Phantom wallet extension

Phantom Wallet Guide: How to Use the Phantom Wallet for Solana and Ethereum

Phantom Wallet is a popular non-custodial wallet primarily designed for the Solana blockchain. It also supports Ethereum and ERC-20 tokens, allowing users to securely store, send, receive, and swap cryptocurrencies.

This guide will walk you through the process of setting up, using, and securing your Phantom Wallet for both Solana and Ethereum-based assets.

Step 1: Install Phantom Wallet

Option 1: Install Phantom Wallet Extension (Browser)

  1. Visit Phantom's Website:
  • Go to Phantom's official website or directly to the browser extension page on Chrome Web Store, Firefox Add-ons, or Microsoft Edge.
  1. Add Phantom Wallet Extension:
  • Click "Add to Chrome" (or the corresponding browser) and follow the installation prompts to add the Phantom extension to your browser.
  1. Pin Phantom to Your Browser:
  • Once installed, pin the Phantom wallet extension to your browser for easy access by clicking the extension icon in your browser toolbar.

Option 2: Install Phantom Mobile App

  1. Download the Phantom App:
  • Visit the App Store (for iOS) or Google Play Store (for Android) and search for "Phantom Wallet."
  • Download and install the Phantom app to your mobile device.

Step 2: Set Up Your Phantom Wallet

Create a New Wallet

  1. Open Phantom Wallet:
  • After installation, click on the Phantom icon (browser extension) or open the app on your mobile device.
  1. Create New Wallet:
  • Click "Create New Wallet" to start the wallet setup process.
  1. Backup Your Recovery Seed:
  • Phantom will generate a 12-word recovery phrase for you. This is your wallet’s backup and should be written down on paper and stored securely offline.
  • Never store your recovery phrase digitally or share it with anyone.
  1. Set a Password:
  • Set a strong password to protect your wallet. This password will be used to unlock your wallet for regular use (in addition to your recovery phrase if you need to restore your wallet).

Restore an Existing Wallet

If you already have a Phantom wallet (e.g., created on another device), you can restore it by selecting the "Restore Wallet" option and entering your 12-word recovery phrase.

Step 3: Add and Manage Solana and Ethereum Accounts

Phantom Wallet supports Solana and Ethereum networks, including Solana-native tokens (like $SOL) and ERC-20 tokens.

Add Solana Account:

  • By default, Phantom creates a Solana wallet when you set it up. You can start using it immediately to store, send, or receive Solana (SOL) and Solana-based tokens.

Add Ethereum Account:

  1. Connect Ethereum Account:
  • To manage Ethereum and ERC-20 tokens, go to the Settings in Phantom and enable the Ethereum network.
  • Phantom will generate an Ethereum account for you automatically within the same wallet.

Step 4: Send and Receive Cryptocurrencies

Send Cryptocurrencies

  1. Select the Account:
  • Choose either Solana or Ethereum from the wallet’s main screen.
  1. Send Coins:
  • Click "Send", and then enter the recipient's address (Solana or Ethereum address).
  • Enter the amount of cryptocurrency to send.
  • Review the transaction details (network, fees, etc.) and click "Send".
  • Confirm the transaction using your password (for browser) or biometric authentication (for mobile).

Receive Cryptocurrencies

  1. Get Your Wallet Address:
  • Click "Receive" in the Phantom Wallet interface for either Solana or Ethereum.
  • Your wallet address will be displayed as a QR code and an alphanumeric address.
  1. Share the Address:
  • You can share this address with anyone to receive Solana (SOL), Ethereum (ETH), or tokens.

Step 5: Swap Tokens

Phantom Wallet integrates with decentralized exchanges (DEX) and offers the ability to swap tokens directly within the app.

  1. Go to the Swap Tab:
  • In the Phantom Wallet interface, click the "Swap" button.
  1. Choose Tokens to Swap:
  • Select the token you want to swap from (e.g., Solana) and the token you want to swap to (e.g., USDC, ETH).
  1. Adjust the Amount:
  • Enter the amount of the token you wish to swap. The app will show you the equivalent amount in the other token, including estimated transaction fees.
  1. Confirm the Swap:
  • Review the transaction details and click "Swap".
  • Approve the transaction and wait for the swap to complete.

Step 6: Add Custom Tokens

You can also add custom tokens to your Phantom wallet if they are not automatically recognized.

  1. Go to the "Add Token" Option:
  • In the wallet, click the "Add Token" option.
  1. Enter Token Details:
  • Input the token’s contract address (you can find this on token listing sites like CoinMarketCap or CoinGecko).
  • Phantom will automatically fetch the token’s details, including name, symbol, and decimals.
  1. Add the Token:
  • Click "Add Token" to include it in your wallet’s token list.

Step 7: Managing Security

  1. Backup Your Recovery Phrase:
  • Your recovery phrase is the key to your wallet. Never share it with anyone. Store it offline in a safe, secure location.
  1. Password Protection:
  • Set a strong password that is hard to guess. Use this to access your wallet on your browser or mobile device.
  1. Two-Factor Authentication (2FA):
  • While Phantom Wallet does not offer 2FA, you can integrate additional security by using hardware wallets like Ledger or Trezor for more protection.

Step 8: Use Phantom Wallet with dApps (Decentralized Apps)

Phantom Wallet allows you to interact with dApps on both Solana and Ethereum networks.

  1. Connect Phantom Wallet to a dApp:
  • Visit a supported dApp (such as a decentralized exchange or NFT marketplace).
  • Click on the Connect Wallet option on the dApp.
  • Select Phantom as your wallet and confirm the connection.
  1. Sign Transactions:
  • When you initiate a transaction (e.g., trading tokens, minting NFTs), Phantom Wallet will ask you to confirm the transaction via the wallet interface.
  • Approve the transaction and wait for it to process.

Conclusion

Phantom Wallet is an easy-to-use and secure solution for managing Solana and Ethereum assets, with robust features such as token swapping, interacting with dApps, and supporting custom tokens. By following this guide, you can confidently set up and use Phantom Wallet to send, receive, swap, and store cryptocurrencies safely.