How to Create a Solana Wallet?

A Solana wallet is used to store Solana(SOL) and all other tokens that are built on the Solana blockchain.

We use cryptocurrency wallets to store cryptocurrencies. A bitcoin wallet is used to store Bitcoin. We use the Ethereum wallet to store Ethereum. We can also store ERC20 tokens in some Ethereum wallets like Metamask.

There are different types of cryptocurrency wallets. They are Hardware, Software, and Paper wallets. There are different types of software wallets like desktop wallets, mobile wallets, and web wallets. We are going to create a web wallet for Solana.

Solana has its own blockchain network with smart contracts and a native token Solana(SOL). Solana is said to achieve block times of 400 milliseconds and transaction fees less than $0.01. Ethereum network has an average block time of 15 seconds and transaction costs are ranging between $5 for transfers and $2000 for Uniswap transactions. We definitely need a faster and cheaper blockchain like Solana.

We are going to create a web wallet for Solana. Web wallets exist as Chrome extensions and interact with the dapps on the blockchain network. We use Metamask for Ethereum, Binance Smart Chain, and Polygon since all of them are EVM compatible blockchains. Solana is not an EVM-compatible blockchain and hence we cannot use Metamask to interact with Solana.

Phantom, Sollet, Coin98, and Trust wallets are some wallets that support Solana. Phantom wallet is an easy-to-use Solana wallet. It supports all Solana tokens and has an inbuilt swap function. It also has a collectibles tab that shows the NFTs you own.

Step-by-Step Guide to Create a Phantom Solana Wallet

• Go to the Chrome extension here. You can add this extension on the Brave browser too
• Install the Phantom wallet
• Create a new wallet, if you don't have a Phantom wallet till now.
• Copy the Secret Recovery Phrase and store it somewhere. Don't share your phrase with anyone. You may lose all your funds
• Set a password and save it and click 'Finish'
• Now your Phantom wallet setup is finished.

To get started with the Phantom wallet and Solana blockchain, you have to have some Solana(SOL) in your Phantom wallet.

Buy some SOL from exchanges like Binance or FTX. Withdraw it from the exchange and deposit it in the Phantom wallet. Copy the Phantom Solana wallet address as shown below.

Now you have some SOL in your wallet, you can start interacting with the dapps on the Solana blockchain. Some dapps on Solana are Raydium, Serum, Orca, Saber, Solanart etc. Connect your Phantom wallet with the dapp and start interacting with it.

If you have used DEXs like Uniswap or Pancakeswap before, Raydium is a DEX on Solana, where you can add liquidity and swap for various tokens. Phantom wallet acts just like Metamask and is easy to use.

A lot of projects are being built on Solana and the scalability of Solana is yet to be tested. If it succeeds, Ethereum and other Layer 2 networks just exist and Solana becomes the most popular blockchain.

With the help of Phantom Solana wallet, you can explore the Solana blockchain even before anyone else.

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