Phantom

Key Takeaways

Diving into the heart of Phantom's capabilities reveals a wallet that's not just a safe haven for your crypto but a powerhouse of features tailored for both novices and the crypto-savvy. Here’s the lowdown:

• Launch and Growth: Kicked off in 2021 with a $9M Series A, ballooned to a $1.2 billion valuation after a $109M Series B, now boasting over 3 million users.
• Security Tight: Audited by Kudelski Security, scam detection, and offers a $50k bounty for vulnerabilities. Plus, it flags risky transactions and supports a community-curated blocklist.
• User Interface: Sleek, intuitive across browsers and mobile apps, enhancing management of cryptocurrencies, NFTs, and DeFi apps.
• Functionality Rich: Supports token swaps across multiple networks, Solana staking with a juicy 6.88% APY, and direct NFT marketplace listings. It's also prepping for Bitcoin Ordinal inscriptions and BRC20 tokens.
• Ease of Access: Free download, modest 0.85% token swap fee, plus network fees for transactions.
• Setup Simplicity: Straightforward for both desktop and mobile, emphasizing security with Secret Recovery Phrases.
• Robust Support: Offers a comprehensive knowledge base, chatbot, and ticketing system for user inquiries.

What Are the Pros and Cons of Using Phantom? 

Phantom’s Pros

• Non-Custodial Wallet: Ensures users have full control of their keys and assets.
• Comprehensive Security Measures: Includes security audits, scam detection, and support for hardware wallets like Ledger.
• User-Friendly Interface and Experience: Available as a browser extension and mobile app, with an intuitive design for managing cryptocurrencies and NFTs.
• EVM and Non-EVM Support: Supports Solana, Ethereum, and Polygon networks, with features for token swaps, staking, and NFT management.

Phantom’s Cons

• Transaction Fees: Charges a modest fee for token swaps in addition to standard network fees.
• Still Limited Blockchain Support: Supports only 3 blockchains, fewer than many multi-chain competitors.

1. What’s the Story Behind Phantom?

Diving into the genesis of the Phantom crypto wallet, it's a tale of innovation and rapid growth. Launched in January 2021 by a dynamic trio—Brandon Millman, Chris Kalani, and Francesco Agosti—the wallet was initially tailored for the Solana ecosystem. This team wasn't new to the tech scene, having cut their teeth at notable companies like 0x, Matcha, Twitter, and Facebook. With 40,000 enthusiasts jumping on board during its beta phase, Phantom quickly showcased its potential.

By July 2021, the excitement was palpable, leading to a successful $9M Series A funding round, supported by industry giants like a16z and Variant. The momentum didn't stop there; a staggering $109 million was raised in a Series B round, catapulting Phantom’s valuation to $1.2 billion. Now, with a user base surpassing three million, Phantom has evolved into a multichain marvel, initially embedding its roots deeply within the Solana network but gradually expanding its embrace to Ethereum, Polygon, and beyond.

Phantom shines as a decentralized Web3 software wallet. It's a self-custodial gem that seamlessly integrates with major browsers—think Firefox, Chrome, Brave, and Edge—while also catering to the on-the-go users with its iOS and Android applications. Though not a hardware wallet, Phantom nods to the security-conscious, enabling connections with hardware wallets like Ledger.

Starting as a Solana-centric wallet, Phantom didn’t just stop there. It broadened its horizon to support Ethereum and Polygon networks, making it a versatile hub for managing a slew of cryptocurrencies including USDT, USDC, and an array of tokens within these ecosystems. And for those keeping an eye on the future, Phantom’s beta phase is buzzing with excitement for Bitcoin, Ordinal inscriptions, and BRC20 tokens support.

2. What Are the Key Features of Phantom? 

Phantom wallet extension stands out in the crowded space of cryptocurrency wallets, thanks to its comprehensive features focusing on security, user interface, user experience, functionality, tools, and its approach to costs and fees. Here's a deep dive into what makes Phantom a top choice for crypto enthusiasts.

Security Measures

• Non-custodial Wallet: You're in full control, emphasizing the need to secure your seed phrase.
• Security Audit: Undergone a thorough audit by Kudelski Security, confirming its solid security framework.
• Scam Detection: Instantly flags suspicious transactions and offers up to $50,000 for reported vulnerabilities through its bounty program.
• Transaction Previews: Identifies and alerts users about potentially malicious transactions.
• Open-source Block List: A community-curated list of malicious domains to keep users safe from harmful sites.
• Burn NFT Feature: Allows users to manually remove spam NFTs, keeping the wallet clean.

