Note: This is not financial advice. Hubble Protocol does not endorse any tokens or platforms mentioned in this article.
You need a wallet to interact with decentralized finance (DeFi) protocols on Solana. The multi-chain xNFT Backpack wallet is one of the most user-friendly and advanced Solana wallets available, and this tutorial from Hubble Protocol will show you how to set up your wallet from start to finish.
How to Download and Set Up Backpack
Here are step-by-step instructions taken from the video for how to download and set up Backpack wallet extension on your computer. This guide will get you interacting with xNFTs in no time—get ready to leap lightyears ahead with the multi-chain Backpack wallet.
Please note that Backpack is still in a closed release, and you will need an invite code to begin using xNFTs on Backpack. You can sign up for an invite code on the Backpack homepage.
Download the xNFT Backpack Extension
Click the Add button and agree to install Backpack in your browser. The Backpack wallet will be installed in the background automatically.
Open the Backpack Wallet Extension
After installation is complete, you can find the Backpack wallet extension by clicking the puzzle icon in the top right corner of your browser.
You can pin Backpack to your toolbar by clicking the pushpin icon, or you can just open Backpack by clicking on Backpack.
Create a New Wallet
You will need an invite code to create a new wallet on Backpack. Enter your code into the prompt box and click Go.
Next, claim a user name for your wallet. If you'd like to remain anon with this wallet, you should probably avoid using your Twitter handle. Backpack has several social functions, and you can use the wallet to keep in touch with your friends; however, your wallet will then be doxxed and public.
After you claim your username, click Create a new wallet.
After that, click Create with recovery phrase. If you have a hardware wallet (smart), click "I have a hardware wallet" to continue. This tutorial does not explain how to set up Backpack with a hardware wallet, because you're a cold-storage big brain.
Storying Your Secret Recovery Phrase
This might be the most important part of this walkthrough. Your secret recovery phrase allows you to access your wallet again if something happens to your computer, and it should not be shared with anyone.
Write down the 12 words in the correct order and keep this document as safe as humanly possible. Scratch the words into a steel plate if you're afraid your flat is a fire hazard—if you lose your secret recovery phrase, you will lose access to your crypto.
Do not take pictures of this phrase or store it digitally. There are hundreds of stories about compromised wallets due to users sharing their secret phrase or making it incredibly easy for a hacker to find it and wipe out their holdings.
Choose Your Blockchain Networks
The Backpack Solana wallet is also a Backpack Ethereum wallet with capabilities for Polygon and BSC as well. Choose the networks that you will transact on with Backpack to continue.
Create a Password to Unlock Backpack
When you stop using Backpack for a while, the wallet will ask you for a password. This prevents random people in your vicinity from messing with your DeFi portfolio, and it is not the same thing as your secret recovery phrase.
You know the drill. Create a strong password using symbols, letters, and numbers. Enter the password twice, agree to the terms of service, and click "Next".
You're Ready to Explore DeFi and NFTs with Backpack!
That's it! You're ready to rock and roll with Backpack and xNFTs. Whenever you want to open your backpack wallet, you can click the red Backpack icon on your toolbar.
The next step is funding your Backpack wallet with crypto. This can be done in several ways and will be explained in the next section.
Depositing Funds on Backpack Wallet
To use Solana, you will need some SOL in your Backpack wallet to pay for transactions. You can ask a friend to send you some, receive a small amount from a faucet, or you can transfer funds from a centralized exchange (CEX) or another blockchain.
The following guides will show you how to send SOL to Backpack from multiple CEXs and blockchains.
How to Send SOL to Backpack from a CEX
You can withdraw SOL from a CEX in just a few simple steps. The following videos will provide step-by-step instructions for funding your Backpack wallet so you can start exploring Solana.
- How to send SOL from Binance to Backpack:
- How to send SOL from Coinbase to Backpack:
- How to send SOL from KUCOIN to Backpack:
- How to send SOL from OKX to Backpack:
- How to send SOL from Gate.io to Backpack:
How to Bridge to Backpack from Other Blockchains
You can also transfer funds to Backpack from other blockchains using the Wormhole Portal. Here are some videos on how to bridge your assets. There is no Metamask Solana wallet, but Metamask is used on other chains in these videos.
- How to bridge Ethereum to Solana:
- How to bridge from Polygon to Solana:
- How to bridge from BSC (BNB Smart Chain) to Solana:
- How to bridge from TRON to Solana:
If you follow the steps in these tutorials, you can begin transacting on Solana in no time. Experience DeFi at nearly the speed of light and with some of the lowest fees per transaction for any blockchain.
Enjoy Lightspeed DeFi on Solana with Hubble Protocol
Once you complete setting up your Backpack wallet and have funded it with SOL, you can start participating in DeFi on Solana with projects like Hubble Protocol. On Hubble, you can borrow USDH against the value of your crypto assets to leverage your positions or earn yield from providing liquidity or lending.
Hubble hopes you enjoyed this xNFT Backpack wallet tutorial. To learn more about DeFi, you can find tons of articles in the Hubble Blog, and make sure to join the Hubble Discord to get in mingle with the community and core contributors.
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