By Frank Martin (MoneyAmped.com)
Are you interested in trading Solana meme coins on decentralized exchanges? Well, you need a trusted non-custodial wallet. One of the available options is Phantom Wallet. Read our guide to learn how to set up this wallet and understand its features.
Explaining Phantom Wallet
Phantom Wallet entered the market in 2021 to serve Solana users. However, it has expanded its blockchain support, allowing customers to manage digital assets on Base, Ethereum, Bitcoin, Sui, and Polygon.
In early 2025, the wallet reported that its user base had grown to 15 million. Moreover, these users conducted roughly 2.1 million transactions daily and held digital assets worth over $26 billion.
So, who are the founders of Phantom Wallet? The project was developed by experienced software engineers Brandon Millman, currently serving as CEO, Chief Technology Officer Francesco Agosti, and Chris Kalani, the Chief Product Officer.
Phantom Wallet’s success has drawn investors’ interest in recent months, raising $150 million in the latest funding round, which pushed the project’s valuation to over $3 billion.
Unique Features of Phantom Wallet
Several features make Phantom Wallet stand out from the rest. They include:
1. User-Friendly Interface: Whether you are just getting started or a Web3 guru, Phantom offers an easy-to-navigate wallet, allowing you to manage your digital currencies without hassle.
2. Multichain Support: It is now possible to manage a diverse crypto portfolio within Phantom Wallet, which supports over five blockchain networks.
3. Coin Swapping and Bridging: Users of Phantom Wallet don’t need to leave the app to swap their tokens on decentralized exchanges. Instead, they can do that using the wallet’s built-in swap feature. What’s more, Phantom Wallet facilitates token bridging, allowing customers to transfer their digital assets across multiple blockchains like Base, Ethereum, Solana, and Polygon.
4. NFT Management: Besides supporting the storage of fungible tokens, Phantom Wallet allows users to store NFTs built on supported networks.
5. Advanced Security Features: Phantom Wallet prioritizes the safety of user funds. That explains why it has adopted sophisticated encryption mechanisms to prevent cybercriminals from getting access.
6. Staking Service: Instead of letting your Solana tokens sit idle in the wallet, Phantom allows you to stake them to earn rewards passively.
How to Set Up Phantom Wallet
Before demonstrating how to create a Phantom Wallet account, it is worth mentioning that this wallet comes as a browser extension and mobile app to cater to both mobile phone and desktop users. We will show you how to set it up on your phone and computer.
Setting Up Phantom Wallet on Computer
1. Download the wallet’s browser extension from its official website (phantom.com).
2. Upon installation, use the ‘Create a New Wallet’ functionality to register an account.
3. Create a strong, unique password to keep your Phantom Wallet Secure. Also, write down the secret recovery phrase and store it safely. You will need it to regain access to your Phantom Wallet if you lose your password.
4. Access your new wallet and explore the features.
Setting Up Phantom Wallet on Mobile Phone
1. Get Phantom Wallet’s mobile app from the App Store or Play Store.
2. Tap the ‘Create New Wallet’ button to register an account.
3. Create a password and enable supported device authentication methods like fingerprint or Face ID recognition to serve as an extra layer of security.
4. Gain access to your Phantom Wallet.
How to Use Phantom Wallet
As a Phantom user, you can use the wallet to:
1. Deposit Funds: Transferring funds to your wallet is straightforward. Simply click the ‘Receive’ button and copy the generated crypto address, which you will then paste on the source of funds.
2. Send Funds: To transfer funds out of your Phantom Wallet, tap ‘Send’ and key in the crypto address of your recipient, then initiate the transaction.
3. Interact With Decentralized Apps: Phantom customers can use the built-in Dapp browser to interact with various decentralized apps, including DeFi protocols and NFT marketplaces.
