Phantom Wallet Extension: Setup, Features, & Complete Guides

What is Phantom Wallet Extension?

Phantom is a popular crypto wallet browser extension designed primarily for the Solana blockchain, though it now supports Ethereum, Polygon, Bitcoin, Base, and Sui as well. And it allows you to store, send, receive, stake, and swap cryptocurrencies directly from your browser.

It is available for Chrome, Brave, Firefox, and Edge. It offers a user-friendly experience for both crypto newcomers and experienced users.

Key Features of the Phantom Wallet

Multi-Chain Support

• Works with Solana, Ethereum, Polygon, Bitcoin, Base, and Sui
• Easily switch between networks inside the wallet

Non-Custodial & Secure

• You own your private keys
• All data is encrypted and stored on your device
• Offers biometric and password protection for added security

Built-in Token Swapping

• Swap tokens instantly without leaving the wallet
• Powered by aggregators like Jupiter (for Solana) and 0x (for Ethereum/Polygon)

NFT Integration

• View, send, and manage your Solana and Ethereum NFTs
• Built-in support for NFT metadata and images

Staking SOL

• Stake $SOL directly in the wallet with just a few clicks
• Choose from multiple validators and earn staking rewards

User-Friendly Interface

• Clean and intuitive UI made for beginners and pros
• One-click connection to dApps and marketplaces

Ledger Hardware Wallet Support

• Connect your Ledger device for extra security
• Available for Solana and Ethereum chains

dApp Browser Integration

• Seamless interaction with decentralized apps like Magic Eden, Jupiter, Orca, OpenSea, etc.
• Instant pop-ups for signing transactions

Token Management Tools

• Easily hide, show, or customize your token list
• Auto-detection of tokens and spam filtering

How to Install the Phantom Wallet Extension

Go to the official website https://phantom.com/ and click ‘Download’.

You will be redirected to your browser’s extension store. Phantom is available for:

• Chrome
• Brave
• Firefox
• Edge

If you are using a Chrome browser, click on the Chrome icon. Install the extension by clicking on ‘Add to Chrome’, and then confirm.

Once installed, you should be able to create a new wallet or import an existing one using the recovery phrase.

A new user can click on ‘Create a New Wallet’ to generate a new one. You can either select ‘Continue with Email’ or ‘Create a seed phrase wallet’.

They are recommending ‘Continue with Email’, so there is still a chance to recover your wallet in case you lost your recovery seed phrase.

Continue with the instructions, like creating your password or logging in with your email. You may also need to save the Recovery Phrase > Create Username > Continue.

Just remember to securely save your secret recovery phrase. And don’t lose it.

If you already have a wallet, you can choose ‘I already have a wallet’ and start importing.

You have successfully created a Phantom Wallet, but there’s more to explore.

Phantom Wallet Extension: A Step-by-Step Guide to Staking

Installing your Phantom Wallet Extension is just the first step. There’s still a lot to learn, like how to add funds and to stake SOL.

Don’t worry, here’s a step-by-step guide to help you through it all.

How to Deposit SOL or Add Funds

There are two ways to add to your Phantom Wallet. You can either ‘Buy SOL with Cash’ (via Credit Card/Debit Card) or ‘Transfer Crypto’ from exchanges like Binance or another wallet.

If you are not familiar with other exchanges, you may want to choose ‘Buy SOL with cash’. But if you have experienced sending crypto, then just click on ‘Transfer Crypto’, and copy the wallet address.

Make sure you send it to the right network. If it is SOL, copy the SOL address.

How to Stake SOL (Native Staking) Using Phantom Wallet Extension

Directly through the Phantom Wallet Extension, you can stake SOL using native staking. But this method only supports SOL, other tokens on the Solana network or other chains are not supported.

But if you are interested in staking other assets, you may want to use third-party DeFi apps.

To Stake your SOL:

• Make sure that your Phantom Wallet is funded with SOL. Open your Phantom Wallet Extension and select your SOL balance.
• Select More > Stake SOL.

• Then select Native Staking, and choose a validator to delegate to.

You should be mindful when choosing a validator, as this is where you want your money to grow. Make sure to choose the right one.

Compared to other validators, Ivy Oracle charges 0% commission fees. That means 100% of our stake commission goes toward public goods.

You can search on ‘Ivy Oracle’ or enter the wallet address below in the validator:

• 5eJQDSbgTZSEmH3zSWDEdAKgjavUUn9BkouCFNLz1x93

Once you have selected your validator, enter the amount of SOL you want to stake and click Stake.

You may need to wait a few seconds for your stake account to appear. Select Your Stake to view its status once it's available.

