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Solana memecoins and tokens: Starter guide 2024

Simply click on the icon, which will redirect you to a confirmation page to install the wallet. Then, users must hover over a textbox to view the verifiably random and secure seed phrase that’s generated, which can be used to access the wallet anywhere. Following this, Phantom presents a three-part walkthrough of accessing the wallet with command shortcuts. The Phantom wallet is available as a mobile download application and a browser extension tool for various desktop web browsers. The protocol operates by allowing users to generate private keys before Phantom manages them on behalf of its users. During this, Phantom presents a beautifully simple and intuitive graphical user interface (GUI) to mask the technicalities of signing transactions and storing funds.

Setting up Phantom wallet on Mobile

That’s the genius of PoH, catapulting the Solana blockchain into a high-speed network with low transaction costs. Tracking all your crypto trades can become complex, which is why a portfolio management tool such as Step is helpful. At its core, WEN is based on a poem titled “A Love Letter to Wen Bros,” written by Meow, who is also credited with founding Jupiter. This poem was minted as an NFT and then fractionalized into 1 trillion WEN tokens—demonstrating an innovative use of NFT technology for token distribution. A staggering 70% of these tokens were earmarked for distribution to over a million eligible Solana wallets, showcasing a commitment to widespread community participation.

How to Buy Solana NFTs With Phantom Wallet

Furthermore, with network fees costing less than $0.01 per transaction, users can make hundreds of transactions under one USD. The Phantom wallet aims to make its in-wallet “swapper” feature the go-to exchange for assets on Solana. It plans to achieve this through maintaining its minute costs, sub-second transaction finality, plus transparent decentralization. To download the browser extension for the desktop wallet, users can simply head to “” and scroll to the bottom to select the relevant icon. At the time of writing, users can use Chrome, Edge, Brave, and Firefox.

How to create a new wallet

Users should also be wary of storing large amounts of crypto assets in hot wallets. This will limit the severity of losses incurred in case of exploitation of hot wallet facilities. To connect to decentralized applications or DeFi platforms using your phantom wallet, visit the project’s website from the browser where your Phantom wallet extension is installed. Click Connect wallet (usually at the top right corner) from the platform to complete the connection process.

Further, the wallet is compatible with both cryptocurrencies and non-fungible tokens (NFTs). In our “What is Phantom Wallet” article, we will dive deep into the fundamentals and features within the project. Plus, we’ll look at how fast the Solana Phantom wallet is becoming the go-to wallet application for the Solana blockchain.

Because of this, Solana is home to thousands of powerful and user-friendly web3 apps ranging from payments, NFTs, Decentralized Finance (DeFi), and games. The Delegated Proof-of-Stake (DPoS) model used by Solana is designed to uphold network integrity. This is achieved not only through the election of validators but also through a system of accountability and community trust. If a delegate proves unreliable, the community has the authority to remove them, thereby maintaining a consistently strong and trustworthy system. However, this level of self-regulation implies that the choice of delegate is important. It is crucial to stake SOL with a dependable validator, as their actions can directly affect the staking process.

After you’ve added the extension to your browser, you can begin the wallet creation process. Now that your Solana has been sent back to Binance, all that is needed is for you to trade it for a fiat currency like EUR or US. Start by selecting SOL and the fiat currency you want to trade it for, then choose the amount. Alternatively, you can buy Solana directly from your Phantom Wallet. Once done, you will be able to get the list of payment providers — currently, only Coinbase and MoonPay can be used.

As such, the success of Dogecoin set a precedent for other memecoins to emerge. Over time, numerous cryptocurrencies with meme-inspired branding and themes started to surface, often capitalizing on internet trends and social media hype. Phantom is a popular option for an in-browser extension for Chrome (and Chrome forks like Brave).

Once you enable this, it will appear on your browser toolbar, and you can then access it at any time by clicking on the icon. The smooth functionality gives users a refreshing experience and complements Solana’s superfast and budget-friendly blockchain technology. A new feature launched on August 18, 2022, also allows users to burn unwanted NFTs in their wallets and receive some rewards in Solana (SOL) for destroying the NFT(s). Phantom wallet users can receive and store NFT collectibles in their wallets. Phantom wallets are primarily designed for storing and managing SOL tokens, but can also be utilized for mining Solana through their integration with the blockchain. However, mining Solana on a PC requires advanced technical know-how, specialized hardware, and substantial resources – thus it should only be attempted by experienced miners.

