How to use Phantom wallet with Jet Protocol
For the casual cryptocurrency investor, centralized exchanges can be a breath of fresh air, as they essentially have most of the top assets all in one place for your convenience. With a few taps you can easily upload funds from your credit card, and a few more and they’re withdrawn once again. Yet what entrances most users is that your wallet is already integrated into the centralized exchange with no additional applications or wallet connectivity required.
This ease of access makes centralized exchanges an obvious choice for many, yet for those who choose to invest in a variety of different cryptocurrencies, DAOs, NFTs, and the newest branch of blockchain - centralized exchanges just don’t cut it.
This leads many to look towards self-custodial wallets as an alternative - yet complicated and rough UX design has often plagued this space. Being the saving grace for the likes of Ethereum, MetaMask established a gold standard for this network and created an easy-to-use and accessible all-in-one kit for users - yet other blockchains haven’t been privy to this. However, Phantom has now risen to MetaMask status within the Solana sphere and consolidated itself as the one-stop-shop for Solana based applications and tokens.
We’re here to break down how you can harness the power of the biggest wallet provider for Solana and easily set yourself up - so you’re ready to delve deeper into DeFi.
What Is Phantom?
Regarding themselves as ‘making crypto safe for everyone’, Phantom is a Solana and Ethereum friendly self custodial wallet that strives to make asset ownership simple. With the provision of an in-wallet swap system, NFT wallet, and cryptocurrency wallet, users of the Phantom wallet can buy, sell, swap, and connect NFTs all in one place.
With a sleek UX and simplistic layout, Phantom ditches the overly complex conventions of similar self custodial wallets and seeks to provide a full suite of resources - without unnecessary frills. With five icons on its dashboard (including a main cryptocurrency wallet, a collectibles tab, a swap interface, and a search bar for easy connectivity to dApps and DEXs), Phantom puts user experience above all else and transgresses against the current mold.
With the provision of staking capabilities, Phantom also enables users of the Phantom wallet to easily stake their Solana for designated, locked-in periods of time so that they can reap the benefits and accrue a hefty profit. Alongside the former, the swap is accredited with providing lightning fast transaction speeds and low fees, to ensure that you can easily move between top cryptocurrencies and access both dApps and DEXs without having to worry about having the incorrect tokens.
Moving away from its direct in-app offerings, Phantom also unlocks endless opportunities for those who seek to prioritize privacy and security. With self custodial wallets lacking the same protection as custodial wallets in the event of breaches and exploits, Phantom offers ledger connectivity so you can easily migrate your assets whenever you like with ease and move between the two seamlessly. With privacy at its core, Phantom also encrypts wallets with biometric authentication and never tracks its users’ personal information or data, to ensure that at all times the integrity of its users is prioritized.
Setting Up Your Phantom Wallet
If delving further into the budding DeFi ecosystem that Solana has to offer, then let’s explore how you can take advantage of the power of the Phantom wallet with ease.
Firstly, you will need to head over to Phantom’s website, peruse across the pages, scour their offerings, all before deciding whether or not Phantom is the wallet for you. Then, click on download, where you will then be presented with a series of icons denoting the different applications required for each browser or device. Upon finding a variation of the application compatible with your device or browser, click on it to begin the download process.
Following the commencement of the download, you should swiftly receive a notification that the download has finished, which means you can now dive headfirst into all that Phantom has to offer. When initially opening the application, you will be presented with two options (pictured below), from here you can then embark upon the process of creating a new wallet or quickly remembering that you already have one (if so, we’ll see you in the second half of the article!).
Upon clicking ‘Create a new wallet’, you will be presented with the screen pictured below, where you will then be tasked with devising a secure, yet easy to remember password that will enable you to access your wallet with ease. As with any new password, particularly one pertaining to your finances, you should aim to use a mixture of different characters and symbols and stray away from using the same passwords as other accounts. This is quite simply because if your passwords for other applications appear in a data leak and malicious actors can access your emails and other information, they could quite easily trace a cryptocurrency wallet, potentially jeopardizing your funds.
Fortunately however, the Phantom wallet lets you know the strength of your password - just be prepared to create and remember a lengthy one!
If you’re concerned that a password is a very minimal means of securing your wallet - then you’re in luck. As a standard, Phantom provides everyone with a twelve word seed phrase that is the only way you can ever recover your wallet and the funds associated with it. It is critical to note this down and store it somewhere safe and to not share it with anyone, as this will give them access to your funds. All you need to do after ensuring you’ve stored your secret phrase is tick the box before moving onto the next page.
If you have opted to set up your Phantom wallet on a computer then you will likely receive a screen notifying you of different keyboard extensions you can integrate to seamlessly open up your Phantom wallet. However, after all of these steps you have finished setting up your Phantom wallet.
