What is and how to use Phantom

In this article, you will learn What is and how to use Phantom.
Phantom is a decentralized cryptocurrency wallet on the SOLANA network that exists as a browser extension. You can install this extension in Chrome and Firefox. It is necessary to interact with decentralized exchanges, to connect to various applications and games. This article describes step-by-step instructions for installing, registering and using the main functions of this wallet.

1. How to install Phantom

To install, you need to go to the extension store of your browser, find in the search and install Phantom. Or use the direct links for Chrome and Firefox.

2. Creating a new wallet

After installing the extension, you need to create a new account, the procedure is similar to creating a Metamask wallet (for detailed information, see the link “What is Metamask and how to use it“). To do this, click the “Create a new wallet” button.

Creating a new wallet

The next step is to come up with a password and write it twice.

Creating a password

Write a secret phrase for yourself. This phrase is VERY important. As it serves to restore access to your profile. Thanks to it, you can also download the application to your mobile phone and import it. You can use this wallet. To import a phrase, you only need to select the “I already have account” item in the previous step and insert your 12-word phrase.

Saving a passphrase

Unlike Metamask, you don’t need to confirm the phrase, which is why your wallet is created. To check, you can click on the extension and see the window of this wallet.

View of the newly created wallet

3. Sending or receiving cryptocurrency

To send cryptocurrency from this wallet, you need to select “Send”.

How to send crypto from the Phantom wallet

Next, choose a cryptocurrency to send

Choosing a cryptocurrency to send

After selecting the currency, enter the shipping address and amount. The address can be any other wallet on the Solana network. This can be just another Phantom wallet, or an address IN THE SOLANA NETWORK on any exchange that supports this network (all popular exchanges support Solana).

Specifying data to send

After specifying all parameters, click the “Next” button and the last step is to confirm the transaction.

Transaction confirmation

4. Transactions

As in Metamask, transactions are used to perform any transactions with accounts, coins or NFTs. Unlike other blockchains, the Solana network fee is very low, it can be as low as $0.001 or even less. That is, in fact, in this wallet, you should not worry too much about the money for the commission. potentially 1$ will last a long time.

5. Working with NFT

The advantages of this wallet also include working with NFT directly in the wallet, namely in the second tab highlighted by a yellow line. Here you can see exactly which NFTs you currently have in your wallet, from which project, in what quantities and other information. You can also click on a specific NFT to send it to another account.

Tab with NFT

6. Useful information about functions

A nice bonus in the wallet is the ability to exchange currency directly in the wallet (though not always the best exchange rate). To do this, you need to select the third tab, select the desired currencies and specify the exchange amount, if you want to change the entire slippage. Slippage – This is the percentage deviation of the price at the time of exchange. That is, if you exchange a large amount, for example, more than $ 100,000 at the same time in a rather unpopular currency. Then your one-time transaction can greatly fluctuate the price of this currency. So this parameter allows you not to execute your transaction if the price changes by more than 1% (or whatever you specify) from the initial price.

Exchange in the wallet

in the fourth tab, the history of operations and transactions in your wallet is available for viewing.

Transaction history

The last section in the wallet is the section with settings, here you can choose:

  • interface language;
  • save addresses to which you often send currency;
  • check which applications you have granted access to and, if necessary, cancel it (trusted applications);
  • change password;
  • change the auto-blocking timer (by default every 15 minutes, if you are inactive the wallet is blocked and you need to enter the password again, so set the time frame you need depending on security and needs.)
  • change the network (you can choose a testnet network, essentially for testers of newly created crypto services).
  • you can export your passphrase or reset it.
Settings + auto-lock option

Today you learned what and how to use Phantom, a wallet on the Solana network. We got acquainted with its main capabilities and functions, as well as settings. This instruction can be used many times, because you can create many such wallets, since there are no restrictions.

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