Unstake Your SOL

The SOL can be unstaked at any time, as there is no locked-up period, but the epoch-based system of the Solana network may cause some delay. You won't have to wait for a specific period of time to use your tokens. You are free to unstake them whenever you want.

To Unstake your SOL:

• Open your Phantom Wallet Extension and select your SOL Balance.
• Select your Stake.
• Choose the validator you want to unstake.
• Then select Unstake.

Your staking account will be deactivated. Afterwards, you will have to manually withdraw the funds back to your wallet.

How to Stake PSOL And Earn Up to 9% APY

Aside from Native Staking, Phantom also offers its own Liquid Staking Feature, where you can earn staking rewards on your SOL.

With Phantom Liquid Staking, you can:

• Convert SOL to PSOL (Phantom Staked SOL), a token that increases its value as rewards accumulate.
• You can earn up to 9% APY (may vary from time to time).
• Unstake anytime, just convert back to a native SOL.

Stake PSOL Using Phantom Wallet Extension:

• Open your Phantom Wallet, and on the Home tab, select your Solana balance.
• Click the ‘Start Earning’ button.

• Enter how much SOL you want to stake, and click ‘Next’.
• Once you have reviewed the details, select Stake to complete the process and mint your PSOL.

Your SOL should convert to PSOL. You just need to hold it in your wallet and earn rewards.

Unstake PSOL:

You unstake PSOL by simply swapping your PSOL back to SOL. When you unstake, there are two choices to select:

• Instant Unstake: Immediately converts your PSOL to SOL if enough SOL is available in the reserve. This charges a standard swap (0.85%).
• Delayed Unstake: It remains locked for 1-3 days before you can withdraw it because your stake will be moved to a new stake account. This method charges only a 0.1% fee.

Always make sure that you have enough SOL balance in your account to cover the gas fees.

Unstake PSOL (Instant Unstake):

• Open the Phantom Wallet.
• On the Home tab, select Phantom Staked SOL.
• Click More > Unstake.
• Enter the amount of PSOL you want to unstake, then select ‘Next’.
• You will see an instant unstake preview if enough SOL is available. Review the fees and select Unstake.

Just in case there is not enough SOL, Phantom will guide you through the delayed unstake process instead.

Unstake PSOL (Delayed Unstake):

The processes are most likely the same, they only differ in the last part.

• Open the Phantom Wallet.
• On the Home tab, select Phantom Staked SOL.
• Click More > Unstake.
• Enter the amount of PSOL you want to unstake, and select ‘Next’. This will move your stake from the pool to a new stake account in your wallet.
• Go to Your Stake screen. And find the new stake account (it should show ‘Active’), open it, and click ‘Unstake’.

It should begin deactivating, and it will take around 1-3 days. There should be a countdown timer to when you can withdraw it. Once it is already inactive, return to the account and select Withdraw stake to move the SOL back to your wallet.

How PSOL Rewards Work

Just in case you are wondering why your PSOL is not increasing, it won't. When you stake PSOL, your rewards are built into the token’s value. Each PSOL you have will become more SOL over time.

Phantom staking rewards come from three sources:

• New SOL issuance, around 7.53% APY
• MEV tips
• Priority fees

Priority fees and MEV tips may vary depending on how busy Solana network is. To support Phantom, an 8% fee is applied to total stake rewards. You can earn up to 9% APY after paying this fee.

As I mentioned earlier, your PSOL won’t increase, but its value will. So if you want to check if your SOL is growing in you can monitor the PSOL - SOL exchange rate. Open the PSOL token page in your wallet to see your estimated earnings.

Understanding the User Interface of Phantom Wallet Extension

Phantom wallet interface is designed to be clean, simple, and user-friendly. So you should be able to understand it quickly. Here’s a quick overview of what you’ll see.

When you open Phantom, the Home Screen shows your Wallet balance. Or if you are just getting started, you should see buttons to Buy SOL with cash like this.

In the home screen, you can:

• See your wallet balance
• Buy SOL with cash
• Transfer crypto/Receive crypto
• Send crypto
• Swap tokens
• Check the list of tokens and NFTs in your wallet

You can do almost everything in the home screen tab.

The second tab is the Swap tab, which is where you swap your SOL to other tokens and vice versa. You can also check the trending tokens here.

For swapping tokens, you just need to enter the amount of SOL you want to swap, choose the token, and approve the swap.

The third tab is for your Recent Activity. All your transactions, like sending and receiving crypto, connecting to DeFi apps, and more, are all recorded on this tab.

Lastly, the fourth tab is for Search. You can search for any tokens on this tab, you can use the contract address, or simply type the name of the coin you want to swap.

