Top Solana Wallets
Top Solana Wallets guide
In this guide, we will look at some of these wallets and also how to navigate through them.
WHAT IS A WALLET?
A crypto wallet allows you to hold tokens, NFTs and interact with decentralised finance (DeFi) applications. DeFi applications are built on blockchains and allow you to do things like lend, borrow, and trade cryptocurrencies without the need for a central authority like a bank or exchange.
DeFi wallets are typically non-custodial, which means that you have full control over your private keys. This means that you are responsible for the security of your funds, but it also means that you have complete control over them.
Phantom became one of the most popular Solana wallets in early 2021, by launching with a very intuitive and easy to use UI/UX. It is a non-custodial wallet, which means that you have full control over your private keys. This gives you peace of mind knowing that your Solana tokens are safe and secure. Phantom is available as a mobile app and a Chrome extension, so you can access your wallet from anywhere. Additionally, Phantom offers a variety of features, including staking, NFT support, and some DeFi integrations. This makes it a versatile and powerful wallet that can be used for a variety of purposes.
Originally, Phantom was a Solana-only wallet. However, Phantom recently launched its multichain wallet, which now supports Ethereum and Polygon as well. This means that Phantom users can now manage all of their tokens and NFTs across these three blockchains from a single wallet.
Solflare is a popular Solana wallet that is similar to Phantom Wallet in many ways. Both wallets are non-custodial, which means that you have full control over your private keys. They are also both available as mobile apps and Chrome extensions. Additionally, both wallets offer a similar set of features, including staking, NFT support, and DeFi integrations.
Crafted with NFT collectors in mind, Backpack Wallet emerges as a non-custodial Solana wallet. Accessible in both mobile app and Chrome extension forms, this wallet is tailored to meet the needs of those passionate about NFTs.
Backpack Wallet supports xNFTs, which are a new type of NFT that can be programmed to perform actions, such as staking, lending, or voting.
xNFTs are a type of NFT that can be used to create more than just digital collectibles. They can also be used to create applications and experiences that are interactive and dynamic. This is because xNFTs can run code, which gives them the ability to do things that traditional NFTs cannot do.
Glow Wallet stands as a non-custodial Solana wallet. Accessible through a mobile app, Glow is purpose-built to cater to the needs of NFT collectors. The wallet is equipped with a diverse range of features tailored to this audience, including a marketplace enabling NFT buying and selling, a rarity checker facilitating NFT valuation, and a portfolio tracker for efficient management of NFT holdings.
The Brave Wallet is a secure and user-friendly way to store, send, receive, and exchange cryptocurrency. It is a non-custodial wallet, which means that you have full control over your private keys. This means that your funds are safe and secure.
The Brave Wallet is built into the Brave web browser, so you can easily access it from your browser. It supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Solana, Dogecoin, and NFTs.
Coin98 is a DeFi platform built on the Solana blockchain. It also has wallets for other blockchains, an NFT marketplace, and a decentralized exchange.
The Coin98 wallet lets you store your Solana-based tokens securely such as SOL, USDC, USDT, and STEP.
The Coin98 NFT marketplace lets you buy, sell, and trade Solana-based NFT like art collectibles and gaming items.
The Coin98 decentralized exchange lets you swap Solana-based tokens. It offers limit orders, market orders, and stop-loss orders.
Exodus is a secure and user-friendly wallet that allows you to store over 150 cryptocurrencies, including Solana. It is available as a desktop app and a mobile app. You have full control over your private keys, so your funds are safe and secure. Exodus Wallet has a built-in portfolio tracker that shows users the performance and value of their crypto holdings in real-time. This makes it easy to stay up-to-date on the overall status of your investment portfolio.
Exodus Wallet also has a seamless exchange feature that allows users to convert one cryptocurrency into another directly within the wallet. This can be useful for users who want to diversify their holdings or take advantage of market opportunities without having to use an external exchange.
HOW DO THESE WALLETS DIFFER
Here's a visual breakdown illustrating the differences among the wallets mentioned. This graphical overview can aid in identifying the wallet that aligns best with your requirements and preferences.
HOW TO SET UP A BROWSER EXTENSION WALLET
(A step by step approach using Phantom Wallet)
Go to the Phantom: https://phantom.app/ website and click on the Download button.
Select the Browser extension option and click on the Add. We will be using Chrome for this
Click on the Add extension button to confirm the installation.The Phantom extension will be installed and added to your Chrome browser. Open the Phantom extension by clicking on the icon in the top right corner of your browser
Click on the Create new wallet button
Create a strong password and write down your seed phrase. Your seed phrase is a set of 12 words that will allow you to recover your wallet if you lose your device or forget your password.
Click on the Continue button.
Your Phantom wallet has now been created. You can start using it to send, receive, and store Solana tokens.
Here are some additional things to keep in mind when setting up a Phantom wallet:
Make sure to write down your seed phrase on a piece of paper and store it in a safe place. Do not store your seed phrase online or in a cloud storage service.
Never share your seed phrase with anyone, not even the Phantom team.
If you lose your password, you can use your seed phrase to recover your wallet.
In this guide, we have looked at some of the best Solana wallets available. We have discussed the features and benefits of each wallet, as well as how to set up a browser extension wallet using Phantom Wallet.
The best Solana wallet for you will depend on your individual needs and preferences. If you are looking for a secure and user-friendly wallet with a wide range of features, then Phantom Wallet is a good option. If you are an NFT collector, then Backpack Wallet or Glow Wallet may be a better choice.
No matter which wallet you choose, make sure to keep your seed phrase safe and secure. This is the only way to recover your wallet if you lose your device or forget your password.
Here are some of the key points to remember when choosing a Solana wallet:
Choose a wallet that is non-custodial, so you have full control over your private keys.
Make sure the wallet is secure and has a good reputation.
Consider the features that are important to you, such as staking, NFT support, and use within DeFi.