That’s why it is important to stake your tokens with a trusted validator. When this happens, the validator loses their delegated stake and you will lose the tokens staked with that validator. The risk associated with staking is called “slashing.” Slashing occurs when a validator intentionally violates safety rules. When staking, it’s important to know that you still own and control your tokens. The reward is designed to decrease by 15% every year until it reaches 1.5%. Today, the reward for staking SOL is 8% annually. If you hold SOL in a wallet that supports staking, you can participate in securing the network while earning interest on your tokens. A validator maintains the integrity of the blockchain by verifying transactions. Staking is the process of “delegating” or assigning a certain amount of SOL tokens to a validator. For your security, make sure to do this somewhere private where no one can see your screen.Įarn SOL while securing the Solana network through staking. To set up the Phantom wallet, all you need is a compatible browser (Chrome, Brave, Firefox, or Edge), a pen, and a piece of paper. Phantom also offers a beautiful way to view all your Solana NFTs directly in your wallet.
PHANTOM WALLET INSTALL
Once you download and install the wallet, you can buy, sell, send, swap, and store Solana tokens. Phantom is available as a browser extension and iOS mobile app. With a non-custodial wallet, you’re the only one responsible for keeping your funds safe. Having a non-custodial wallet gives you control of your private key and the freedom to explore the decentralized web. Anyone who holds the private key has true ownership and control of the assets. When you keep crypto on an exchange, the types of activities you can do are limited to investing because you don’t hold the private keys.Ī private key is a cryptographic secret, typically in the form of a 256-bit number.
A non-custodial wallet is different from a wallet hosted on a cryptocurrency exchange. Phantom is a non-custodial digital wallet used to interact with the Solana blockchain. You can purchase SOL on a number of cryptocurrency exchanges and using a Solana-compatible digital wallet such as Phantom. To begin exploring apps and sites on Solana, you’ll need Solana’s native token, $SOL.
Solana ensures that transaction fees remain low even as more people use the network. On Solana, thousands of transactions are processed per second, with an average cost of only $0.00025 per transaction. If you’ve used another blockchain, you might be familiar with the pain of waiting several minutes and paying hundreds of dollars in transaction fees. In order for more people to use Web3 sites and apps, transaction speeds need to be fast and costs need to be low, while remaining secure. Solana is a decentralized, open-source blockchain made for scale. In this article, we’ll explore the fast-growing blockchain, Solana, and go through the steps to set up a popular Solana-compatible wallet called Phantom. If you hold cryptocurrency on an exchange and want to explore the decentralized web, you’ll need a wallet for each blockchain you interact with. A digital wallet opens up the world of non-fungible tokens (NFTs), decentralized finance (DeFi), and DAOs (decentralized autonomous organizations).
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