Source: Cointelegraph Original: "{title}"
Key Points
Phantom wallet is a multi-chain, non-custodial wallet originally built for Solana, but now supports Ethereum, Polygon, Bitcoin, and other networks, making it a versatile choice for crypto users.
It offers built-in features such as token swapping, staking, and NFT management.
Security features include encryption, biometric authentication, and hardware wallet integration, but users must safeguard their seed phrases to prevent unauthorized access.
Transaction fees vary by blockchain, with Solana being more cost-effective, while Ethereum fees fluctuate based on network congestion; Phantom automatically helps optimize gas costs.
If you manage assets on Solana, you’ve likely heard of Phantom wallet—it’s the preferred choice for many users. Over the years, it has expanded beyond Solana and now supports Ethereum, Polygon, and even Bitcoin blockchains, making it a multifunctional multi-chain wallet.
Whether you are a decentralized finance (DeFi) enthusiast, a non-fungible token (NFT) collector, or just starting with cryptocurrency, Phantom provides the tools and security you need—all packaged in an intuitive interface.
This article will guide you through everything you need to know about Phantom wallet, from setup to advanced features.
What is Phantom Wallet?
Phantom wallet is a non-custodial cryptocurrency wallet that has become a cornerstone of the Solana ecosystem, providing users with a platform to manage digital assets. In addition to basic functions like storing, sending, and receiving tokens, Phantom also enables users to stake Solana tokens, interact seamlessly with decentralized applications (DApps), and manage NFTs.
As of January 2025, Phantom has shown impressive data in the crypto ecosystem:
User Base: Over 15 million monthly active users.
Transaction Volume: Facilitated $20 billion in annual swap volume, processing 850 million on-chain transactions—over 2 million daily!
Asset Management: Holds $25 billion in self-custodied assets within the wallet.
Phantom wallet was founded in January 2021 by a team of engineers, designers, and former founders, initially developed for the Solana blockchain. The leadership team includes co-founder and CEO Brandon Millman, co-founder and CTO Francesco Agosti, and co-founder and CPO Chris Kalani.
In January 2025, Phantom raised $150 million in a Series C funding round co-led by Sequoia Capital and Paradigm, achieving a valuation of $3 billion. This substantial investment highlights the platform's rapid growth and investor confidence in its future.
Key Features of Phantom Wallet
Phantom wallet is available on various devices, including desktop (browser extension) and mobile (iOS and Android apps). This cross-platform availability ensures users can seamlessly access their assets and interact with DApps, regardless of the device they use. Key features include:
User-Centric Interface: Phantom offers an intuitive and clear design, making it accessible for both beginners and experienced users. The wallet provides real-time token balances, transaction history, and market prices, allowing users to manage their assets effectively.
Multi-Chain Support: Phantom provides multi-chain compatibility (Solana, Ethereum, Bitcoin, Polygon, Base, Sui, etc.), enabling users to manage a diverse portfolio of digital assets within a single wallet interface.
Token Swapping and Bridging: Phantom has an integrated built-in swap feature that allows users to exchange one cryptocurrency for another directly within the wallet. Additionally, the wallet supports cross-chain swaps, enabling users to seamlessly bridge tokens between networks like Solana, Ethereum, Polygon, and Base.
NFT Management: Phantom offers robust support for NFTs, allowing users to store, view, and manage their NFT collections directly within the wallet. This feature simplifies interactions with NFT marketplaces and DApps.
Security Measures: The wallet employs advanced encryption technology to protect private keys and offers features like biometric authentication on mobile devices. Additionally, Phantom integrates with hardware wallets like Ledger, providing an extra layer of security by keeping private keys offline.
Staking Functionality: Phantom provides staking capabilities for SOL token holders. Users can delegate their SOL tokens to validators, participate in network operations, and earn staking rewards.
Popular Tokens and DEX Integration: In the wallet's "Explore" tab, users can view currently popular or high-volume featured tokens. Phantom also facilitates connections with major Solana decentralized exchanges (DEXs) like Jupiter and Raydium, allowing users to swap tokens directly through these platforms.
How to Set Up Phantom Wallet
Setting up Phantom wallet is a straightforward process that can be completed on desktop browsers and mobile devices.
Method 1: For Desktop Users
Step 1: Download the Browser Extension
Visit the official Phantom website phantom.com and select your preferred browser (Chrome, Firefox, Brave, or Edge).
Follow the instructions to add the Phantom extension to your browser.
Step 2: Create a New Wallet
After installation, open the extension and click "Create New Wallet."
Set a strong password to protect the wallet on your current device.
Step 3: Secure Your Seed Phrase
Phantom will generate a set of 12-word seed phrases.
Write down this set of words and store it securely offline. This set of words is crucial for recovering your wallet if you lose access to your device.
