B4Bit
2023/12/29 04:44
Phantom – The Most Popular Choice
This non-custodial wallet is popular among SOL stakers due to its simplified staking process and user-friendly interface. This makes it a preferred choice for over half a million monthly users. It’s available as a web browser extension for Brave, Firefox, and Chrome — and it’s also available on mobile.
The mobile version is intuitive, allowing users to tab between their funds, non-fungible tokens (NFTs), swap functions, settings, and more. Phantom is a solid choice due to its beginner-friendly and straightforward interface.
However, that doesn’t mean the wallet is simplistic:
Storing: SOL, Solana NFTs, and SLP tokens (which mean Solana Program Library, a token standard for building fungible and on-fungible tokens using Solana smart contracts, similar to Ethereum’s ERC-20.)
Swapping: Phantom provides instant swaps with 0.85% transaction fees (keep in mind this is a flat fee) thanks to an integration with the Automated Market Maker (AMM) Raydium.
Staking SOL by selecting a validator to stake your tokens with. You can check out StakeView to determine which Solana validators offer the best APY estimates.
Cross-chain swapper: designed to bring liquidity from the Ethereum ecosystem, this feature supports all EVM tokens and bridges them to USDC, USDT, or DAI.
Cold wallet integration with Ledger.
The cons? As with everything, there are some drawbacks to Phantom as well.
Users have to spend a considerable time studying which validators to stake their tokens with. The most popular ones, while offering the highest APY, are often the most expensive.
Phantom key features summary:
Staking: yes
Swap: yes
Interface: mobile, browser extension
HD wallet integration: yes — Ledger
Other chains supported: Ethereum and Polygon
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