How to Use Solana Phantom Wallet (Stake SOL, Send, Receive, Swap)

this is a salana tutorial with Phantom wallet I'll show you how to get set up with this wallet how to get Assets in and out of the wallet stake salana and then use some defi applications with the wallet time stamps for everything down in the description below we can come and download Phantom wallet for salana then there are other Wallets on salana but Phantom is the most popular for now so you can download it for these web browsers right here you can also download it for your mobile if you want to do that it's the exact same setup process and you can use the exact same wallet across all of your devices so just set the wallet up once you get this recovery phrase and then you can reload the wallet and see all of your assets across all of your devices so I'll show you the setup for Chrome just to make it easy here so I'll click this it's going to take me through to the Chrome App Store to go ahead and download this as an extension so you can see I've got it installed already but if you don't just just press download here and it's going to install it as an extension on your Chrome from there it's going to ask you to set up the wallet so we'll go through that uh right now from here if you have a wallet already just click I already have a wallet and you can reload the 12 words that you've been given previously if you've never done this before just click create a new wallet it's going to take you through to two screens one is to create a password this is a local password on the device that you're using so it's kind of like a safety feature where you can lock the application just in case you know someone else uses the computer they can't get it it's going to also periodically ask you to put this in so you need to make sure it's a password you can remember um this is not your recovery phrase though this is just a local device password to kind of unlock the app so once you've created that you can then go through to actually setting up the wallet now if you uh lose this password it doesn't matter as long as you have the recovery phrase for your wallet you can just um uninstall the app reload it and set a new password so that's like a local password that you can reset this page right here is going to give you your recovery phrase this is your wallet so you can see there are going to be 12 words right here every one's words are different these 12 words help set up the wallet that you have and own those 12 words are your wallet so write them down somewhere very safe because if you lose access to the wallet and these words then you'll never get that money back because no one else knows these and neither do you if someone else has these words that means they own your wallet as well because they can access the wallet and reload it and send all of your crypto out so these words are important write them down keep them somewhere safe and uh you can set up the wallet right here so you just press continue and you can check that you've got those words in the right place and it get going to set up the wallet for you so once you have the wallet right there you now have a salana phantom wallet and that is a hot wallet on your computer so that's what we can use and as you can see here it says you're all done on Chrome at least you can see it's up in the top right with your extensions so you can just get the extension up and it's going to show you the Phantom wallet that we can use if you are creating a wallet on your smartphone or you want to just have the wallet on both your computer and your smartphone this is what it looks like so if you've already set up a wallet you don't need to create a new one just click I already have a wallet on your phone it's going to say do you want to uh use face ID to access the apps probably a good idea and what you want to be doing here is reloading the wallet put your 12 words in and it's going to access the same wallet across different devices and so you're going to see all of your balances right there across your mobile or your computer from here there are some important settings that you might want to check so I'll just get the extension up here if you look at the top left the burger menu so we'll just click this this is my account one so this is the account that I've set up I've set up the wallet and I've set up one account three blockchains are supported for right now salana ethereum and polygon so you can use all of these within the app and you have a wallet address for each of these blockchains this account one this can be added to so you have account one but you can add account two account three account four all within the same wallet and all linked to the same recovery phrase that we just had so what we can do is go down and press the plus button it says create new account so that'll be a different wallet address than your account one that you can use that differently and separately but it's linked to that same 12-word phrase you can connect a hardware wallet with Phantom as well so what a lot of people will do is have their Investment Portfolio on a hardware wallet air gapped don't use it and then when they want to use defi or nfts they'll take some assets from that Hardware wallet send a transaction to their hot wallet which Phantom is and then use defy or any other applications so you can connect the hardware wallet directly to Phantom as well not really much need for it though to be honest in my opinion um because you can just send assets across especially on salana secret recovery phrase or import private key if you have a previous wallet you can load them right here so we don't need to go through those now other things we can do is press settings and you can see active networks here so if you really don't use ethereum or polygon just turn them off and then you'll just have a salana experience but you can use them and you can see different apps as well but you can choose that there's some other settings here um which are self-explanatory but that's the settings uh and the ways of adding new accounts in Phantom wallet we need to get some salana into our Phantom wallet to use the blockchain every time you use a blockchain you need to pay a gas fee like a fee to the network and on salana that is of course s the token that we need to pay with so there is a way to buy directly within Phantom wallet if you click buy and then choose the asset that you want to buy so you're going to have to have some salana if you want to use the blockchain so we'll click salana and you know let's just do $100 here we press next and there's two options Moon pay and coinbase pay these are fine you can use cards with these you'll need you'll need an account with coinbase or Moon pay first and they're going to charge you around 2 to 3% as a fee to use your card and F it currency to buy salana so you can