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A Guide for Web3 Beginners - The Most Detailed Operation Guide for SOL Phantom Blockchain Wallet.md#

Blockchain - Wallet#

Detailed Case Study of Phantom Wallet#

1. Introduction to Phantom Wallet#

1. Applicable Scenarios
   • Primarily supports Solana (SOL) chain, while also compatible with Ethereum (ETH) and Polygon (MATIC) assets.
   • Suitable for storing tokens, NFTs, staking SOL, and connecting to Solana ecosystem DApps (such as Magic Eden, Raydium).
2. Core Advantages
   • Simple interface, supports seamless switching between multiple chains.
   • Built-in token exchange (Swap), NFT display, and staking features.
   • Provides dual support for browser plugins and mobile apps (iOS/Android).

2. Installation and Setup#

Step 1: Download Phantom

• Browser Plugin (Recommended Chrome/Brave):
  1. Visit the official website phantom.app, click “Download” → choose browser installation.
  2. Note: Only download from the official website to avoid the risk of counterfeit extensions.
• Mobile:
  Search for “Phantom: Crypto Wallet” in the App Store or Google Play to download and install.

Step 2: Create a New Wallet

1. Open the Phantom app and click “Create New Wallet”.
2. Set a wallet name and a strong password (at least 8 characters, including letters and numbers).
3. Backup Recovery Phrase:
   • The system generates 12 English words, write them down in order on paper (do not take screenshots or store them online).
   • Complete the word order verification to ensure successful backup.

Step 3 (Optional): Import Existing Wallet

• If you already have a Solana wallet, you can import it using a private key or recovery phrase:
  Click “Import Existing Wallet” → enter the recovery phrase or private key.

3. Basic Operation Guide#

1. Receiving Assets

1. Click the “Receive” button on the wallet home page.
2. Copy your Solana address (starting with SOL, e.g., SOLabc...xyz) or Ethereum address (switch to ETH chain, starting with 0x).
3. Provide this address to the sender (e.g., for withdrawal from an exchange).

2. Sending Assets

1. Click “Send” → enter the recipient's address and the transfer amount.
2. Select Network:
   • Ensure the network is Solana when sending SOL.
   • Switch to Ethereum network when sending ETH.
3. Confirm the transaction fee (Solana fees are usually less than $0.01).
4. After verifying the address, click “Confirm” to complete the transaction.

3. Adding Tokens/NFTs

• Tokens:
  Click “Tokens” → “+” → search for the token name (e.g., USDC) → click “Add”.
• NFTs:
  NFTs automatically display in the “Collectibles” tab, no manual addition required.

4. Advanced Features#

1. Multi-Chain Switching

1. Click the network icon at the top (default is Solana).
2. Select Ethereum or Polygon to manage corresponding assets.
   • After switching networks, the address will change (e.g., ETH address starts with 0x).

2. Token Exchange (Swap)

1. Click “Swap” → select the token pair to exchange (e.g., SOL for USDC).
2. Set the slippage tolerance (default is 1%, to prevent transaction failure).
3. Confirm the exchange rate and fees before completing the swap.

3. Staking SOL

1. Click “Earn” → “Start Earning”.
2. Choose a validator node (recommended low commission rate and high reputation nodes).
3. Enter the staking amount → confirm the transaction, with earnings updated daily.

4. Connecting to DApps (Using Magic Eden as an Example)

1. Visit magiceden.io, click “Connect Wallet”.
2. Select Phantom → click “Connect” in the pop-up to authorize.
3. When purchasing NFTs, Phantom will automatically pop up a transaction confirmation window.

5. Security Settings#

1. Basic Protection

• Recovery Phrase/Private Key:
  • Save offline, never share with others (Phantom will never ask for it).
  • It is recommended to use a metal recovery phrase storage (e.g., Billfodl) for fire and corrosion resistance.
• Wallet Password:
  Regularly change your password and avoid reusing it on other platforms.

2. Anti-Phishing Strategies

• Domain Verification:
  Ensure the DApp URL you are visiting is correct (e.g., magiceden.io not mag1ceden.com).
• Transaction Confirmation:
  Carefully check the address and amount in the pop-up before signing transactions to prevent malicious contracts from stealing assets.

3. Enable Privacy Mode

• Turn on “Hide Personal Data” in Phantom settings to prevent sensitive information from being leaked through screenshots.

6. Frequently Asked Questions#

1. Why did the transaction fail?
   • If the Solana network is congested, try increasing the priority fee or retry later.
   • Insufficient balance to pay the transaction fee; reserve 0.02 SOL as a buffer.
2. How to recover the wallet?
   • Install Phantom on a new device → click “Import Existing Wallet” → enter the recovery phrase.
3. Does it support hardware wallets?
   • Supports Ledger connection; select “Connect Hardware Wallet” in settings for enhanced security.

Blockchain - Virtual Currency#

Categories#

USDT vs USDC#

1. Core Differences

2. Use Cases

• Transfers: Choose the corresponding chain when withdrawing from exchanges (e.g., ERC20 requires ETH for gas fees).
• Trading: Exchange for BTC/ETH, avoiding price volatility risks.
• Hedging: Convert to USDT/USDC to preserve value during market downturns.

⚠️ Note: Cross-chain transfers must confirm that the other party supports the same chain; otherwise, assets may be lost!

Beginner's Essential Advice#

1. Small Amount Testing: For first-time operations, test with $10 to familiarize yourself with the process.
   1. Download Phantom and create a wallet (test the backup process).
   2. Purchase $10 USDT from an exchange (choose the Solana chain, be mindful of other product chains like ERC20, TRC20, BEP20, etc.), and withdraw to the wallet.
   3. Try exchanging a small amount of Solana (or other cryptocurrencies) with USDT on the exchange to experience the complete process.
2. Learn Gas Fees: Fees can be high during Solana network congestion; choose your timing wisely.
3. Beware of Scams: Do not trust “private message airdrops” or “official customer service private messages”.
4. Backup with Double Insurance: Store the recovery phrase in two separate locations (e.g., at home and in a bank safe).

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