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.
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:
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:
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:
Step 2: Create a new wallet:
Step 3: Secure your secret recovery phrase:
Step 4: Accessing the wallet:
Method 2: For mobile users
Step 1: Download the app:
Step 2: Create a new wallet:
Step 3: Secure your secret recovery phrase:
Step 4: Accessing the wallet:
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.
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.
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:
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.
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