Overview
Phantom launched in 2021 as a Solana wallet and quickly became the default choice for the Solana community. It has since grown into a multichain wallet supporting Solana, Ethereum, Bitcoin, Base, Polygon, Sui and more. In January 2025 it raised $150 million at a $3 billion valuation and said it had over 15 million monthly active users.
Phantom is self-custody: your keys are stored on your device, protected by a password or biometrics, and backed up by a recovery phrase.
How it works
You can create a wallet with a classic 12-word recovery phrase, or sign up with an email or Google/Apple account. In that case Phantom splits the key so that no single party, including Phantom, can use it alone, and you set a 4-digit PIN for recovery.
The interface is one of the cleanest in crypto: tokens, NFTs, activity and a search tab to discover trending tokens and apps.
Features
- Swap tokens on Solana and across chains, with automatic best-price routing (Phantom charges a fee of around 0.85% on swaps).
- Trade perpetual futures inside the app, powered by Hyperliquid.
- Stake SOL natively or through liquid staking.
- Manage NFTs, including compressed Solana NFTs.
- Connect to dApps on all supported chains.
- Use a Ledger device for extra security.
Security
Phantom simulates every transaction and shows you what will change in your balance before you sign. It flags known malicious websites, tokens and spam NFTs. The company runs a bug bounty and has been audited, though the code is not fully open source.
In 2025 some iPhone users found their app had reset after an update, locking them out unless they had their recovery phrase; Phantom pushed an emergency fix. No funds were stolen, but it shows why your recovery phrase must always be backed up.
Phantom has said it has no plans to launch a token — treat any “Phantom airdrop” as a scam.
Pros and cons
Pros
- Best-in-class design and ease of use.
- The leading wallet in the Solana ecosystem.
- Multichain, with perps trading built in.
- Strong transaction previews and scam warnings.
Cons
- Swap fees higher than using a DEX directly.
- Not fully open source.
- Fewer networks than Trust Wallet or MetaMask.
- The trading features can encourage speculation.
Who it’s for
Phantom is the obvious choice for anyone active on Solana, and a strong option for users who want one polished wallet for Solana, Ethereum and Bitcoin.
Verdict
Phantom set the standard for wallet design and remains the top Solana wallet. It is fast, safe by default and easy to use. Just watch the swap fees and keep long-term holdings on a hardware wallet.