do that no problem but you need an account with either of these and then they'll send the salana to your wallet uh but the fees are pretty high what I'm going to do is just go over to my binance account uh and withdraw some salana tokens so this is obviously way cheaper binance charges 0.075% as a trading fee and then pretty much nothing to withdraw the salana so much cheaper um so what I'm going to do here is get my Sal address so I'm going to get my salana wallet up and then we need to receive tokens right so what I'm going to do is press deposit like this and then it says well which asset do you want to deposit and I'm going to press salana and that's my address so this is the wallet address of my Phantom wallet so I'm going to press copy here and then we're going to go and import this into my exchange you can use binance you know buybit bitg coinbase they all have salana so it's uh well uh supported as an asset I'll leave some links below to the exchanges I use you can get deposit and trading bonuses on those you check the details while links below but from here paste the address in and it says wallet address automatically match to corresponding Network so I know that the address has been pasted in properly without any errors because it's recognized there as a Salo address so from here you know just press the amount that you wanted to draw press withdraw that is going to be withdrawn from your exchange and it's going to go to the wallet address that you gave it which is our Phantom wallet address you can just double check this as well so you know press salana you can see deposit right here and then just check the wallet address make sure it's okay if you're using a phone you can just scan this as well that is going to go through and be withdrawn out to the wallet address that we gave which is our Phantom wallet if you want to withdraw tokens from your Phantom wallet and if you want to cash out so back into F currency what you're going to have to do is send that back into a centralized exchange so that you can trade trade it for fat currency so you can't cash out of your Phantom wallet because it's a blockchain wallet it just doesn't have fat currency links so what we're going to have to do is send out so we're going to press send now we've got some tokens now remember you always need some salana to pay for gas so if you want to send some stable coins you still need salana to pay for gas for right here I'm just going to press send like this and it's going to say which what do you want to send so send salana and then it says where's the recipient's address right so what you need to do is find out your exchange or your other wallet that you want to send to so I'm going to press salana here I'm depositing crypto into my exchange salana make sure it's say salana Network and then it says here's your address right I'm not going to create one but there will be an address here and it says this is your salana address to send to so what we're going to do is go back up to our Phantom wallet we're going to press our salana to send and it says here's your address so paste in the address that you want to send to and then press the amount of Sal that you want to send now if you want to send salana you can actually wipe the wallet clean and send everything out if you're sending a stable coin you do need some salana left in there to pay for gas to send the stable coin so once you've got the place that you want to send to you can just check how much you want to send and press next and then go through with that so that's going to send out from your Phantom wallet into your crypto exchange or or another salana wallet that you want to send to I'll show you how to stake salana within Phantom as well this is actually really simple and easy now there's two ways to do this which show you the first one if we get Phantom up why stake salana salana pays a staking reward and this just comes through the blockchain so it's not lending or anything like that this is blockchainbased rewards that you can uh get from staking salana so it's a proof of stake blockchain so when you're staking you're helping secure the blockchain and you get some staking rewards now as of making this video salana does not pay a real yield what I mean by that is the yield that you're getting is just uh paid by the creation of new coins so salana still has inflation so what you should really think of this as is it says 6% that you're getting for staking right now what you're actually getting is zero because the 6% is coming from the creation of new coins so if you don't stake you're getting debased by 6% a year if you do stake you're getting debased by 0% a year so it's not a real yield as of yet now as salana matures this yield may actually become real whereas fees are paid to essentially have more than inflation right so there's no inflation or little inflation you can secure the blockchain and you get a real yield and you're actually earning real yield on top of your salon as of right now that isn't the case but in any case I'll leave some links below to videos on staking if you want to know more but we want to stake so from right here what we need to do is press salana cuz this is the token that we're staking so we have some in our wallet from here you can see it's just loading up and you can stake it right here so it says start earning s so I'm going to click this and this is where we can stake what we need to do now is choose a validator validators are the things that we stake our salana with and they'll pay us that reward you can choose any of these they're all going to be you know fairly reputable right here and you can see the rewards are pretty good right six or 7% so not too shabby you can click this right here and then it says do you want to choose this validator that's fine for me and then choose an amount of sell that you want to stake right and you can press stake right here now what you're doing is you're staking with that validator and you're getting the reward they can't control your salana so if you want to unstake we'll just press stake here and we can stake on the blockchain once you are staking what you can do is go back out to the staking um area like this and it will say you have some steak so it says you are staking Sal with this validator what you can do is click that and it will go through to the page and it says do you want to withdraw and if you want to take your salana out you can you can just withdraw it and not stake it anymore the thing is with this type of staking this staking is locked on salana which means you can use your Su to stake and that means it's staked and you can't do anything else with it once it's staked you can't use it in defy you can't you can't send it around the only thing you can do is withdraw it and then use your salana so this is fine but you're locking your your