Suppose you want to purchase, stake, or hold Solana tokens. How would you go about it? Where would you store it?
Let’s find out more about Solana wallets, how they work and their benefits and drawbacks.
Does Solana Have A Wallet?
Solana is compatible with multiple wallets, including Phantom and Trust Wallet.
That said, we need to distinguish between wallets that support tokens built on the Solana blockchain and those that support the SOL token.
As a blockchain looking to solve the interoperability problem, Solana offers its users services that facilitate secure transactions. The primary use of Solana wallets is to send, receive, swap, collect or store tokens within the Solana blockchain.
Several wallets serve over one use and you will find wallets fused with different app functionalities, such as gaming, sports, marketplace, banking, DeFi, and Multi-chain.
You can find a Solana wallet running on mobile applications or several browsers. However, the mobile version is still in the development stages.
There is an advanced wallet section for developers and advanced users. If you’re looking to custom-make your wallet or adjust any setting prior to launching your wallet, then go for the command-line wallets.
Learn more: Is Solana A Layer 1 Or 2?
What Wallet Does Solana Use?
There is no native wallet for the Solana blockchain, although they recommend the Phantom wallet on their website. Solana still hosts an array of wallets for network participants to transact both within and without the network.
With more adoption of blockchain connectivity, the Solana network seeks to make the most secure and scalable apps within them, wallets.
Here are the top wallets used on the Solana network:
- Math Wallet
- Ledger Wallet
- Atomic Wallet
- Exodus Wallet
Learn more: Is Solana Multichain?
What Hard Wallet Supports Solana?
As of this writing, the Solana CLI only supports the Ledger Nano S and Ledger Nano X hard wallets. These two wallets are excellent examples of command-line wallets.
To use Ledger Nano hard wallets, you need to set up and link them to your Solana application and install the command-line tools.
Here is how to use a Ledger Nano:
- Close the active ledger app.
- Insert your Nano device to your computer via USB port.
- Key in your security pin.
- Start the Solana App on the Nano.
- Wait for your computer screen to display “Application is ready”
You can use the command-line tools to do the following;
- View your Wallet ID
- See your Wallet Addresses
- Check your Wallet Balance
- Move SOL from your Nano
- You can control several Hard wallets
- Carry out troubleshooting on your wallet
Is Phantom A Solana Wallet?
Yes. Phantom is a wallet built on the Solana blockchain.
Phantom is a non-custodial crypto wallet built on the Solana blockchain. The wallet lets users manage their assets and control transactions with no central control unit.
It can work as a mobile app on both iOS and Android or you can access it through Brave, Edge, Firefox, and Chrome browsers.
It also offers an easy-to-use interface and packs vast features for maximum benefits. Here are the primary uses of Phantom wallet:
- Ledger integration – Phantom boosts the security of your SOL investment by integrating with a hard wallet.
- Host SPL tokens that Solana participants use in DeFi apps.
- Stake your SOL in minutes by choosing a validator to hold your tokens.
- Swap tokens – You can change tokens with the app and enjoy Solana’s low gas and transaction fees.
- Store NFTs independent of other assets in your wallet.
What Are The Pros Of Phantom?
Low fees and speedy swaps
Phantom supports the interchange of tokens across the blockchain with ease and affordable fees. Low fees attract more crypto investors to stake more SOL. Also, it helps investors transfer different tokens and own SOL without directly buying SOL.
User-friendly interface and multi-featured
Phantom gives you a straightforward interface. You don’t need to be tech-savvy to use a Phantom wallet. Also, you can merge Phantom with most of the other dApps and services built on the Solana ecosystem.
Phantom employs several tactics to ensure your investment is safe from theft. It’s non-custodial and allows you to determine how you store and access your private keys before any transactions. It also offers integration to hardware wallets for use with command-line tools.
Unlike traditional wallets, Phantom understands the need for privacy. Blockchain technology focuses on being permissionless and trustless. So, your information is safe with Phantom.
Upcoming swap option for Ethereum
Creating a swap option for Ethereum by Solana’s development team will lead to broader adoption of Solana as an ecosystem.
What Are The Cons Of Phantom?
Despite tremendous growth in cryptocurrency adoption, very few investors and users use dApps and services. Currently, only 2 million users use Phantom out of millions who own cryptocurrencies.
Ongoing mobile development
Although you can access the wallet on web browsers, a seamless mobile app might attract more users.
Incompatibility with other blockchains
Built on the Solana blockchain, Phantom can only work within the network. To use it on a different blockchain would mean developers have to rewrite the entire code.
Best Wallets To Use For Solana:
As stated above, Phantom is a popular wallet in the Solana ecosystem. It’s among the first wallets offering a service that has no central command of how you transact on your crypto wallet. It comes with many features and excellent security features.
Also, up to now, it’s the most used wallet on the Solana blockchain, with over 2.1 million users.
Holding ties with Phantom, Solflare is also a native wallet in the Solana ecosystem. Created by the Solana Labs, it offers similar features and advantages as Phantom. It lets users access it via browsers, web applications, and a browser extension.
You can store collectibles and NFTs, stake your SOL, and swap tokens within the same application.
- It matches Phantom capabilities.
- The Solrise investment platform integration will let investors manage their funds with the wallet.
- It uses a 24-word phrase, unlike the 12-word for Phantom.
- It works well with Discord.
- It subjects users to more transaction fees because of incomplete staking functionalities. You can’t stake all your tokens at once.
Sollet is a project of the Project Serum DEX. The primary purpose of Sollet was to make it easy to use Solana with decentralized exchanges.
- Excellent for developers and experienced users
- Works well with DeXes
- Can hold ERC-20 tokens
- It offers a 24-word security phrase.
- Limited to a browser extension
- Complex for beginners
With any of these wallets, you can securely store SOL, stake it, and exchange it for other tokens. Phantom is an excellent option, but that doesn’t disqualify Sollet, Exodus and other wallets.