But before we dive into how you can link your Phantom wallet to dApps and DEXs, let’s take a look into the interface and how you can use it to your own advantage.
How To Use The Phantom Wallet
Now that you’ve set up your very own Phantom wallet you might be keen to get started, but if you’re a complete newcomer then you may be lost amongst the different icons and symbols. So, let’s take it from the beginning.
If you’re using a desktop or a computer of any kind, you should easily be able to access your Phantom wallet by locating your browser extensions and opening the Phantom wallet, however, if you are doing this via a mobile phone all you will need to do is click on the app. Upon opening, your wallet should look something like this:
As a default, Solana is the only asset that is immediately accessible to buy, sell, or deposit within the Phantom wallet. In order to get started, you will need to locate the ‘deposit’ tab where you will then be presented with a search bar and a list of all of the assets you can import and have deposited into your wallet to get started. From this, you will also have the ability to deposit assets from FTX and the ability to purchase via MoonPay.
Operating under the assumption that you want to utilize Solana, then you will need to click on the Solana tab. This will present you with a QR code which can easily be scanned by any other self custodial or non custodial wallet with ease. This will seamlessly send the depositing address your accurate wallet details, which they can then use to easily send funds your way. Alternatively, you can opt to copy and paste the wallet address into the respective field on the depositing address - yet this all depends on personal preference and whether or not you are in close proximity to the wallet owner who is attempting to deposit into your account.
Following this, you will be able to receive some Solana into your wallet so you can begin to explore other functions of the wallet, such as the swap. The swap enables you to access a series of trading pairs with Solana and other assets, whereby you can easily convert your Solana into an alternative asset within a matter of seconds for very little in fees.
However, now that we’ve shown you how to deposit funds into your wallet, it is worthwhile to mention the process by which you can import your collectibles. This premise is once again identical to the former with the exception that you’ll need to head over to the ‘Collectibles’ tab and click on the three dots in the right corner and click ‘receive collectibles’.
Now you may be wondering how you can send funds to other wallets. This process is essentially the inverse of the previous, whereby you will have to click on the ‘send’ tab, locate the currency you intend to send and click on it before revealing a screen like the one below. On this screen you will need to input the wallet address of the recipient, this can be accomplished via scanning the QR code provided by their wallet or copy and pasting the address in the correct field. After that, you can simply input the amount you wish to send, click ‘next’ and confirm the transaction.
If you want further information on the transactions made to and from your wallet, locate the fourth tab sign posted by the distinguishable lightning bolt. From this tab, you will be able to see dates, times, wallet addresses, and the amount of funds involved in an array of different transactions.
How To Use Jet Protocol with Phantom
The only function we have yet to touch upon is perhaps the most critical as it is the gateway into interacting with the DeFi world in a new and more interactive way. DEXs and dApps are an integral facet of DeFi and offer you the chance to purchase tokens, stake, farm, contribute to DAOs, and utilize the technology of different protocols. So, if you’re looking to connect with DeFi in a new way, then we’re here to guide you through the process. Using Jet Protocol as an example, we’ll show you how you can link your wallet to a dApp and how you can interact with your wallet using Jet Protocol.
When entering the Jet Protocol website you will be easily guided towards the ‘launch app’ tab in the right corner of the dashboard. Clicking on this will present you with the screen pictured below. By agreeing to the terms and conditions you will be able to delve into Jet Protocol.
Entering the dApp will present you with a dashboard illuminated with different functions, metrics, and tabs - each of which critical to Jet Protocol’s core focus on providing liquidity and lending services.
However, from the dashboard you can see that there is no Solana that has been deposited into the dApp - yet there is a simple remediation to this issue. By locating the ‘Connect’ icon in the right hand corner, you will be directed to a page that lists a vast roster of different self custodial wallets supported by the Jet dApp.
Considering we just created a Phantom wallet, select the Phantom option. Upon selecting this option, a pop up will appear on a computer and if you’re using a mobile phone you will be redirected to the Phantom app, this is essentially to gain your approval for the connection between the two.
If the connection is successful, this will be signposted by your wallet address appearing in the right hand corner with ‘Connected’ alongside it.
From here, by navigating the different tabs on the Jet dApp interface, you will be able to deposit Solana from your Phantom wallet for the purpose of engaging with different lending functions.
In the event you want to withdraw funds back to your Phantom wallet, you need to simply click on the withdraw tab and you will then have access to a simplistic withdrawal system that will automatically transfer funds back to your Phantom wallet.
If you choose to borrow funds, then you can choose the amount you want to borrow. Yet it is critical to remember that you can only borrow up to a specific amount that is dependent on the amount of collateral you have deposited.
Once your lending term has come to its end, or you just want to repay early, this is easily accomplished by heading over to the ‘repay’ tab and selecting how much you are willing to repay at this time. This can be a fractional amount or a full repayment.