Key takeaways
- Phantom wallet is a multichain, 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 like token swapping, staking and NFT management.
- Security features such as encryption, biometric authentication and hardware wallet integration are provided, but users must safeguard their secret recovery phrase to prevent unauthorized access.
- Transaction fees vary by blockchain, with Solana remaining cost-efficient, while Ethereum fees fluctuate based on network congestion; Phantom helps optimize gas costs automatically.
If you’re managing assets on Solana, chances are you’ve heard of Phantom Wallet — it’s the go-to choice for many users. Over the years, it has evolved beyond Solana and now supports the Ethereum, Polygon and even Bitcoin blockchains, making it a versatile multichain wallet.
Whether you’re a decentralized finance (DeFi) enthusiast, a non-fungible token (NFT) collector or just getting started with crypto, Phantom provides the tools and security you need — all wrapped in an intuitive interface.
This article will walk 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, offering users a platform to manage their digital assets. Beyond basic functionalities such as storing, sending and receiving tokens, Phantom enables users to stake Solana (SOL) tokens, interact seamlessly with decentralized applications (DApps), and manage NFTs.
As of January 2025, Phantom boasts notable metrics in the crypto ecosystem:
- User base: Over 15 million monthly active users.
- Transaction volume: Facilitated $20 billion in annual swap volume and processed 850 million onchain transactions — that’s more than 2 million a day!
- Asset management: Holds $25 billion in self-custody assets within its wallets.
Phantom Wallet was founded in January 2021 by a team of engineers, designers and former founders and was initially 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 secured a $150-million Series C funding round, co-led by Sequoia Capital and Paradigm, elevating its valuation to $3 billion. This substantial investment underscores the platform’s rapid growth and the confidence investors have in its future.
Key features of Phantom Wallet
Phantom Wallet is accessible across multiple devices, including desktop (browser extensions) and mobile (iOS and Android apps). This cross-platform availability ensures users can access their assets and interact with DApps seamlessly, regardless of the device they are using. Some key features include:
- User-centric interface: Phantom offers an intuitive and clean 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.
- Multichain support: Phantom offers multichain compatibility (Solana, Ethereum, Bitcoin, Polygon, Base, Sui, among others), enabling users to manage a diverse portfolio of digital assets within a single wallet interface.
- Token swapping and bridging: Phantom features an integrated built-in swap function that allows users to exchange one cryptocurrency for another directly within the wallet. Additionally, the wallet supports crosschain swapping, enabling users to bridge tokens between networks like Solana, Ethereum, Polygon and Base seamlessly.
- NFT management: Phantom provides 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 techniques to protect private keys and offers features like biometric authentication on mobile devices. Additionally, Phantom integrates with hardware wallets such as Ledger, providing an extra layer of security by keeping private keys offline.
- Staking functionality: Phantom offers staking capabilities to SOL tokenholders. Users can delegate their SOL tokens to validators to participate in network operations and earn staking rewards.
- Trending tokens and DEX integration: Within the wallet’s Explore tab, users can view featured tokens that are currently popular or have high trading volumes. Phantom also facilitates connections to major Solana decentralized exchanges (DEXs), such as Jupiter and Raydium, allowing users to swap tokens directly through these platforms.
How to set up a Phantom wallet
Setting up a Phantom wallet is a straightforward process that can be completed on both desktop browsers and mobile devices.
Method 1: For desktop users
Step 1: Download the browser extension:
- Visit the official Phantom website at 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:
- Once installed, open the extension and click on “Create a new wallet.”
- Set a strong password to secure your wallet on the current device.
Step 3: Secure your secret recovery phrase:
- Phantom will generate a 12-word secret recovery phrase.
- Write down this phrase and store it securely offline. This phrase is crucial for recovering your wallet if you lose access to your device.
Step 4: Accessing the wallet:
- After completing the setup, you can access the wallet by clicking on the Phantom icon in your browser’s toolbar.
