Solana is the most deadly “Ethereum Killer” among the large field of applicants anxious to prove themselves. It has become one of the world’s top ten most valued cryptocurrencies, with Solana being one of the top six cryptocurrencies available right now. A timestamp is used for each new block added to the blockchain to validate its legitimacy using proof-of-history methods (PoH). Transactions can occur at a pace of up to 65,000 times per second using these blocks.
The DeFi ecosystem can benefit from layer one blockchain functionalities using an NFT-compatible coin. The Solana-based Metaplex NFT marketplace holds its collective breath in anticipation of Meta’s intentions to launch NFTs on Instagram. This article will look at the top Solana wallets to help you decide where to put your SOL tokens.
Top Solana Wallets
1. Ledger Nano X Wallet
Hardware wallets’ popularity is because you can only utilize them on machines with dedicated nodes. If you want to store your private keys in 2022, Ledger will be the best choice. Locking and unlocking the wallet requires a biometric sign-in. In addition to a user code, you can also use 24-word security phrases to complete transactions.
Other functions, such as coin trading, sending, and receiving, are handled by hot (software) wallets, such as SOL staking. The Phantom and Solflare wallets are required for DeFi ecosystems to trade NFTs, as they provide the necessary features and support. Only customers who have paid for access to and usage of SOL assets in the Ledger Nano X wallet can use the wallet.
Although Ledger provides additional security for hot wallets, this industry-standard, completely non-custodial cold wallet is the best choice. The Ledger Nano X still packs a formidable punch despite its low price. The Ledger Live app that comes with the hardware purchase is easy to use, even for beginners.
2. Solflare Wallet
As of the writing of this article, Solflare is the only Solana-specific wallet that has been developed. Solana Labs is the company that came up with the idea. As with Phantom, it has a similar level of popularity but supports a more extensive array of operating systems than the latter. A mobile and online app is included, making it even more convenient for folks who prefer apps.
The Solflare wallet has a function that allows the user to mimic a transaction so that they may get a feel for the variables involved before accepting actual transactions. Security features also issue warnings anytime a user interacts with a web page that has the potential to compromise the system’s security. Customer care is available 24 hours a day, seven days a week, via an interactive live chat that allows quick access to user comments and prompt resolution of issues.
The wallet functions identically to the Phantom wallet in trading audio NFTs, storing visuals and tokens, integrating with the Ledger for staking SOL, and adding protection. A few surprises await you, including the following:
- Regarding trading tokens, this feature is available on the browser extension and mobile app on the web app, but it will not be available on the mobile app until the future.
- Integration between the Solflare wallet and Solrise investing platform means that consumers will soon be able to control their investment assets through the platform. One team is behind both products, making this a particularly valuable feature.
- Solflare’s mnemonic phrase is 24 words in length, while Phantom’s is only 12 words long. With its staking functionality, users are barred from staking their whole token pool at once, which helps account for the unavoidable transaction fees that come with such an activity and makes Solflare the more secure option.
Solflare may be a better option for people looking for more bang for their buck among top Solana wallets. In addition to the wallet’s high trustworthiness due to its solid backers, there is also a large and active community on Discord to lend support.
3. Phantom Wallet
The Phantom Wallet is one of the top Solana wallets designed exclusively for usage in the Solana ecosystem. It is a non-custodial service that lets you protect your assets and function as your own bank, and it works on popular browsers like Microsoft Edge, Chrome, Firefox, and Brave. The design is simple, minimalistic, and user-friendly.
The customer can request transactions using tokens, NFTs, or other SOL assets as a payment mechanism. The wallet is the key to unlocking this feature. The customer is in charge of their security keys, and remote storage via hardware wallets is made possible thanks to connectivity. This keeps fraudulent actors from having access to the customer’s data. Adding an offline wallet increases security by requiring biometrics for user verification before granting access to private keys.
To make the wallet’s buy, sell, stake, and swap features available to as many people as possible, it has been designed to be compatible with a wide range of popular web browsers. The wallet’s mobile apps are now accessible on the Google Play Store and Apple App Store. Many call it one of the top Solana wallets to keep Solana in.
The wallet’s built-in decentralized exchange (DEX) protocol enables profitable coin exchanges, and its support for DeFi and Web3 enables decentralized applications to function (DApps).
4. Sollet Wallet
The Sollet wallet is a web-based platform that allows users to take control of their private keys and SOL. A wallet browser plugin simplifies sending, receiving, and trading of different types of SOL assets.
In addition, the wallets have DEX capabilities, allowing token holders to check current exchange rates before converting SPL tokens. To decide whether or not to trade, you must first establish the current market value of various assets.
Developers launching new Solana projects will find it an excellent choice and one of the top Solana wallets due to its ability to communicate with DApps securely. Users cannot win prizes because staking is not supported, which is a big problem.
Beyond the fact that it is directly integrated with Serum, Sollet is unique in that it can store ERC20 tokens. Solflare or Phantom cannot currently accomplish this. Both Solflare and Sollet employ the 24-word mnemonic seed phrase format for added protection.
You can link the Ledger hardware wallet to it for increased security. You can also stake SOL and SPL coins on the platform. Users can also farm SPL tokens via the Serum integration. As long as you’re familiar with wallets, Sollet may be a viable solution. The other two wallets are fine if you don’t require the ER20 tokens or plan to use Serum too often.
5. Solong Wallet
Despite having a limited set of functionality, the Solong wallet is a new entry-level wallet that handles SOL currencies. Because it is currently in its early stages of implementation and functionality integration, the wallet is appropriate for new users because it provides simple options. Users can use the wallet to acquire SOL assets and then dispose of them whenever possible because it supports the buy/receive, sells/send, and all feature pairings.
The best feature of the wallet is the user’s ability to interact with DApps based on the Solana coin. The wallet is compatible with browser extensions. The functionality opens the door to future exploration and interaction with developers’ creative pursuits. Regardless of the wallet’s future potential, the user experience is limited owing to a lack of integration with NFT trading features.
The Bottom Line
A wide range of software and hardware wallets are available in the cryptocurrency industry, allowing users to store and trade various crypto assets. Though these wallets support a different cryptocurrency, they all tend to promote the Solana initiatives. Consumers must integrate their software and hardware wallets to lessen the danger of being duped by cryptocurrency transactions.
The ability to trade decentralized exchange tokens and non-fungible tokens using wallets shows that you can fully utilize blockchain technology quickly. We hope that our list of the top Solana wallets will be helpful to you the next time you seek the best wallets to store Solana.
Frequently Asked Questions
Is there a way to keep track of SOL using a ledger?
How do I keep my Solana organized and safe?
using the Trust Wallet App to keep your SOL in the cloud (mobile)
Use the Ledger hardware wallet to store your SOL.