salana right here the other way of doing it like on many blockchains now is to use a liquid staking token so this is an application on salana that just launched and what they do here is let you turn your soul into GTO Soul this is a staking token and the difference is you're getting the staking reward now you can see the reward is a little bit lower than staking because goo is taking a you know kind of a percent for themselves like as a fee but what this does is turn your salana into a liquid salana so you can actually use GTO Sol within defi you can use the balance and the collateral that you have like if you've got a dollar amount of GTO so you can actually use that in defi to lend out and get extra yield on top so that's layering yield now obviously it gets more complex because you're using Defi and there are more risks there and then you're actually lending potentially which lending and staking aren't the same right so just to show you how to use this if you did want want to you can connect your wallet so again I'll link the GTO site down below but you can press connect and it says how do you want to connect I want to connect with my Phantom wallet so I'm going to click that and it says do you want to connect to this application they can view your wallet and request request approval for transactions I'm going to press connect right here and I've got uh my wallet connected you can see right here it's actually found the amount of sell that I have right so I've got some sell in here and I want to stake this so I'm going to press Max and it says you can turn your soul into GTO Soul so what you have now once you do that if you want to do that you now get this new token called GTO soul and it is salana staking so you it's the same value as salana but you get those staking rewards with this token as well so there's two ways to do it this one is liquid staking which means you have a token you can send around and the other type of salana staking is locked which means it's locked in there and you can't use the token when you're doing it we can really easily swap tokens within the Phantom wallet as well so if you're using the salana blockchain this is very straightforward come down to the bottom and click the swap Icon here then from here it's going to ask you which token do you want to sell and which token do you want to buy so if you click this token it will just show you a list of tokens with within your wallet that you can sell so I'll just click salana here and then select token this is the one we're swapping into so we'll click that and it just gives us a list of probably the most popular tokens on the Chain right now so if we right here you can see GTO Stak sell you can actually just buy this token as well you don't have to use the GTO protocol because this is a liquid token right once you own the token you get the rewards that GTO cell pays in any case we'll just swap swap so for usdc and we will click an amount so for right here let's just click um 0.05 like that uh which is telling me it's around $560 you can see the provider here is Ora so that is a exchange on salana and it's going through orur and wellp pool and radium right so these are decentralized exchanges you don't have to use them you can just swap right in the application so I'm going to swap this amount of salana into usdc and it's going to give me the best price right here so it changes every few seconds of course I'm going to review that order do you want to do this yes you can see the price impact and the fees that you're paying so just press swap that will go through pretty quickly so what I've done is swapped salana into another token I've used decentralized exchanges um but I'm not using them directly I'm just using them within Phantom so they they may not give you the absolute best trade you don't really know that but from what they're doing they're trying to give you the best trade across the blockchain uh as it stands right now so you can view that transaction on the blockchain explore if you want um but you know why would you so we're just going to press close now what you can see here is that we've had um our swap in our recent activity so you can see we swapped an amount of usdc and we you know we swapped 0.05 Sal into usdc now if we go back into the wallet what you should see now is that I've got my salana balance and my usdc balance so now I've got a stable coin and the salana as well now what we can do is use any application that we want because we have salana and we also have stable coins if you want to buy nfts or trade or anything like that this is the defi apps on salana right now I'll leave this uh Phantom wallet link down below you can see them here what I'm going to show you is just we want to swap that usdc back into salana so this is a crypto uh aggregator or an exchange aggregator on salana and we're going to swap our tokens back so because this is a separate application it's not within Phantom wallet we're going to have to connect our Phantom wallet again so press connect wallet on up in the top right and it says what do you want to use we're going to use Phantom wallet so we'll click that do you want to give this application permission to view your balances and approve transactions yes so press connect and then for right here what it should be doing is seeing the tokens that I have so you can see you're paying usdc and you're receiving salana that's actually what I want to do you can see that uh it shows my wallet balance of usdc right here and I'm going to swap it back into salana now we can press slippage settings slippage is the difference between the price quote that you get by The Exchange and and the actual price that it trades at 0.5% means you're willing to for the trade to be worse by 0.5% or away from the quote that you get by 0.5% I'm going to use3 and save because these are two liquid tokens so I shouldn't get much slippage for right here I'm going to swap that usdc back into salana so I'm going to press swap from here it might ask me to approve these assets so it says confirm the transaction you've got salana here and USD coin work fee is Tiny and we're going to press confirm and that will swap for me as well so what I've done is used a third party application that isn't within Phantom wallet up in the top right I've linked my Phantom wallet here and uh you know it sees all my balances within the wallet and it trades on the blockchain for me links below to the other helpful resources and videos I mentioned and the exchange bonuses if you need them I'm James is money zg CH for watching and I'll see you in the next one

Channel: MoneyZG

Views: 46,664

Keywords: solana, solana phantom, solana phantom wallet, phantaom wallet, phantom wallet solana, solana staking, how to use solana

Id: 16fWt_PVFwg

Length: 18min 53sec (1133 seconds)

Published: Tue Dec 26 2023