And if you want to go to the Settings, just click on the icon beside your username. Then, at the bottom, you will see the gear icon. From the gear icon, you can:

• Change networks
• Connect your Ledger
• Manage wallet preferences
• View your recovery phrase
• Change your preferences

Just spend a few minutes clicking through each section to get familiar, and you’ll be ready to use all the features with ease.

How to Set Up and Use Phantom to Access Your Ledger Solana Account

If you have a ledger and want to connect to your Phantom Wallet Extension, here’s how you do it. But before you start:

• Make sure that you have the latest version of the Solana app on your Ledger device.
• Close the Ledger live as it can conflict with the Phantom wallet extension.
• Firefox does not support Ledger devices, so use either Chrome or Brave browser.

Now, let’s proceed with how to access your Ledger-protected Solana account through Phantom.

• Open your Phantom wallet extension. I’m pretty sure you already have a Phantom account, but if not, you can follow the instructions above on how to create one.
• Connect your Ledger device.
• Open the Solana (SOL) app on your device.
• In the Phantom wallet extension, go to Settings (Click on the icon beside your username, then at the bottom, you will see the gear icon).

• Click on Manage Accounts > Add/Connect Wallet > Connect Hardware Wallet > Continue.

You will be prompted to choose a chain, select Solana (SOL) from the menu, and click Continue. Phantom will start detecting your Ledger accounts.

Now, select the Ledger accounts you want to add to Phantom and click on Continue > Done.

Once your accounts are added successfully, to copy the Ledger address, just highlight your Ledger account and click the copy icon. Use the copied to receive SOL, or other SPL tokens directly into your Ledger account.

Security Features of Phantom Wallet

Phantom Wallet is designed with robust security features that help users manage their crypto safely. It gives you full control over your assets as a non-custodial wallet. And only you have access to your private keys.

During the setup, you will be given a 12-word secret recovery phrase, which acts as the master key to your wallet. That only means you should never let anyone see your master key. Anyone can access your wallet if they have the secret recovery phrase. This should be written down and stored offline in a secure location.

To further protect your wallet, Phantom requires a password to unlock the extension and approve transactions. All sensitive data, including your private keys, is encrypted and stored locally on your device.

This greatly reduces the risk of large-scale hacks or data breaches.

Phantom also provides a transaction preview before you send tokens or sign contracts. Just to make sure that you know what you are doing or signing before you approve.

And then there’s the Ledger hardware wallets for added protection. Allowing you to store your private keys offline while still using Phantom’s user-friendly interface.

In addition, Phantom includes anti-phishing features that flag suspicious websites and warn you before you interact with them. There’s also an auto-lock feature that secures your wallet if it’s left idle for a period of time.

We know Phantom offers strong built-in protections, but it is also important to follow the best practices like double-checking the URLs, avoiding clicking suspicious links, and not letting anyone see your recovery phrase.

With this extra care and layer of protection, Phantom makes it easier and safer for users to explore the world of crypto, DeFi, and NFTs.

Integrating Phantom Wallet with Decentralized Applications (dApps)

When it comes to connecting to decentralized applications (dApps), you can easily do it with Phantom. If you're wondering what dApps are, they are web-based platforms built on blockchains like Solana, Ethereum, or Polygon. You can use them to trade tokens, buy NFTs, play games, and more, all without relying on a centralized exchange.

Let’s try to connect your Phantom Wallet with dApps.

• Step 1: Visit a dApp Website. You can go to a supported dApp like:
  • Magic Eden (NFTs)
  • Jupiter (Token swaps)
  • Orca (DeFi)
  • Meteora
• Step 2: Click ‘Connect Wallet’. Usually found at the top-right corner of the dApps homepage.
• Step 3: Select ‘Phantom’. Choose Phantom from the list of wallet options. Then approve the connection.
• Step 4: Interact with the dApp. You can now:
  • Swap tokens
  • Buy or sell NFTs
  • Stake tokens
  • Provide liquidity or borrow assets
• Step 5: Confirm Transaction in Phantom. Any action you take will prompt a confirmation window in Phantom. Just review the details before clicking the ‘Approve’ button.

Just a little reminder, only connect to verified and trusted dApps, and always check transaction details before approving.

Conclusion and Future of Phantom Wallet in Cryptocurrency Management

Phantom Wallet has quickly become one of the most trusted and user-friendly tools for managing crypto, NFTs, and interacting with dApps. It is ideal for both beginners and advanced users with its clean interface, strong security features, and seamless integration with Web3 platforms.

Phantom just started with Solana, but is now expanding its support across multiple blockchains like Ethereum, Polygon, Bitcoin, Base, and Sui. Signaling a future where it could become a go-to multi-chain wallet.

And as the crypto space continues to grow, Phantom is well-positioned to play a key role in simplifying and securing digital asset management for everyday users around the world.