Solana has two main options when it comes to choosing a Solana native wallet, Phantom and Solflare. So which should you use? In this article we will look into them both and hopefully give you some insight on which is the better wallet to use.
Solflare vs Phantom Wallet
Phantom is perhaps the most popular of the two holding majority share in the Solana wallet. As the most popular and most used Solana wallet the majority of dApps built on Solana support the use of Phantom making it very easy to use.
In the first six months Phantom grew to 2 million users and has since had over 112 million SOL staked, $1.37 billion tokens swapped and over 55 million NFT, DeFi and app related transactions.
Phantom has recently branched out and added support for both Polygon and Ethereum which is a huge move and greatly broadens the scope that Phantom covers. This goes hand in hand very well with Solanas biggest NFT market Magic Eden also adding support for Ethereum based NFTs.
Another great benefit that Phantom has recently vocalized is the lack of IP tracking when making transactions. Metamask recently announced that all transactions made through their default RPC will track the IP of the transactions, this brought up a lot of questions about privacy and the centralization of Metamask.
Just a few days later Phantom announced that none of their transactions have ever traced and will ever trace the IP on the user. This is a great move by Phantom matched with their recent support of Ethereum and Polygon and could result in them taking some market share away from Metamask.
Is Phantom Wallet a Hot Wallet?
Yes Phantom is a hot wallet. Hot wallets are wallets connected to the internet often connected to DeFi protocols and NFT marketplaces.
Phantom is a non-custodial which means you own the private keys for it which is great however it is not what is called a cold wallet or an offline wallet such as a ledger.
Is Phantom Solana Wallet Safe?
Yes. Phantom is one of the most secure and safe wallets that the Solana ecosystem has. As I previously mentioned Phantom is a non-custodial wallet which means you own the private keys and have complete control over your wallet.
The biggest risk of using Phantom as a hot wallet is the potential for a security breach when connecting your wallet to dApps such as DeFi protocols and NFT marketplaces. Always be sure that the dApp you are connecting to is reputable and safe, a great cautionary step you can take is when connecting to say an NFT minting site you can use what is called a burner wallet which is not your main wallet and does not hold the majority of your assets.
The Phantom wallet itself has not had any major security breaches as of now which is a great sign of its security.
Solflare is the first Solana based wallet and is a non custodial wallet developed by Solana labs to host SPL based tokens and NFTs.
Solflare as well as Phantom offers a great mobile app experience for both Android and iOs. Solflare also offers a browser extension wallet similar to Phantom which is very useful when connecting to Solana based dApps.
As Solflare is the wallet recommended by Solana Labs and built by them majority of the dApps and NFT minting sites offer Solflare support making it a very convenient Solana wallet.
Solflare offers a wide range of built in features such as, staking, swaps, hardware wallet integration and NFT management. Solflare allows users to stake directly with a Solana validator of your choice allowing you to earn passive rewards and help the network perform and stay secure.
As Solflare is a hot wallet you can additionally connect it to your hardware wallet such as Ledger which adds an extra layer of security and allows you to view and transact to your cold hardware wallet right from your Solflare wallet.
As far as built in swaps go Solflare offers next to no fees when making swaps from within the wallet. Solflare offers swaps on a large range of SPL tokens making it very convenient being able to do this without leaving the Solflare wallet.
Is Solflare Good For NFTs?
Being on Solana chances are you are dabbling in NFTs meaning having a wallet which allows the management of Solana NFTs is crucial.
Solflare offers support to all Solana NFTs that use the Metaplex Standard. In your Solflare mobile and browser wallet you can view your NFTs, send and receive NFTs at will. With a nice NFT gallery the Solfalre wallet is perfect for viewing your NFTs.
Is Solflare Wallet Secure?
The Solflare wallet itself has not had any major security breaches apart from the wallet draining incident that happened earlier in the year which was not only targeting Solflare but a wide range of Solana based wallets that had been connected to a malicious protocol.
Due to Solflare being a hot wallet it is connected to the internet meaning there is always the risk of a hack through a malicious site that you may have connected your wallet to.
Best Solana Wallet?
Personally I really like Phantom for its usability and high level of support and community. Phantom has very much cemented itself as the go to wallet in the space and the team is constantly working on new features and improving the security.
Solflare is still a very solid Solana wallet and is the choice of thousands of users, with its clean UI and being built by Solana Labs themselves Solflare will be around for a while.