What is Phantom wallet? 👻
Phantom wallet is the Solana Network’s premier wallet app, allowing people to buy/sell/trade cryptocurrencies and NFTs. It’s pretty much Solana’s Metamask, but better!
Does Phantom wallet support Ethereum (the network)? 🤔
No. As of today, Phantom wallet only supports the Solana network.
Can Phantom wallet hold and receive Ethereum(ETH)? 🤔
Yes! You can buy, sell, and hold Ethereum (wrapped Ethereum or “wETH”, to be specific) using Solana DEXs such as Jupiter and Orca. This way, you can use and take advantage of Solana’s cheap fees, but still, be able to invest in the growth of the Ethereum(ETH) cryptocurrency.
Obviously, you can’t use Ethereum to pay for fees because we’re using Phantom and the Solana network — SOL will be used to pay for the (very cheap) transaction fees.
How to bring your ETH to Phantom ✨
Using an exchange
You can use reputable exchanges such as FTX and Binance to withdraw tokens directly to your Solana Phantom wallet. (we recommend using FTX because Binance’s Solana SPL withdrawals are frequently under maintenance.)
You simply click on withdraw on your preferred token (for this example, USDT), then simply pick “Solana SPL” as the withdrawal option.
After you received your USDT on your Phantom wallet, you can then swap the USDT for ETH on Jupiter.
Using a bridging platform
You can use bridges such as the Portal Bridge to “bridge” your ETH from the Ethereum network(MetaMask) to the Solana network(Phantom).
Take note that this can be quite complicated for some people, so we recommend going with the previous exchange route.
is Phantom wallet secure? 🔐🧐
So far Solana’s Phantom wallet has had a very good track record of securing the funds of its users.
As always though, we heavily recommend grabbing a hardware wallet if you want to really ensure the security of your coins and tokens.
Final thoughts 🗒
Trading or investing in cryptocurrencies is excellent and all that, but always make sure your funds are secure. We always recommend using a nice hardware wallet like a Ledger to achieve this.
Happy trading and investing!
