Note: This is not financial advice. Hubble Protocol does not endorse any tokens or platforms mentioned in this article.
Setting up a Solana wallet is necessary for interacting with the blockchain and DeFi platforms like Hubble Protocol. This article will show users the first steps necessary for joining the Solana decentralized finance community (DeFi) by downloading and setting up a Phantom Solana wallet.
How to Download and Set Up Phantom
Here are the step-by-step instructions for downloading and setting up a Phantom wallet Chrome extension. If you're setting up a Phantom mobile wallet, the process is similar to setting up Phantom wallet iOS and Phantom wallet Android.
Download the Phantom Extension
To download the Phantom wallet, you need to go to the Phantom website and click Download. Double-check that you are on the correct website if you arrived by a search engine, since : www.phantom.app.
Scroll down the window, and click on the correct browser to reach the Chrome Web Store. Here, you can download the Phantom wallet extension.
Click the Add button and agree to add the Phantom wallet extension to your browser. The Phantom wallet chrome extension will be installed automatically.
Open the Phantom Wallet Extension
On successful installation, the Phantom wallet window will automatically open in the new tab. If not, users can click the puzzle icon on the top right of their browser and click on Phantom.
Create a New Wallet
After Phantom opens, you will see two options:
- Create New Wallet
- I Already Have a Wallet
Click on Create New Wallet to begin setting up your Phantom wallet.
Create a Password for Phantom
The next step will be creating a password for the Phantom wallet.
Type a password in the password field and confirm the password. Create a difficult password with combinations of numbers, letters, and special characters. After typing the password, select the check box to agree to the Terms of Service and click Continue.
Storing the Secret Recovery Phrase
After creating a password to unlock Phantom, users will see a Secret Recovery Phrase.
Write this phrase down. Don't copy it or take a picture of it, and keep it safe. Users can only recover their wallets via the secret phrase. There are no other alternatives. Lose the recovery phrase — lose everything.
Agree that you have saved the Secret Recovery Phrase, and click Continue.
You're Ready to Use Phantom Wallet!
After completing all of the steps mentioned here, click Finish to exit the setup. Clicking on the purple ghost icon opens Phantom.
Depositing Funds on Phantom Wallet
The next step involves funding the Phantom wallet. To begin using Solana and participating in DeFi, Phantom will need SOL tokens to pay transaction fees.
You can withdraw SOL from a centralized exchange (CEX), or Phantom can be funded with stablecoins bridged from another blockchain. The following guides will give you step-by-step instructions on how to send SOL to Phantom wallet from multiple CEXs and blockchains.
How to Send SOL to Phantom from a CEX
You can fund your Phantom wallet by withdrawing SOL from a CEX. Once you obtain SOL on a CEX, you have to withdraw SOL in order to participate in DeFi and pay for transactions. Here are videos on how you can send SOL to Phantom.
- How to send SOL from Binance to Phantom:
- How to send SOL from Coinbase to Phantom:
- How to send SOL from KUCOIN to Phantom:
- How to send SOL from OKX to Phantom:
- How to send SOL from Gate.io to Phantom:
Once you send SOL to Phantom from a CEX, you can start participating in DeFi and join NFT communities on Solana. You can also bridge assets from other blockchains, and here are some helpful videos on bridging.
How to Bridge to Phantom from Other Blockchains
Tired of slow speeds and high transaction costs? If you're ready to experience lightning-fast transactions at a fraction of a penny, then you can bridge your assets to Solana using these tutorials.
- How to bridge Ethereum to Solana:
- How to bridge Polygon to Solana:
- How to bridge BNB Smart Chain (BSC) to Solana:
- How to bridge from TRON to Solana:
Each of these videos uses the Wormhole Portal bridge to transfer funds from other blockchains to Solana. Also, the transactions on the source chains are handled by Metamask, and there is currently no Metamask Solana wallet.
Enjoy Lightspeed DeFi on Solana with Hubble Protocol
Once you finish setting up your Phantom wallet and get some SOL, you can explore the vast DeFi and NFT community building on Solana, including projects like Hubble Protocol.
We hope you enjoyed this Phantom wallet extension tutorial. If you're interested in learning more about DeFi, there are plenty of articles in the Hubble Blog, and you can join the Hubble Discord to get in touch with the community and core contributors to the project.
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