Blockchain - Wallet#
Taking Phantom Wallet as an Example#
1. Introduction to Phantom Wallet#
- Applicable Scenarios
- Mainly suitable for Solana (SOL) chain, while also compatible with Ethereum (ETH) and Polygon (MATIC) assets.
- Used for storing tokens, NFTs, staking SOL, and connecting to Solana ecosystem DApps (such as Magic Eden and Raydium).
- Core Advantages
- Simple interface design, supports seamless switching between multiple chains.
- Built-in token swap, NFT display, and staking features.
- Provides dual support for browser plugins and mobile apps (available for iOS and Android).
2. Installation and Setup#
Step 1: Download Phantom
- Browser Plugin (recommended Chrome or Brave):
- Visit the official website phantom.app, click “Download” → select the corresponding browser for installation.
- Important Note: Be sure to download from the official website to avoid using counterfeit extensions.
- Mobile:
Search for “Phantom: Crypto Wallet” in the App Store or Google Play to download.
Step 2: Create a New Wallet
- Launch the Phantom app and click “Create New Wallet”.
- Set the wallet name and password (must be at least 8 characters, including letters and numbers).
- Backup Mnemonic Phrase:
- The system generates 12 English words, write them down in order on paper (do not take screenshots or store them online).
- Complete the word order verification to ensure successful backup.
Step 3 (Optional): Import Existing Wallet
- If you already have a Solana wallet, you can import it using the private key or mnemonic phrase:
Click “Import Existing Wallet” → enter the mnemonic phrase or private key.
3. Basic Operation Guide#
1. Receive Assets
- Click the “Receive” button on the wallet homepage.
- Copy your Solana address (format like
SOLabc...xyz
) or Ethereum address (switch to ETH chain to start with0x
). - Provide that address to the sender (e.g., exchange withdrawal address).
2. Send Assets
- Click “Send” → enter the recipient's address and transfer amount.
- Select Network:
- Ensure the network is Solana when sending SOL.
- Switch to Ethereum network when sending ETH.
- Confirm the transaction fee (Solana network fees are usually less than $0.01).
- After verifying the address is correct, click “Confirm” to complete the transaction.
3. Add Tokens/NFTs
- Tokens:
Click “Tokens” → “+” → search for the token name (e.g., USDC) → click “Add”. - NFTs:
NFTs are automatically displayed in the “Collectibles” tab, no manual addition is required.
4. Advanced Features#
1. Multi-Chain Switching
- Click the network icon at the top (default shows Solana).
- Select Ethereum or Polygon to manage related assets.
- After switching networks, the address will change accordingly (e.g., ETH address starts with
0x
).
- After switching networks, the address will change accordingly (e.g., ETH address starts with
2. Token Swap
- Click “Swap” → select the token pair to swap (e.g., SOL to USDC).
- Set the slippage tolerance (default is 1%, to prevent transaction failure).
- Confirm the exchange rate and fees before completing the swap operation.
3. Staking SOL
- Click “Earn” → “Start Earning”.
- Choose a validator node (recommended low commission rate and reputable nodes).
- Enter the staking amount → confirm the transaction, earnings are updated daily.
4. Connect to DApp (using Magic Eden as an example)
- Visit magiceden.io, click “Connect Wallet”.
- Select Phantom → click “Connect” in the popup to authorize the connection.
- When purchasing NFTs, Phantom will automatically pop up a transaction confirmation window.
5. Security Settings#
1. Basic Protection
- Mnemonic Phrase/Private Key:
- Store offline, never share with others (Phantom will not ask for it).
- It is recommended to use a metal mnemonic board (like Billfodl) for fire and corrosion resistance.
- Wallet Password:
Regularly update the password, avoid reusing it on other platforms.
2. Anti-Phishing Strategies
- Domain Verification:
Ensure the DApp URL you are visiting is accurate (e.g.,magiceden.io
notmag1ceden.com
). - Transaction Confirmation:
Carefully check the address and amount in the popup before signing the transaction to prevent malicious contracts from stealing assets.
3. Enable Privacy Mode
- Turn on “Hide Personal Data” in Phantom settings to prevent sensitive information from being leaked through screenshots.
6. Frequently Asked Questions#
- Why did the transaction fail?
- If the Solana network is congested, try increasing the priority fee or retry later.
- Insufficient balance to pay the transaction fee, ensure to reserve at least 0.02 SOL as a buffer.
- How to recover the wallet?
- Install Phantom on a new device → click “Import Existing Wallet” → enter the mnemonic phrase.
- Does it support hardware wallets?
- Supports Ledger connection, select “Connect Hardware Wallet” in settings for enhanced security.
Blockchain - Virtual Currency#
Categories#
Type | Features | Examples |
---|---|---|
Bitcoin | As the first cryptocurrency, regarded as digital gold | BTC |
Ethereum | Core of smart contract platforms | ETH |
Stablecoins | Pegged 1:1 to fiat currency | USDT, USDC |
Platform Tokens | Tokens of exchange ecosystems | BNB (Binance), OKB (OKX) |
DeFi Tokens | Tokens for decentralized finance applications | UNI (Uniswap), AAVE |
NFT | Non-fungible tokens (used for art, etc.) | CryptoPunks |
Meme Coins | Driven by community culture, highly volatile | DOGE, SHIBA |
USDT vs USDC#
1. Core Differences
USDT | USDC | |
---|---|---|
Issuer | Tether Ltd. | Circle (regulated) |
Transparency | Reserve audits not public | Monthly public audit reports |
Chain Support | Multi-chain (ERC20/TRC20, etc.) | Mainstream chains (ERC20/Solana, etc.) |
2. Use Cases
- Transfers: Choose the corresponding chain when withdrawing from exchanges (e.g., ERC20 requires ETH for gas fees).
- Trading: Exchange for BTC or ETH on exchanges to avoid price volatility risks.
- Hedging: Convert to USDT or USDC to preserve value during market downturns.
⚠️ Note: Cross-chain transfers must confirm that the other party supports the same chain, otherwise, it may lead to asset loss!
Beginner's Must-Read Advice#
- Small Amount Testing: For first-time operations, test with $10 to familiarize yourself with the process.
- Download Phantom and create a wallet (practice the backup process).
- Purchase $10 USDT on an exchange (choose Solana chain, be mindful of other products like ERC20, TRC20, BEP20, etc.).
- Try using USDT to exchange for a small amount of Solana or other cryptocurrencies on the exchange to experience the operation.
- Learn Gas Fees: Gas fees can be higher during Solana network congestion, so it is advisable to choose the timing for operations.
- Beware of Scams: Do not trust “private message airdrops” or “official customer service private messages”.
- Backup Double Insurance: Store the mnemonic phrase in two places (e.g., home and bank safe).
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