We recently wrote an article about the Phantom Wallet. So, this piece will be a continuation of where we stopped. Crypto wallets play a vital role in the community. They help you store, manage, and send cryptocurrencies.
However, not all wallets have similar levels of security. And some are more prone to attacks than the others. Let’s find out more details about the Phantom Wallet.
3/ Security has always been our top priority. And collaborating with @blowfishxyz is just one of the many steps we’ve taken to keep our users safe. We are excited to roll out additional automated spam detection in the coming months!
— Phantom (@phantom) October 20, 2022
Is Phantom Wallet Secure?
Phantom is a secure browser wallet. Phantom’s code was independently audited by Kudelski Security, a high-ranking software auditing firm. Additionally, being a self-custodial wallet, Phantom provides encrypted keys stored on a user’s device, giving them full control of their assets.
.@Phantom now supports Versioned Transactions🥂
Versioned Transactions and Address Lookup Tables (LUTs) were introduced by @solana in an effort to improve the developer and end-user experience tremendously.
Let's dive deep, time for a 🧵 pic.twitter.com/5NS0HB2OtQ
— Anvit | proflupin.sol (@0xprof_lupin) November 8, 2022
Phantom provides an extra layer of protection, preventing users from actions that could risk their funds.
Since Phantom is non-custodial, users have the bulk of the responsibility to ensure the security of their wallets. When creating a new wallet, users are required to write down their secret recovery phrase, which consists of 12 words. These words are important. They are needed to restore access to the wallet. Unfortunately, losing your recovery phrase means losing your wallet.
2/ Scammers are working hard, but we’re working harder. With our new fraud detection signals, we're blocking verified scam websites within minutes of them going live.
— Phantom (@phantom) October 20, 2022
Additionally, anyone who discovers the phrase will have access to your cryptocurrency holdings. You must document them accurately, in the proper order, and keep them securely, away from possible risk.
Can Phantom Wallet Hold ETH?
Phantom is tailored for Solana and Ethereum. Phantom makes it easy to conduct DeFi transactions safely. The wallet, however, only accepts the SOL version of ETH and not the ERC-20, as popularly seen on other sites. So you can send ETH to Phantom, however, via the SOL network.
What Coins Does Phantom Wallet Support?
Phantom offers support for all the cryptocurrencies on Solana, some of which include:
- USDT
- USDC
- Serum
- Raydium
- Solana
Phantom Wallet Fees
Solana transactions demand that you pay transaction fees, sometimes known as gas fees, for any transactions made on the network. It requires you to pay such fees in SOL, similar to how Binance uses BNB and Ethereum uses ETH.
So, you should always keep a reasonable number of SOL tokens in your wallet to cover any transaction costs associated with sending, swapping, staking, etc.
At the time of this writing, SOL trades at $14.77, with a 24-hour trading volume of $991,010,253.
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