Solana is a top-level crypto network in the decentralized web, competing with other extensive blockchain networks, including Ethereum. The network works on par with Phantom as its digital wallet to enable users to access its functionality fully. Hence, crypto traders and holders can store, receive, and transfer their holdings at low prices. This article describes the Phantom wallet and its system of operation.
What Is a Phantom Wallet?
A phantom wallet is a cryptographic software that provides token deposit, withdrawal, and storage on the Solana blockchain. The wallet works well on mobile devices and computers as a browser extension and application. Because it is native to Solana’s ecosystem, it is compatible with every blockchain existing within Solana’s ecosystem.
About Phantom Wallet
A phantom wallet is a crypto technology that allows Solana users to manage the private keys to their Decentralized Finance projects existing within Solana’s ecosystem. While the wallet is built to support Solana-based tokens and contracts, it periodically receives security auditing from Kudelski Security. Based on its connectivity, a Phantom wallet is a hot wallet. It is because it can access the Internet whenever needed, especially with Solana-based decentralized applications.
While the Solana-based wallet is regarded as a soft crypto wallet due to its installation properties, it functions as a self-custody wallet because it gives its users sole ownership of their funds and keys.
How Phantom Wallet Works
The phantom wallet has a secure system of design, such that it preserves every account from intruders and keeps the owner from performing unintended actions. It provides every wallet with unique private keys and allows them to be stored on their host devices. While it can be accessed as a mobile application, it also works efficiently as a browser plugin for exchanging and swapping crypto holdings.
The wallet provider works similarly to other blockchain ecosystems like Ethereum and Binance Smart Chain, making users pay for transaction charges in SOL. Note that SOL is the native token of Solana’s network.
The Solana-based wallet does not charge high fees on transactions. It charges as low as 0.85% on all financial activities.
The Basic Features of Phantom Wallet
The phantom wallet has all the main features to navigate the Solana ecosystem. They include:
Token Swap: Phantom wallet has an in-built DEX that allows you to securely swap token at a moderate rate.
Non-custodial: No one ever has custody of either your data or funds.
SOL Staking: You are entitled to rewards for staking inside the Phantom wallet.
Ledger Support: You can securely connect your Crypto wallet to the Phantom wallet.
NFTs and collectibles: The technology ensures that your NFTs look awesome.
How To Withdraw and Deposit Funds In Your Phantom Wallet
Before proceeding to withdraw and deposit funds in your wallet, note that the wallet cannot allow you to fund from your bank directly. The only way to fund your wallet is to receive stablecoins ( BUSD, TUSD, etc.) or Solana from exchanges (Binance, FTX, etc.).
To do this, you must have a stablecoin or Solana in your exchange account. If you don’t have any, you can do either of the following:
- Swap your existing coins for a stablecoin or Solana
- Fund your exchange wallet with fiat currency from your bank and convert it to a stablecoin or Solana.
- Perform a P2P transaction with another user on that exchange.
Once funded, open your Phantom app or extension and get your public address. You can do this by tapping the “Phantom wallet” function at the top-right angle of the interface and clicking the “Deposit” option. After clicking, search for Solana or the stablecoin you want to receive and copy the address.
Head to your exchange’s wallet and tap on the coin you want to move. Click the “Send” option and enter the hash string you got from Phantom. Once sent, you will need to approve the transaction through an email or SMS. The whole process should not take beyond 9 minutes.
This process is similar to withdrawing funds from Phantom. You need to move it to an exchange, convert it into a stablecoin (if it’s not a stablecoin), and swap it for fiat before sending it to your fiat bank. Although, in this case, we advise that you convert your holding into a stable coin before sending it to your exchange because of high gas costs.
How Does Phantom Wallet Work?
The phantom wallet works as a mobile application and a web browser plugin. It provides users with the ability to send, stake, swap, and receive their crypto holdings with minimal fees. The wallet also gives them complete control over their assets.
How Do I Get Money Out Of My Phantom Wallet?
Getting your money out of your Phantom wallet is as easy as sending the token to exchange and converting it to fiat currency. From there, you send it to your bank account.
What Network Does Phantom Wallet Use?
The phantom wallet is built for Solana’s ecosystem. Hence it functions by Solana’s network.
Can I Deposit BTC To Phantom Wallet?
No, you cannot deposit BTC to Phantom wallet. The reason is that the asset-holding platform is designed for Solana-based cryptos.
Is Phantom Wallet Safe?
The phantom wallet is safe because it is non-custodial, such that every wallet’s private key is created, encrypted, and stored remotely on each device. Even the developers cannot access any user’s wallet.
Can You Transfer From Phantom Wallet To Coinbase?
Transferring from Phantom to Coinbase is easy. Just input your public key from Coinbase on Phantom and send as much as you can.
How Long Does It Take To Transfer To Phantom Wallet?
The time it takes to transfer assets to a Phantom wallet differs. However, it usually takes some minutes and rarely a few hours or days. Transactions that take many hours or days should be reported to Phantom’s customer support.
How Do I Withdraw Solana From Binance To Phantom?
You can withdraw Solana from Binance to Phantom using these steps:
- Login to your Phantom account and copy your Solana address.
- Open your Binance mobile app and find Solana.
- Tap the “Withdraw” icon and paste your Phantom address.
- Input your send amount, withdraw, and confirm the verification code.
Does Phantom Wallet Support ETH?
While Phantom is designed for the Solana ecosystem, it is also built to support Ethereum’s network. This implies that the wallet keeps ETH.
Does Phantom Wallet Support TRC20?
Phantom wallet only supports Solana and Ethereum-based projects. Hence, it can neither work with TRC20 nor other TRC-based tokens.
Does Phantom Support The ERC20 Version of USDT?
Although Phantom is designed to support the Ethereum blockchain, it does not work with the ERC20 version.
Conclusion
The phantom wallet is a digital wallet tied to the Solana network. It is safe and interactive for users. While it works primarily with Solana’s ecosystem, it also supports Ethereum’s ecosystem and is integrating some Ethereum programs for full compatibility. In many cases, it is seen as Ethereum’s MetaMask.