However, the market for memecoins is highly speculative and volatile, with prices often driven by “clout” rather than an underlying technology or utility. While some memecoins have seen brief surges in value, others have experienced significant price fluctuations and faced scrutiny due to their lack of intrinsic value or real-world use cases. One of the earliest and most influential memecoins is Dogecoin, which laid the foundation for the concept of using memes as a basis for creating digital currencies. You’ll need SOL to purchase NFTs at Solana-based marketplaces, and with Phantom, there are a few different ways to get the coins into your wallet. Finally, StealthEX aims to eliminate the tiresome and lengthy verification process, even for small purchases of cryptocurrency.

Alternatively, the wallet automatically prompts users to confirm after selecting “connect wallet” on Solana applications. Solana’s native SOL asset holders receive governing rights over the protocol’s development. Moreover, Solana operates with a global set of validator nodes responsible for managing, processing, and securing the network. Further, some network participants operate in “clusters” to maintain the ledger’s integrity alongside serving client transactions.

To add a custom token to your phantom wallet token list, Select “Manage Token List” and enter the required details to view the asset in your wallet. Solana’s fast transactions and low fees have also spawned a new generation of web3 games that offer digital ownership and financial rewards in addition to fun and entertainment. Think of your Phantom wallet as the entry point to the best of web3 gaming and the home for your epic loot. Founded in 2017 by Anatoly Yakavenko, Solana is a decentralized, fast-growing layer-1 blockchain known for speed. Designed to offer a similar experience to Ethereum while offering a few key improvements, Solana offers near-instant transactions and incredibly-low fees (less than $0.01 per transaction).

It’s important to note, that when you restore a wallet on a different device or a new browser, your contents will always remain the same. Restoring a wallet does not “reset” the account, but merely allows you to gain access to the account from a different setup. Staking can also be done on the platform, with access to a comprehensive list of validators to choose from. Once the Bitcoin Beta becomes fully available and other networks can be used on the wallet, you may see a mass migration from other wallets to Phantom Wallet. Next in the Phantom Wallet guide, you need to be able to find your public wallet address, which typically you will need to receive payments from other wallets.

The project doesn’t store or track any personal information from users. Also, Phantom now offers mobile users biometric authentication to gain access to the wallet or sign transactions using a fingerprint or facial recognition. After selecting “create new wallet,” you’ll immediately generate a secret recovery phrase . The secret recovery phrase includes 12 random words that are unique to your private key used to generate your wallet. It is important to securely record these words in order and store them in a safe place offline. Unique to cryptocurrency and web3 wallets, there is no “forgotten password” link.

You will need to ensure you choose the right address, depending on the network you are receiving the payment from. Okay, so you have downloaded or installed the Phantom Wallet on your desktop or mobile. To begin, click the settings icon, which will give you a full list of options. Phantom wallet’s interface makes it easier to grasp and perform core tasks. Users can navigate through the wallet features using the tabs at the bottom of the application. On the asset interface, you can click the “Deposit” or “Send” button to obtain your wallet address or set up a transfer transaction, respectively.

  1. Solana’s native SOL asset holders receive governing rights over the protocol’s development.
  2. Simply click on the icon, which will redirect you to a confirmation page to install the wallet.
  3. A new feature launched on August 18, 2022, also allows users to burn unwanted NFTs in their wallets and receive some rewards in Solana (SOL) for destroying the NFT(s).
  4. Contrary to initial speculations, Phantom wallet developers rebuffed the rumors that Phantom wallet’s security systems were jeopardized.
  5. The growing success of Solana has driven up demand for Solana-based NFTs.
  6. When setting up a new wallet, Phantom will give you a 12-word seed phrase to write down or store somewhere, in case you need to restore your wallet at some point.

Rather, it is a curated set of collections, and NFT projects must apply to be listed, so your buying options here will be limited. The most important part of setting up any self-custody wallet like Phantom Wallet is recording your 12-word secret recovery phrase and storing it in a safe place. The settings tab also allows you to change your password, see your secret recovery phrase, or even remove your wallet if you no longer need it or believe your wallet has been compromised. Phantom can be used to stake SOL, buy NFTs, and access decentralized exchanges (DEXs) to trade crypto on the network. You can access DEXs to buy and trade cryptos on the Solana blockchain, whilst also accessing NFT marketplaces like Magic Eden. Comparing this to another non-custodial wallet, Phantom allows you to store and view your collectibles and cryptos together.

