman, Co-Founder & CEO, formerly a Senior Engineer at Twitter.
- Chris Kalani, Co-Founder & CPO, previously worked on Matcha and 0x.
- Francesco Agosti, Co-Founder & CTO, a former Senior Engineer at Yelp.
History of Phantom Wallet
Phantom Wallet was launched in 2021, raising $9 million in its first funding round, led by Variant Fund, JumpCapital, and Solana Foundation. The funds were used to expand the team and develop new features. In early 2022, a second funding round raised $109 million, led by Paradigm, with investments from a16z, Solana, and others. The focus is on accelerating growth within the Solana Web 3.0 ecosystem and supporting additional blockchains.
Supported Cryptocurrencies
Initially designed for Solana and SPL tokens, Phantom plans to add more cryptocurrencies in the future. As of June 2022, the wallet supports the following tokens:
- Solana (SOL)
- Raydium (RAY)
- Serum (SRM)
- USDT
- USDC
Security Features
Phantom Wallet is non-custodial, meaning users control their private keys. The platform underwent an audit by Kudelski Security, and the results are available in a 33-page report. Additionally, Phantom launched a Bug Bounty program offering rewards from $2,000 to $50,000 for discovering vulnerabilities.
Phantom Wallet Accessibility
Phantom Wallet does not have dedicated desktop versions for Windows, macOS, or Linux. Instead, it’s available as a browser extension for Chrome, Edge, Brave, and Firefox. In early 2022, mobile apps for iOS and Android were released, available in the AppStore and GooglePlay.
Staking
Phantom allows users to stake Solana directly through the wallet, offering an easy way to earn passive income. Users can choose validators and start staking with a few simple steps.
How to Download and Use Phantom Wallet
Mobile App
- Go to the AppStore or GooglePlay.
- Search for “Phantom Wallet” and verify that the developer is “Phantom Technologies Incorporated.”
- Download and install the app.
- Open the app and follow the steps to create or import a wallet.
Browser Extension
- Open Chrome, Brave, Edge, or Firefox.
- Go to the browser’s extension store and search for “Phantom Wallet.”
- Add the extension to your browser.
- Set up your wallet by creating an account and securing your private keys.
Conclusion
Phantom Wallet stands out as a solid choice for users within the Solana ecosystem, offering seamless integration with DeFi platforms and NFT collections. Its browser and mobile versions provide flexibility, and features like staking and swapping make it a versatile tool for managing crypto assets. With plans for expanding to other blockchains, Phantom Wallet has strong potential for continued growth.
