Phantom Wallet: A Comprehensive Guide for Crypto Users

Key Takeaways – Phantom Wallet

Multichain Compatibility: Originally built for Solana, Phantom Wallet now supports Ethereum, Polygon, Bitcoin, and other networks, making it a versatile choice for crypto users.
Built-in Features: Offers token swapping, staking, and NFT management within the wallet.
Security Measures: Includes encryption, biometric authentication, and hardware wallet integration, but safeguarding the secret recovery phrase is crucial to prevent unauthorized access.
Gas Fee Optimization: Transaction fees vary across networks, with Solana offering cost-efficient fees, while Ethereum fees fluctuate based on congestion. Phantom helps optimize gas costs automatically.

What is Phantom Wallet?

Phantom Wallet is a non-custodial cryptocurrency wallet that started within the Solana ecosystem but has expanded to support multiple blockchains. It allows users to store, send, receive, and stake tokens, interact with DApps, and manage NFTs.

Phantom Wallet by the Numbers (As of January 2025)

15 million+ monthly active users
$20 billion+ annual swap volume
850 million on-chain transactions processed
$25 billion in self-custody assets

Founded in 2021, Phantom was co-founded by Brandon Millman (CEO), Francesco Agosti (CTO), and Chris Kalani (CPO). In January 2025, Phantom secured a $150 million Series C funding round, led by Sequoia Capital and Paradigm, pushing its valuation to $3 billion.

Key Features of Phantom Wallet

1. User-Friendly Interface

Simple and intuitive design for both beginners and experienced users.
Real-time token balances, transaction history, and market prices.

2. Multichain Support

Supports Solana, Ethereum, Bitcoin, Polygon, Base, and Sui.
Manage multiple assets in a single wallet.

3. Token Swapping & Bridging

Built-in swap feature for exchanging cryptocurrencies.
Cross-chain support for swapping tokens between Solana, Ethereum, and Polygon.

4. NFT Management

Store, view, and manage NFT collections.
Direct integration with NFT marketplaces and DApps.

5. Security Measures

Encryption & Biometric authentication (Face ID, fingerprint recognition).
Hardware wallet integration with Ledger for enhanced security.

6. Staking Functionality

Users can stake SOL tokens to earn rewards.
Delegation options for validators.

7. DEX Integration & Trending Tokens

Explore trending tokens within the wallet.
Direct access to Solana DEXs like Jupiter and Raydium.

How to Set Up a Phantom Wallet

For Desktop Users (Browser Extension)

1) Download Phantom Extension from phantom.com for Chrome, Firefox, Brave, or Edge.

2) Create a New Wallet and set a strong password.

3) Secure Your Secret Recovery Phrase (12-word phrase) offline.

Save recovery phrase for your phantom wallet

4) Access Wallet via the Phantom icon in the browser toolbar.

For Mobile Users (iOS & Android)

Download the Phantom App from the official website.
Create a New Wallet and enable biometric authentication.
Secure Your Secret Recovery Phrase and store it safely.
Access Wallet and start transacting.

Pro Tip: Pin the Phantom extension on Chrome for quick access.

Security Alert: In January 2024, Phantom users were targeted in a phishing attack disguised as a fake update. Always verify official sources before downloading updates.

How to Use Phantom Wallet

1. Depositing Funds

Click “Receive”, copy your wallet address or scan the QR code.
Transfer funds from an exchange or another crypto wallet.

2. Sending Funds

Click “Send”, enter the recipient’s address, choose the token, and confirm the transaction.

3. Swapping Tokens

Use the built-in swap feature to exchange tokens without using an external exchange.

4. Managing NFTs

View and send NFTs directly within the wallet.
Interact with NFT marketplaces via Phantom.

5. Connecting to DApps

Seamless connection with DeFi platforms, NFT marketplaces, and other blockchain-based services.

Managing Gas Fees on Phantom Wallet

1. Solana Network

Gas token: SOL
Low fees: $0.00025 – $0.002 per transaction.

2. Ethereum Network

Gas token: ETH
Fees vary from a few dollars to over $50 during peak congestion.

3. Polygon Network

Gas token: POL
Low-cost transactions under $0.10 per transaction.

Phantom Auto-Optimization: Phantom calculates the best gas fee for transactions to avoid overpayment.

Security Tips for Phantom Wallet Users

Protect Your Secret Recovery Phrase: Store offline and never share it.
Use Strong Passwords: Avoid reusing passwords across platforms.
Enable Biometric Authentication: Adds extra security on mobile devices.
Connect Only to Trusted DApps: Avoid interacting with unknown or suspicious platforms.
Keep Wallet Updated: Install updates regularly to ensure the latest security patches.

By following these security best practices, you can safeguard your assets while using Phantom Wallet.

Final Thoughts – Phantom MultiSig Wallet

Phantom Wallet has emerged as a leading multichain, non-custodial wallet, offering security, ease of use, and powerful features for crypto users. With growing adoption, a strong security framework, and multi-network support, Phantom is a go-to choice for managing digital assets, staking, and NFT trading.

Ready to explore Phantom Wallet? Download it today and experience seamless crypto transactions across multiple blockchains!