We cover the security, the UI, the features and whether you should be using Phantom or one of its competitors.
Phantom is a user-friendly browser based wallet for storing, sending, swapping and staking Solana based Tokens and NFTs.
Phantom Wallet Review
- Phantom has a high level of security
- Phantom supports both NFTs and tokens
- Phantom is the most used Solana wallet
Phantom has done dozens of upgrades to its user interface over time and it definitely shows. If you’ve been an Ethereum or Metamask user then Phantom will be a huge upgrade as far as UI goes.
With a sleek dark interface made for its user friendliness and simplicity Phantom takes the cake for cleanly designed browser wallets.
As a non-custodial wallet you own the private keys to your Phantom wallet so already the security is on the higher end. As a browser extension wallet however there is always the risk of malicious attacks and bugs through your browser.
Phantom was rumored to have had a major breach during the mass wallet draining that happened in the Solana ecosystem a few months back however this has since been debunked, a great sign for Phantom.
Another big security pro that Phantom offers is its capability to connect to the popular hardware wallet Ledger, this is a great way to add an extra layer of security to your wallet.
Phantom has a built-in swap feature which allows you to swap any SPL token with minimal fees and fast speeds.
Unless you’ve been living under a rock then you will have noticed Solanas booming NFT ecosystem. With projects surpassing some of the top Ethereum bluechips and the network performing more NFT transactions than even Ethereum the NFT space on Solana has been booming.
This is in a way thanks to Phantom and the NFt support that they offer. Unlike Metamask, in Phantom you can actually view your NFTs and all the metadata surrounding them. You can also send them as easily as sending a token.
One of the most popular DeFi activities to come out of crypto is staking. The ability to stake your tokens in a contract that helps the performance of the network while earning you passive rewards. Often a confusing process that scares away new users to the space Phantom makes staking very easy and understandable.
From within the Phantom browser wallet you can stake your SPL tokens with a validator that helps process transactions on Solana and keep the network secure, doing this you will be paid out a % return passively. A great way to store your tokens you plan to hold for a while.
Wondering if Phantom has its own native token you can buy and trade? Unfortunately at the time of writing this article it does not.
Similar to Metamask the Ethereum based wallet, Phantom does not currently have a native token. This isn’t to say that they won’t launch one in the future. Metamask has hinted at a native token $MASK dozens of times and the community is patiently waiting, so who knows maybe Phantom will do the same?
Now Phantom is not the only option if you are looking for a Solana based wallet to use. There are a small handful of other wallets that are worth looking into such as Slope and Solflare.
Both have been around a while and both have their pros and cons.