Method 2: For mobile users
Step 1: Download the app:
- Go to the Phantom website and select the appropriate app store for your device (iOS or Android).
- Download and install the Phantom app.
Step 2: Create a new wallet:
- Open the app and tap on “Create a new wallet.”
- Enable device authentication methods such as Face ID or fingerprint recognition for added security.
Step 3: Secure your secret recovery phrase:
- The app will provide you with a secret recovery phrase.
- Ensure you write it down and store it securely, as it’s the only way to recover your wallet.
Step 4: Accessing the wallet:
- After completing the setup, you can access the wallet to trade.
- If on Chrome, pin the Phantom extension to your Chrome browser by clicking on the jigsaw icon on the top right of the browser and then pressing the pin icon displayed next to the Phantom icon. This allows quick, handy access.
- Upon pressing on this icon, your Phantom wallet will pop up. The wallet will always appear in a vertical mobile-like UX because, currently, there is no option to view your wallet in full screen.
Did you know: In January 2024, Phantom Wallet users were targeted by a phishing attack disguised as a fake wallet update. Attackers tricked users into downloading malicious software that compromised their private keys and drained their funds. This incident highlights the importance of verifying official sources before installing updates.
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.
- Depositing funds: To add funds to your Phantom Wallet, click on the “Receive” button, which will display your wallet address and a QR code. You can use this address to transfer funds from an exchange or another crypto wallet.
- Sending funds: To send funds, click on the “Send” button, enter the recipient’s address, select the asset you want to send, and specify the amount. Before confirming the transaction, review the details to ensure accuracy.
- Swapping tokens: Phantom offers a built-in swap feature that allows users to exchange tokens within the wallet. Simply select the tokens you wish to swap, enter the amount, and execute the transaction without needing to visit an external exchange.
- Managing 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 with NFT marketplaces directly through Phantom.
- Connecting to DApps: Phantom acts as a gateway to decentralized applications. When visiting a supported DApp, 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, Phantom Wallet’s in-app exchange fees exceeded $29 million, setting a new monthly revenue record. This surge highlights the growing adoption of its built-in swap feature, as more users rely on Phantom for seamless token trading across multiple chains. The wallet’s expansion beyond Solana to Ethereum, Polygon and Bitcoin has further driven transaction volumes, solidifying its position as a key player in the multichain wallet space.
Managing gas fees on Phantom Wallet
Like any crypto wallet, Phantom comes with gas fees. But don’t worry — Phantom automatically optimizes them, so you don’t overpay.
These gas fees cover the cost of processing transactions on the blockchain and compensate validators for securing the network. Each blockchain requires its native token to pay for gas fees, and gas fees will vary with the network.
- Solana network: Since Phantom was initially built for Solana, most transactions on this network remain highly cost-efficient. Solana’s average transaction fee is typically around $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 traffic, depending on gas fee dynamics as per the Ethereum blockchain. Ether (ETH) is the gas token.
- Polygon network: POL is the gas token and generally offers lower costs, typically under $0.10 per transaction.
Phantom automatically calculates the optimal gas fee for transactions, ensuring they are processed efficiently without unnecessary overpayment. However, users can adjust gas fees manually, particularly when transacting on Ethereum, to prioritize speed or cost savings. Users must ensure they have a sufficient balance of these tokens to complete transactions.
Security tips for Phantom Wallet users
Want to keep your assets safe? Follow these golden rules:
- Protect your secret recovery phrase: Never share your secret recovery phrase with anyone. Store it securely offline, and be cautious of phishing attempts.
- Use strong passwords: 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.
- Connect only to trusted DApps: Be cautious when connecting your wallet to decentralized applications. Ensure you’re interacting with reputable platforms to avoid scams.
- Keep your wallet updated: Regularly updating your Phantom Wallet ensures 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 securing your recovery phrase, passwords and wallet connections is key to maintaining a safe and seamless experience while managing your Solana-based assets.