Are you searching for the best Solana wallets for NFTs, and DEFI Staking projects? Cryptocurrency wallets are unlike other online wallets. They are built solely for storing digital assets. If you want to start trading or investing in NFTs, you need an NFT wallet, a critical piece of equipment.
As the Solana blockchain has grown exponentially, there are hundreds of Solana-based NFT wallets available in the market. So it is evident that a question might arise in our minds like which wallets are best to use?
5 Best Solana Wallets For NFTs & DEFI Staking 2022
This article will talk about the 5 Best Solana Wallets for storing your NFTs which are available in the market to smoothen your decision-making process, and by the end, you can decide which Solana wallet stands out above the rest.
Below is our list of the best 5 Solana Wallets for 2022 for NFTs and Defi Staking.
1) Phantom – Best Solana Wallet For NFT And DEFI Projects
NFT Phantom Wallet is a next-generation multi-cryptocurrency payment gateway that accepts Solana as a payment method. You will be able to manage your NFT collectibles, and digital assets safely and simply, regardless of their form, using a mix of FIPS-compliant hardware-based encryption and state-of-the-art cryptography while maintaining complete control over your private keys.
Simply, a phantom is similar to MetaMask as it manages private keys for DeFi projects. Phantom has over a million active users and has garnered $9 million in sponsorship from A16z and other investors. The company will utilize the funding to improve its platform further.
Though Phantom accepts only Solana as payment, it has a token swap feature. Simply put, you can swap your Solana for other cryptocurrencies like USDT, USDC, Solana, Serum, and Raydium. Soon, swapping Solana to Ethereum will also be available in the coming days.
One of the prominent features of the phantom is it supports NFTs and collectibles, which makes the phantom app more beneficial for the users. Users can see them on their app along with trade them.
If we talk about the security of phantom wallets, it uses hardware wallets like ledger hardware wallets. Well, hardware wallets are considered the best and most secured wallets available. So that means Phantom wallet comes with security features guaranteed to keep your cryptos safe.
The Phantom Wallet is easy to use for beginners with its intuitive GUI, and that is why it is one of the best Solana wallets for NFT holders.
Pros Of Phantom Wallet
- Can be accessed through a web application and mobile devices.
- Support NFTs and Collectibles
- Beneficial because of the low fees by Solana.
- Ethereum support is on the way.
- In-built ledger hardware wallets
Cons of Phantom Wallet
- It’s new in the market.
- A mobile app is still in development
- Accepts payment through SOL cryptocurrency
Download Phantom Solana Wallet
2) SolFlare – All-In-One Solana Digital Wallet For Staking SOL.
SolFlare web wallet is the go-to solution to transfer, receive, swap, and save Solana. The SolFlare Solana wallet is also available for both Android and IOS users. Additionally, users can use SolFlare API to create and maintain apps that connect with the Solana blockchain.
There are 81.79 MM in stake accounts (as of 4th April 2022). There are 24% of SOL stakes circulating. And hope you don’t get surprised by the number. 9.43 B USD has already been staked on SolFlare.
SolFlare’s Solana-based wallet is very user-friendly, and users can easily use the application without any external help. Additionally, the SolFlare wallet works with ledger Nano X by simply installing FIDO U2F on the Ledger device. The SolFlare wallet is compatible with SOL and SPL tokens.
Due to the wallet solely using the Solana Blockchain, the wallet has real-time functionality updates, and users can change tokens instantly. Additionally, the wallet does not collect any information from the users. Ths anonymity and protection of the user’s assets are upheld, fulfilling the criteria to be the top Solana wallet on the market.
You will need a place to keep your cryptocurrency and data once you’ve purchased SOL. It is typically a great way of keeping your currency in a wallet for security purposes. The public and private data keys are stored in this software or hardware device. A multitude of collective cryptocurrency wallets is accessible.
Though one downside of SolFlare is it does not have the functionality to stake on Solana directly. Users need to search for genuine validators on external sites.
Pros of SolFlare Wallet
- User-friendly
- Does not store your private keys
- Supports Ledger Nano X
- Allows Solana Staking
Cons of SolFlare Wallet
- Centralized due to the usage of passwords
3) Sollet -An Solana Network Browser Extension NFT Wallet
Sollet is a non-custodial, open-source Solana network browser extension NFT wallet. The Sollet wallet is developed by Project Serum labs. This means Sollet wallet has partnerships with the Serum Decentralized exchange. Users of the Solana network may send, receive, and trade SPL tokens via the wallet application. This makes Sollet one of the top competitors for 5 Best Solana wallets.
