Key takeout
Phantom Wallet is a multi-chine, non-radical wallet originally built for Solana, but now supports Ethereum, polygon, Bitcoin and other networks, making it a versatile option for crypto users. It offers built-in features such as token swapping, staking, and NFT management. Unauthorized access. Transaction fees vary by blockchain and Solana remains cost-effective, while Ethereum fees fluctuate based on network congestion. Phantom helps you optimize gas costs automatically.
If you manage your assets in Solana, you’ve heard of Phantom Wallet. This is a reliable option for many users. Over the years, it has evolved beyond Solana and now supports Ethereum, polygon and even Bitcoin blockchain, making it a multi-purpose multi-chine wallet.
Whether you’re a Decentralized Finance (DEFI) enthusiast, an Impossible Token (NFT) collector, or just starting out with Crypto, Phantom offers you the tools and security you need.
In this article, we’ll explain everything you need to know about Phantom wallets, from setup to advanced features.
What is a Phantom Wallet?
Phantom Wallet is the non-resistant cryptocurrency wallet that was the basis of the Solana Ecosystem and provides a platform for users to manage their digital assets. Beyond basic functions such as storing, sending and receiving tokens, Phantom allows users to wager Solana (SOL) tokens, interact seamlessly with decentralized applications (DAPPS), and manage NFTs.
As of January 2025, Phantom boasts a prominent indicator in the crypto ecosystem.
User base: Over 15 million monthly active users. Transaction Volume: Facilitated $20 billion in annual swap volumes and processed 850 million on-chain transactions. This amounts to over 2 million a day! Asset Management: Holds $25 billion in self-obligatory assets.
Phantom Wallet was founded in January 2021 by a team of engineers, designers and former founders, and was first developed for the Solana blockchain. The leadership team includes co-founder and CEO Brandon Millman, chief technology officer and co-founder Francesco Agosti, and chief product officer and co-founder Chris Kalani.
In January 2025, Phantom was co-led with Sequoia Capital and Paradigm to raise its valuation to $3 billion, securing a $150 million Series C funding round. This substantial investment highlights the rapid growth of the platform and the confidence investors have in their future.
Key Features of Phantom Wallet
Phantom wallets can be accessed on multiple devices, including desktop (browser extensions) and mobile (iOS and Android apps). This cross-platform availability allows users to access their assets and seamlessly interact with DAPP regardless of the device they are using. Some important features include:
User-centric interface: Phantom offers an intuitive and clean design that is accessible to both beginners and experienced users. This wallet provides real-time token balances, transaction history and market prices, allowing users to manage their assets. Multi-Chine Support: Phantom provides multi-Chine compatibility (such as Solana, Ethereum, Bitcoin, Polygon, Base, SUI) to allow users to manage a diverse portfolio of digital assets within a single wallet interface. Additionally, the wallet supports cross-chain swapping, allowing users to seamlessly bridge tokens between networks such as Solana, Ethereum, Polygon, Base. This feature simplifies interaction with the NFT market and dapps. Security Measurement: Wallets employ advanced encryption technology to protect private keys, providing features such as biometric authentication on mobile devices. Additionally, Phantom integrates with hardware wallets such as Ledger to provide an additional layer of security by keeping your private key offline. Users can delegate their Sol Tokens to validators to participate in network operations and earn staking rewards. Trend Tokens and Dex Integration: Within the wallet Explore tab, users can view popular tokens that are currently popular or have high trading volumes. Phantom also facilitates connections with major Solana distributed exchanges (DEXS) such as Jupiter and Raydium, allowing users to exchange tokens directly through these platforms.
How to set up a Phantom Wallet
Setting up a Phantom wallet is a simple process that can be completed on both a desktop browser and a mobile device.
Method 1: For desktop users
Step 1: Download the browser extension:
Go to Phantom.com, the official Phantom website and select the browser you want (Chrome, Firefox, Brave or Edge). See the instructions to add the Phantom extension to your browser.
Step 2: Create a new wallet:
Once installed, open the extension and click Create New Wallet. Set a strong password to protect your wallet on your current device.
Step 3: Secure the secret recovery phrase:
Phantom generates 12 words of secret recovery phrases. Write down this phrase and save it offline securely. This phrase is important for recovering your wallet if you lose access to your device.
Step 4: Access to the wallet:
Once you’ve finished setup, you can access the wallet by clicking the phantom icon in the browser toolbar.