One of the first settings to check is the active networks that are enabled for your use. The first, by default, is Solana, as this is a Solana blockchain wallet, followed by Ethereum and Polygon. Now, your mobile version of Phantom Wallet is ready for you to use. Here, you can view your NFTs, send them to peers or destroy them if not wanted. Genopets is one of the world’s first free-to-play, move-to-earn NFT games that makes it fun and rewarding to live an active lifestyle. Built on Solana, Genopets turns your daily real-life activity into fun blockchain-based gameplay with crypto rewards.

Discover the latest security standards in the blockchain industry today with the world’s leading online Web3 development platform, Moralis. The fourth tab on the Phantom wallet’s interface will show your recent activity. At a glimpse you’ll be why invest in fidelity index funds able to tell the most important details from each individual transaction, however drilling in will provide more details and access to the transaction hash. Remember that this password is just your first line of defense to your Phantom wallet.

Since its launch in 2021, Phantom has seen tremendous growth in terms of usage and development. Launched initially as a chrome extension, Phantom developers announced that they had recorded an excess of 500,000 active users within five months of its release. Your accrued rewards will be automatically claimed and added to your balance, allowing you to earn more rewards seamlessly. If you want to access your rewards, you first must unstake all your SOL and transfer it back to your chosen wallet. Unlike several other blockchains, there is no minimum amount of SOL to stake to become a validator.

First, open the Phantom wallet and select the current SOL balance in the wallet. At this point, a prompt will appear for users to decide which validator to stake with. The project itself is neutral and does not offer any advice or suggestions on which validators to choose. However, Phantom offers users a link to “”, a site that presents validator node activity and status. Once selected, select “Stake”, and the Phantom wallet will instantly begin staking your assets securely.

There is also a more advanced option, “Preferred Explorer,” where you can change the default block explorer. A new window will appear following the completion of the download, promoting you to “Create a new wallet.” Click this, and you will then be asked to enter a password. The next step is to select the appropriate browser you will be using to set up the Phantom Wallet. To swap assets on the interface, select preferred pairs, check presented swap rates and complete the procedure if conditions are satisfactory. Phantom wallet’s exponential growth is partly thanks to the widespread adoption of Solana blockchain but mainly due to its plausible user experience. It is unarguably the most popular wallet in the Solana ecosystem.

SOL’s rise has been attributed in part to the growth of NFT collecting on the platform. The process of entering the world of cryptocurrency can be complicated, but with StealthEX, it is easier and hassle-free. You may be wondering if buying cryptocurrency without KYC is legal. According to the rules, exchanges are required to identify customers who want to buy or withdraw funds of €1000 or more. Purchases under €1000, however, do not require any verification checks. Once you have your wallet’s public address, you can transfer SOL from the StealthEX exchange by pasting the address into the “Recipient” field.

The swap feature is a decentralized exchange interface that allows you to swap assets in your wallet. Phantom wallet’s swap platform is a decentralized exchange (DEX) aggregator. It collates exchange rates from multiple DEXes on Solana and offers users the best rate from these platforms. Phantom wallet offers an easy interface to the Solana blockchain and allows users to execute asset transfer transactions and also receive assets with ease. However, it allows other currencies like Bitcoin, Ether, USDC, and USDT.

NFTs are distinctive digital assets that can be purchased and exchanged on the Solana blockchain with the Phantom wallet. They are popular with crypto collectors and investors because they are a brand new type of ownership in digital form and have value. They can also represent various assets,s including music, art, collectibles,s, and others. The growing success of Solana has driven up demand for Solana-based NFTs. Thanks to Phantom wallet’s integration into the Solana blockchain, users can conveniently purchase and store their NFTs right inside their wallets.

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Start by visiting their Popular Collections to see the current most sought after projects. To learn about upcoming projects, you can browse their Upcoming Drops calendar. When you deactivate your total stake, it will not withdraw automatically but will wait and remain active during the current epoch to ensure fairness and network security.

As such, Phantom offers users the typical features one expects with modern DeFi wallets (e.g., decentralization, cryptographic security, fast transaction confirmation). Plus, the Phantom wallet offers users in-app token swaps, a fiat-on ramp, and a place for storing non-fungible tokens (NFTs). Furthermore, the project offers these features with sub-cent fees on both desktop and mobile devices. Phantom wallet is a Web 3.0 wallet designed to store Solana-based crypto assets and support decentralized applications built using the Solana blockchain.

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