Sollet is a non-custodial wallet. That means your cryptographic keys are safely encrypted inside a Keystore. Additionally, the Sollet wallet is compatible with Ledger hardware devices. Thus drastically increasing the security factor of the wallet.
Sollet is a wallet intended for the Solana ecosystem, similar to any browser-based crypto wallet. SOL is Solana’s native coin, which is utilized for various transactions, similar to how we pay Ethereum and BNB for gas on their networks.
Users may store the SOL tokens in any third-party mobile wallet, not the SPL tokens. SPL tokens are based on the Solana blockchain. This is when Sollet enters the picture. It’s a client-side browser wallet, similar to Metamask, where the keys are held locally and password-protected.
Pros of Sollet Solana Wallet
- Can be used to track SOL domains
- Have ledger nano X compatibility
Cons of Sollet Solana Wallet
- Poor UI/UX
- Can’t stake SOL
4) Atomic Wallet: Best Solana Wallet Which Supports Wallet Exchanges
Konstantin Gladych, the former CEO and co-founder of Changelly – an immediate crypto swap platform that supports over 500 digital currencies for a smooth trade – founded Atomic Wallet in 2017.
Atomic Wallet Coin (AWC) is a cryptocurrency wallet created to meet today’s security, anonymity, and decentralization demands. The effectiveness of the wallet is based on installed atomic swaps.
Atomic Wallet is a linked non-custodial wallet that accommodates more than 20 blockchains including Solana and provides options for crypto exchanges. Currently, they support 500 exchange rates and assets. Atomic now accepts fiat money bank cards for token purchases.
Atomic Wallet is a user-friendly, well-functioning platform with a wide range of features and customization choices, giving it the position in the list of the best Solana wallets. Atomic Wallet supports p2p trades and in-app swaps with its built-in exchange.
Atomic security protocols do not save your keys on the website. The security protocols automatically encrypt the private keys stored on the user’s device (computer or smartphone). All crucial data, as well as a 12-word mnemonic seed phrase, is classified and password-protected.
Pros of Atomic Solana Wallet
- Non- custodial
- Allows credit card
- Supports wallet exchanges
- Supports Solana Blockchain
- Uses BitTorrent technology
- No registration required
Cons of Solana Wallet
- No hardware wallet
- Limited no. of coin supports swap function
- High fees for credit card
- The mobile app is not available in the google play store
- Losing a device and recovery phrase will lead to losing cryptocurrency
5) Exodus Wallet: Best Solana Wallet For Desktop And Mobile
Exodus is a device-agnostic software wallet founded in 2015. The wallet accepts Solana as well as over 110 other cryptocurrencies. Using Trezor bridge, you may link the Desktop version to the Trezor Model T hardware wallets, making it one of the top Solana wallets available.
The objective of exodus is to eliminate the geek factor and make learning and using bitcoin enjoyable and straightforward. There will be no technical discussion. Exodus wallet is safe, reliable, and trusted.
The private keys to your coins are saved on your smartphone when you use Exodus. Additionally, Exodus is also a minimalist wallet, which means you won’t have to download the whole blockchain to your device, making the first setup a breeze.
Exodus automatically sets the optimal price for all other coins to deliver your transactions as quickly and feasibly.
Pros of Exodus Wallet
- User-friendly
- Supports 150+ Cryptocurrency
- Can be linked with exchanges and DeFi networks with ease
Cons of Exodus Wallet
- No custom Network fees for altcoins
- No two-factor Authentication Support
Conclusion
Solana blockchain has lots of added functionality that targets the demerits of its predecessors. So it’s no wonder that wallets that support Sol are powerful and fast. All of the wallets featured in the list of Best Solana Wallets are equally scalable and user-friendly. They all have their pros and cons.
A Phantom Solana wallet could be the way to go if you’re simply interested in getting the most out of your Solana. If security is your primary concern, a Solfare wallet is the safest option. If Solana isn’t your main focus and you’d rather have your fingers in as many pies as possible without the burden of keeping one wallet per token, third-party wallets are a good option.
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