It is possible that you are hearing about Phantom Wallet for the first time in many years, but the wallet was recently launched in 2021. And even in this short amount of time, it has already been treated as an equal to other recognized platforms namely Polygon and Ethereum. Along with them, this Phantom wallet is also giving tough competition to the leading cryptocurrency wallet known as MetaMask. Currently, it has more than 3 million active users. This platform is available to download for free. In this blog, we will get to know what you should know about before deciding to create an account on it.
Perks of using Phantom
- Wallet is non-custodial
It is a decentralized wallet. And being a non-custodial wallet is a part of it. The users are in complete control of their account security as well as their digital assets. This makes the wallet a good choice as no one except the account holder can have access to their account. But the ultimate drawback of it is that if by mistake you lose your seed phrase then you cannot recover your account.
- Token Swapping
Users can make an instant swap of the coins on the Solana blockchain. After the introduction of the Swap feature, over 1 billion funds have already been transferred by the users. Since the platform is newly launched this number is impressive.
- Supporting Ledger
We know that Ledger Nano X is one of the most secure hardware wallets present. And to ensure more security the developers of this platform have made it compatible with the Ledger wallets. Before you begin integrating your Phantom Wallet with the Ledger keep in mind that this wallet is only compatible with some browsers named Chrome, Edge, Brave, and Firefox.
Failed Swapping of Coins
One of the common issues that have recently been revealed is that the swaps made by the users are resulting in transaction failure. Given below are the reasons that could have occurred:
- Similar to the other blockchain networks, Solana networks also require a minimum balance that is to be maintained to make a transaction. The balance is used by the platform as a transaction fee to complete the transaction. It is recommended to maintain a minimum balance of 0.05 SOL for transaction fees.
- It might be possible that there are too many users who are currently operating on the platform and it is something that neither you nor the platform can control. So check the page status and if it is showing that it is down then wait for a few minutes.
- There is a slippage setting that has been automatically enabled in your account by Phantom Wallet. In this option, if your swap price varies greater than 0.5% from the price presented to you then your transaction will be failed automatically to prevent you from potential loss.
Final Verdict
As a closing, we just want to say that if you are looking for a suitable wallet for you then you should try to use this Phantom Wallet. In case of any issues, you can also contact their customer services via email, raising an online ticket, and through their Twitter handles.