Phantom wallet guide

What is Phantom Wallet?

Phantom wallet is a non-custodial cryptocurrency wallet specifically designed for the Solana blockchain. It enables users to store, send, receive, and interact with decentralized applications (dApps) on the Solana network. Phantom provides a user-friendly interface, making it accessible for both beginners and experienced users. Unlike custodial wallets, Phantom does not hold your private keys; instead, you retain full control over your assets. This ensures enhanced security and autonomy.

The wallet supports browser extensions for Chrome, Firefox, and Brave, and also offers a mobile app for iOS and Android devices. Users can seamlessly connect Phantom to various dApps such as Serum, Raydium, and Orca to trade tokens, stake SOL, or participate in NFT marketplaces.

How to Install Phantom Wallet

To begin using Phantom wallet, follow these steps:

• Visit the official website at phantom.app.
• Click on the 'Download' button.
• Select your preferred browser extension (Chrome, Firefox, or Brave).
• Add the extension to your browser.
• Once installed, click on the Phantom icon in your browser toolbar to launch the setup.

During installation, ensure that you're downloading from the authentic source to avoid phishing attempts. Always verify the URL before proceeding with any download.

Setting Up Your Phantom Wallet

After installing the extension, setting up your wallet involves several important steps:

• Click on 'Create New Wallet' if you don’t already have one.
• Choose a strong password and confirm it.
• Write down your 12-word recovery phrase in the correct order.
• Confirm the recovery phrase by selecting words in sequence.
• Complete the setup process and access your new wallet.

It's crucial to store your recovery phrase securely, preferably offline. Never share it with anyone, and avoid storing it digitally to prevent unauthorized access.

Connecting Phantom Wallet to dApps

One of Phantom’s key features is its ability to integrate with various decentralized applications. Here's how to connect it:

• Open the dApp you wish to use (e.g., Raydium or Orca).
• Look for a 'Connect Wallet' button, usually located in the top-right corner.
• From the list of available wallets, select Phantom.
• A pop-up will appear; click 'Connect' to authorize the connection.
• You are now connected and can interact with the dApp using your Phantom wallet.

Once connected, you can perform actions like swapping tokens, staking, or participating in governance depending on the dApp’s functionality. Ensure you only connect to trusted platforms to safeguard your funds.

Sending and Receiving SOL and Tokens

Phantom allows seamless transactions across the Solana ecosystem. Here’s how to send and receive SOL or SPL tokens:

• To receive, click on the wallet address displayed under your account and copy it.
• Share this address with the sender to receive funds.
• To send, click on 'Send', paste the recipient’s address, enter the amount, and confirm the transaction.

Always double-check addresses before sending funds. Sending to an incorrect address may result in irreversible loss of assets. Also, keep a small amount of SOL in your wallet to cover transaction fees on the Solana network.

Staking SOL Using Phantom Wallet

Phantom enables users to stake their SOL directly through the wallet interface. Staking helps secure the Solana network and rewards users with additional SOL. Here’s how to stake:

• Click on the 'Stake' tab within your wallet.
• Choose a validator to delegate your SOL.
• Enter the amount of SOL you want to stake.
• Review and confirm the transaction.

You can unstake your SOL anytime, but there may be a cooldown period before the funds become liquid again. Be mindful of slashing risks associated with certain validators, which could impact your staked balance.

Backing Up and Recovering Your Phantom Wallet

Maintaining backups of your wallet is essential for fund recovery in case of device loss or failure:

• Locate your 12-word recovery phrase created during setup.
• Store it in a safe, offline location.
• If switching devices or reinstalling the wallet, select 'Import Wallet' and enter your recovery phrase.

Never expose your recovery phrase online or store it on unsecured devices. Phantom cannot recover your wallet if you lose your recovery phrase or password.

Frequently Asked Questions

Q: Is Phantom Wallet free to use?Yes, Phantom Wallet is completely free. There are no subscription fees or charges for basic wallet operations like sending, receiving, or staking SOL.

Q: Can I use Phantom Wallet on multiple devices?Yes, you can import your wallet using the 12-word recovery phrase on multiple devices. However, always ensure the recovery phrase remains secure and never shared.

Q: Does Phantom support Ethereum-based tokens?No, Phantom currently only supports the Solana blockchain and SPL tokens. It does not support Ethereum or ERC-20 tokens.

Q: How do I disconnect Phantom from a dApp?To disconnect, open the Phantom extension, go to the connected sites section, and click 'Disconnect' next to the dApp you wish to remove access from.