Step 4: Access Your Wallet
Once setup is complete, you can access your wallet by clicking the Phantom icon in the browser toolbar.
Method 2: For Mobile Users
Step 1: Download the App
Go to the Phantom website and select the app store suitable for your device (iOS or Android).
Download and install the Phantom app.
Step 2: Create a New Wallet
Open the app and click "Create New Wallet."
Enable device authentication methods like Face ID or fingerprint recognition for added security.
Step 3: Secure Your Seed Phrase
The app will provide a set of seed phrases.
Make sure to write it down and store it securely, as this is the only way to recover your wallet.
Step 4: Access Your Wallet
Once setup is complete, you can access your wallet for transactions.
If using Chrome, pin the Phantom extension to your Chrome browser by clicking the puzzle icon in the upper right corner of the browser, then pressing the pin icon next to the Phantom icon. This allows for quick access.
After clicking this icon, your Phantom wallet will pop up. The wallet always displays a vertical mobile-device-like user experience, as there is currently no option to view your wallet in full screen.
Did you know? In January 2024, Phantom wallet users became targets of a phishing attack disguised as a fake wallet update. Attackers tricked users into downloading malware, leading to the exposure of their private keys and depletion of funds. This incident underscores the importance of verifying official sources before installing updates.
How to Use Phantom Wallet
Once your wallet is set up, you can start managing your digital assets and interacting with decentralized networks.
Deposit Funds: To add funds to your Phantom wallet, click the "Receive" button, which will display your wallet address and QR code. You can use this address to transfer funds from an exchange or another crypto wallet.
Send Funds: To send funds, click the "Send" button, enter the recipient's address, select the asset you want to send, and specify the amount. Check the details for accuracy before confirming the transaction.
Swap Tokens: Phantom offers a built-in swap feature that allows users to exchange tokens within the wallet. Simply select the token you wish to swap, enter the amount, and execute the transaction without needing to access external exchanges.
Manage NFTs: The wallet includes an NFT tab where users can view and manage their digital collectibles. You can send NFTs to other addresses or interact directly with NFT marketplaces through Phantom.
Connect to DApps: Phantom serves as a gateway to decentralized applications. When accessing supported DApps, users will have the option to connect their Phantom wallet, enabling seamless interactions with DeFi platforms, NFT marketplaces, and other blockchain-based services.
Did you know? In January 2025, in-app transaction fees for Phantom wallet exceeded $29 million, setting a new monthly revenue record. This surge highlights the growing popularity of its built-in swap feature, with more users relying on Phantom for seamless token trading across multiple chains. The wallet's expansion from Solana to Ethereum, Polygon, and Bitcoin further drove transaction volume, solidifying its position as a key player in the multi-chain wallet space.
Managing Gas Fees on Phantom Wallet
Like any crypto wallet, Phantom also incurs gas fees. But don’t worry—Phantom automatically optimizes them, so you won’t overpay.
These gas fees are used to pay for the cost of processing transactions on the blockchain and to compensate validators for securing the network. Each blockchain requires its native token to pay gas fees, and gas fees vary by network.
Solana Network: Since Phantom was initially built for Solana, most transactions on this network remain very cost-effective. The average transaction fee on Solana typically ranges from $0.00025 to $0.002, making it one of the most affordable networks for sending tokens, swapping assets, or interacting with DApps. The gas token is SOL.
Ethereum Network: For the Ethereum network on Phantom wallet, fees can range from a few dollars to over $50 during peak times, depending on the dynamic gas fees of the Ethereum blockchain. Ethereum is the gas token.
Polygon Network: POL is the gas token, typically offering lower costs, with each transaction usually under $0.10.
Phantom automatically calculates the optimal gas fees for transactions, ensuring they are processed efficiently without unnecessary overpayment. However, users can manually adjust gas fees, especially when trading on Ethereum, to prioritize speed or cost savings. Users must ensure they have enough of these token balances to complete transactions.
Security Tips for Phantom Wallet Users
Want to keep your assets safe? Follow these golden rules:
Protect your seed phrase: Never share your seed phrase with anyone. Store it securely offline and be vigilant against phishing attempts.
Use a strong password: Create complex passwords and avoid reusing them across multiple platforms.
Enable biometric authentication: On mobile devices, enable biometric authentication for an added layer of security.
Only connect to trusted DApps: Be cautious when connecting your wallet to decentralized applications. Ensure you interact with reputable platforms to avoid scams.
Keep your wallet updated: Regularly update your Phantom wallet to ensure you have the latest security patches, bug fixes, and new features. Outdated versions may have vulnerabilities that hackers can exploit.
By following these security measures, you can significantly reduce the risk of compromising your Phantom wallet and protect your digital assets. Staying cautious and proactive in safeguarding your recovery phrase, password, and wallet connections is key to maintaining a secure and seamless experience while managing Solana-based assets.
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