Solana is a promising new blockchain. This highly functional open source project leverages the permissionless nature of blockchain technology to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation, which is based in Geneva, Switzerland.
The Solana protocol is designed to facilitate the creation of decentralized applications (DApps). It aims to improve scalability by introducing proof-of-history (PoH) consensus combined with the blockchain's underlying proof-of-stake (PoS) consensus.
Phantom is the wallet 3.0 with the best compatibility with the Solana blockchain. It is a web browser extension that allows you to interact with the Solana blockchain. This wallet, will allow you to view your funds and perform transactions to receive and send SPL tokens (crypto currencies of the Solana ecosystem).
Phantom is to Solana what MetaMask is to Ethereum.
Here, the Solana blockchain is not EVM compatible, i.e. compatible with the Ethereum Virtual Machine and thus the Ethereum network as a whole. If you are already on EVM blockchains with MetaMask, you will have to download a new application here that is exclusively compatible
Configure Phantom to accept the Solana network.
Open your best browser on which you want to install the Phantom extension.
After installing Phantom from the official page, you will find a small purple ghost in the list of browser extensions. If you can't find it, restart your browser.
Then use the classic procedure for configuring a 3.0 portfolio.
You can import a Solana portfolio that you already manage with the "Use Secret Recovery Phrase" option. Then enter your secret phrase to recover the rights of this address.
Otherwise create a new wallet address to use the Solana blockchain.
This 12-word phrase will allow you to recover your funds if your device is broken, lost or stolen. You will be able to reinstall Phantom and import this phrase to restore the wallet.
Be sure to keep this sentence safe. The best way to do this is to write it down on a piece of paper.
The last step is the password
Your password will allow you to reactivate a session on a portfolio where you are already logged in.
Send funds to Phantom on Solana.
To run Solana, you will need a small token ring on your wallet. It's exactly like on Ethereum, keep a minimum of token governance to pay transaction fees. On your first use, and if you run out of SOL, you will need to reload. You have two options:
Bridging funds from another blockchain
Import funds from a centralized exchange
Find the full demonstration on our dedicated page to get started with Solana.
With the democratization of the Solana blockchain, new DeFi platforms have also emerged on this network. Notably like Saber (DeFi), Raydium (Lauchpad) or NFT platforms like Solsea. The Phantom wallet will be your browser in the decentralized ecosystem of Solana.
One of Phantom's main assets is the direct integration of collectibles, i.e. viewing NFTs directly on the wallet.
The application also has a direct asset swap service. Otherwise, go to the DeFi protocols to exchange your assets.
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