User Interface and Experience

• Ease of Use: Available as a decentralized Web3 self-custodial browser extension and mobile app, compatible across popular browsers and mobile devices. After a few years in crypto, I can say that Phantom’s interface best satisfies me as a normal user.
• Interface Design: Sports a clean, intuitive design for managing cryptocurrencies, NFTs, and DeFi applications.
• Unique Highlights: Features like NFT grouping, and integration with Ledger hardware wallets enhance user security and management capabilities.

Functionality and Tools

• Exchange Integration: In-app token swaps across Ethereum, Polygon, and Solana networks, ensuring users get the best rates.
• Solana Staking and Multichain Support: Offers Solana staking with at least 6.88% APY, alongside Ethereum and Polygon support.
• NFT Management: Direct listing on NFT marketplaces, with features to pin, hide, burn, and list NFTs within the wallet.
• Account Management: Simplifies the management of Secret Recovery Phrases and Private Keys through its settings, and "Sign In With Solana" for simplified app authentication.
• Cross-Chain Swapper: Offers safe, easy, and optimized token bridging across Solana, Ethereum, and Polygon.  
• Shortcuts: Offers easy access to NFT information, actions, and interactions.  
• Auto-Confirm: Speeds up web3 transactions, offers improved UX with 6 trusted partners, and security measures.  
• Instant Sell: Streamlines NFT selling, presents best offers, and provides instant liquidity.  

Costs and Fees

• Download: Free, making it accessible to a broad audience.
• Transaction Fees: A modest 0.85% fee for token swaps, plus standard network fees, ensuring transparency and affordability.

3. How Do You Get Started with Phantom?

Ready to join the Phantom fam? Here's how to dive in, whether you're a desktop warrior or a mobile maestro.

Desktop Installation

• Visit https://phantom.app/download and select the browser or extension store.
• Follow the steps to add the Phantom wallet extension to the browser.
• New users should select "Create New Wallet" and create a secure password. This password is specific to the current device and browser profile.
• Users are presented with a Secret Recovery Phrase or 'seed phrase' which should be stored securely as it is crucial for wallet access and fund recovery.
• After securing the recovery phrase, users can proceed by creating a new password to access the wallet in the future.
• Existing users can restore their wallets by entering the Secret Recovery Phrase and creating a new password for future access.
• The Phantom icon can be found in the top right-hand side of the browser's toolbar or in the list of browser extensions.
• Additionally, users can pin the Phantom icon to the extension bar for easier access.

Mobile Installation

• Visit https://phantom.app/download and select the app store that matches the device's operating system (iOS/Android).
• Follow the steps to download and install the application on the device.
• Upon opening the app, users will be guided through the onboarding process to set up a new wallet.

The Phantom wallet is a breeze to set up, whether you're on desktop or mobile. The interface is clean and intuitive, making navigation and asset management straightforward. For desktop users, adding the extension takes just a few clicks, and mobile users will find the app's setup process equally smooth. 

The emphasis on security, particularly through the Secret Recovery Phrase and optional biometric safeguards for mobile, highlights Phantom's commitment to user safety without compromising on ease of use.

4. How Does Phantom Support Its Users? 

When diving into a Phantom wallet review, the support and resources available to users are pivotal aspects to consider. Phantom offers a multi-pronged approach to support its users, catering to both technical and general needs.

Customer Support

• Self-service: Phantom prioritizes self-sufficiency through its comprehensive knowledge base, packed with articles covering various topics. This empowers users to find solutions quickly and independently.
• Chatbot: A handy chatbot resides on the support page, ready to answer common questions about tokens, swaps, transfers, hardware wallets, imports, scams, DApps, and general usage.
• Ticketing system: For complex issues not addressed by the knowledge base or chatbot, users can submit tickets and receive personalized assistance.
• Development support: While Phantom offers some dev resources on the docs page, they recommend the active Solana dev community for more in-depth assistance.

Community and Resources

• Social media: Phantom actively engages with users on platforms like Twitter, keeping them informed about updates and fostering a sense of community.
• Third-party resources: Phantom acknowledges the value of external resources and provides links to educational materials on relevant third-party sites.
• Official website: As the central hub, Phantom's website serves as the starting point for downloading the wallet, exploring features, and staying up-to-date.