Method 2: For mobile users
Step 1: Download the app:
Visit the Phantom website and select the App Store that is right for your device (iOS or Android). Download and install the Phantom app.
Step 2: Create a new wallet:
Open the app and tap Create a new wallet. Enable device authentication methods such as fingerprint recognition to add face IDs and security.
Step 3: Secure the secret recovery phrase:
The app provides secret recovery phrases. Write it down and save it safely.
Step 4: Access to the wallet:
Once you’ve set up, you can access your wallet and trade. For Chrome, you can pin the phantom extension to the Chrome browser by clicking the jigsaw icon in the top right of the browser and then pressing the pin icon that appears next to the phantom icon. This allows for quick and convenient access. Press this icon to pop up the Phantom Wallet. The wallet always appears in a vertical mobile-like UX. Because there is currently no option to view the wallet in full screen.
Did you know: In January 2024, Phantom Wallet users became targets of phishing attacks disguised as fake wallet updates. The attacker tricked the user into breaching his private key and downloading malicious software that ran out of funds. This incident underscores the importance of verifying official sources before installing the update.
How to use a Phantom Wallet
Once your wallet is set up, you can start managing your digital assets and interacting with the decentralized web.
Deposit Funds: To add funds to your Phantom Wallet, click the Receive button to view the wallet address and QR code. You can use this address to transfer funds from an exchange or another crypto wallet. Fund Placement: To submit a fund, click the “Send” button, enter the recipient’s address, select the assets to send, and specify the amount. Before reviewing transactions, check the details to see accuracy. Swapping Token: Phantom provides a built-in swap function that allows users to exchange tokens in their wallets. Simply select the token you want to exchange, enter the amount and run the transaction without having to access an external Exchange. Manage NFTS: Includes NFT tabs that allow users to view and manage digital collections. You can send NFTS to other addresses and interact directly with the NFT marketplace via PHANTOM. DAPPS: Phantom acts as a gateway to distributed applications. When accessing supported DAPP, users have the option to connect their Phantom wallets, allowing seamless interaction with the Defi platform, NFT marketplace and other blockchain-based services.
Did you know: In January 2025, Phantom Wallet’s in-app replacement fee exceeded $29 million, setting a new monthly revenue record. This surge highlights the increased adoption of built-in swap features as more users rely on Phantom for seamless token trading across multiple chains. The expansion of wallets beyond Solana to Ethereum, polygons and Bitcoin drives the volume of transactions further and solidifies its position as a key player in the multi-chine wallet space.
Managing Gas Fees for Phantom Wallets
Like other crypto wallets, Phantom comes with gas fees. But don’t worry – the phantoms automatically optimize them, so you’re not overpaying.
These gas fees cover the cost of handling transactions on the blockchain and compensate validators to protect the network. Each blockchain requires a native token to pay for gas fees, and gas fees vary by network.
Solana Network: Phantom was originally built for Solana, so most transactions on this network remain very cost-effective. The average trading fee for Solana is typically around $0.00025 to $0.0025, making it one of the most affordable networks for sending tokens, exchanging assets and interacting with DAPPs. The gas token is SOL. Ethereum Network: For Phantom Wallet’s Ethereum Network, fees range from a few dollars to over $50 at peak traffic depending on the gas rate dynamics according to the Ethereum blockchain. Ether (ETH) is a gas token. Polygon Network: POL is a gas token, which usually offers a lower cost, typically less than $0.10 per transaction.
Phantom automatically calculates the best gas fees for your transaction, ensuring that they are processed efficiently without unnecessary overpayments. However, users can manually adjust their gas prices, particularly when trading on Ethereum, to prioritize speed and cost savings. Users need to ensure that a sufficient balance of these tokens completes the transaction.
Security Tips for Phantom Wallet Users
Do you want to keep your assets safe? Follow these golden rules:
Protect your secret recovery phrases: Do not share your secret recovery phrases with anyone. Use strong passwords to avoid reusing complex passwords across multiple platforms. Emble Biometric Authentication: On mobile devices, enable biometric authentication for additional layers of security. To avoid scams, make sure you are interacting with a reputable platform. Please keep and update your wallet. Regular updates to your Phantom Wallet ensure the latest security patches, bug fixes and new features. An outdated version may have vulnerabilities that hackers can exploit.
By following these security measures, you can significantly reduce the risk of violating your phantom wallet and protect your digital assets. Careful and proactively retaining recovery phrases, passwords and wallet connections is key to maintaining a secure, seamless experience while managing Solana-based assets.
