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A Guide for Web3 Beginners - The Most Detailed Operation Guide for SOL Phantom Blockchain Wallet.md#

Blockchain - Wallet#

Detailed Case Study of Phantom Wallet#

1. Introduction to Phantom Wallet#

1. Applicable Scenarios
   • Primarily supports Solana (SOL) chain, while also compatible with Ethereum (ETH) and Polygon (MATIC) assets.
   • Suitable for storing tokens, NFTs, staking SOL, and connecting to Solana ecosystem DApps (such as Magic Eden, Raydium).
2. Core Advantages
   • Simple interface, supports seamless multi-chain switching.
   • Built-in token swap, NFT display, and staking features.
   • Provides dual support for browser plugins and mobile apps (iOS/Android).

2. Installation and Setup#

Step 1: Download Phantom

• Browser Plugin (recommended Chrome/Brave):
  1. Visit the official website phantom.app, click “Download” → choose browser installation.
  2. Note: Only download from the official website to avoid the risk of counterfeit extensions.
• Mobile:
  Search for “Phantom: Crypto Wallet” in the App Store or Google Play to download and install.

Step 2: Create a New Wallet

1. Open the Phantom app and click “Create New Wallet”.
2. Set a wallet name and a strong password (at least 8 characters, including letters and numbers).
3. Backup the mnemonic phrase:
   • The system generates 12 English words, write them down in order on paper (do not take screenshots or store them online).
   • Complete the word order verification to ensure successful backup.

Step 3 (Optional): Import an Existing Wallet

• If you already have a Solana wallet, you can import it using the private key or mnemonic phrase:
  Click “Import Existing Wallet” → enter the mnemonic phrase or private key.

3. Basic Operation Guide#

1. Receiving Assets

1. Click the “Receive” button on the wallet homepage.
2. Copy your Solana address (starting with SOL, e.g., SOLabc...xyz) or Ethereum address (switch to ETH chain, starting with 0x).
3. Provide this address to the sender (e.g., withdrawal address from an exchange).

2. Sending Assets

1. Click “Send” → enter the recipient's address and transfer amount.
2. Select Network:
   • Ensure the network is Solana when sending SOL.
   • Switch to Ethereum network when sending ETH.
3. Confirm the transaction fee (Solana fees are usually less than $0.01).
4. After verifying the address, click “Confirm” to complete the transaction.

3. Adding Tokens/NFTs

• Tokens:
  Click “Tokens” → “+” → search for the token name (e.g., USDC) → click “Add”.
• NFT:
  NFTs automatically display in the “Collectibles” tab, no manual addition required.

4. Advanced Features#

1. Multi-Chain Switching

1. Click the network icon at the top (default is Solana).
2. Select Ethereum or Polygon to manage corresponding assets.
   • After switching networks, the address will change (e.g., ETH address starts with 0x).

2. Token Swap

1. Click “Swap” → select the token pair to swap (e.g., SOL for USDC).
2. Set the slippage tolerance (default is 1%, to prevent transaction failure).
3. Confirm the exchange rate and fees before completing the swap.

3. Staking SOL

1. Click “Earn” → “Start Earning”.
2. Choose a validator node (recommended low commission rate and high reputation nodes).
3. Enter the staking amount → confirm the transaction, with earnings updated daily.

4. Connecting to DApps (using Magic Eden as an example)

1. Visit magiceden.io, click “Connect Wallet”.
2. Select Phantom → click “Connect” in the pop-up to authorize.
3. When purchasing NFTs, Phantom will automatically pop up a transaction confirmation window.

5. Security Settings#

1. Basic Protection

• Mnemonic Phrase/Private Key:
  • Store offline, never share with others (Phantom will never ask for it).
  • It is recommended to use a metal mnemonic board (like Billfodl) for fire and corrosion resistance.
• Wallet Password:
  Change your password regularly and avoid reusing it on other platforms.

2. Anti-Phishing Strategies

• Domain Verification:
  Ensure the DApp URL you are visiting is correct (e.g., magiceden.io not mag1ceden.com).
• Transaction Confirmation:
  Carefully check the address and amount in the pop-up before signing the transaction to prevent malicious contracts from stealing assets.

3. Enable Privacy Mode

• In Phantom settings, turn on “Hide Personal Data” to prevent sensitive information from being leaked through screenshots.

6. Frequently Asked Questions#

1. Why did the transaction fail?
   • If the Solana network is congested, try increasing the priority fee or retry later.
   • Insufficient balance to cover transaction fees; ensure to leave 0.02 SOL as a buffer.
2. How to recover the wallet?
   • Install Phantom on a new device → click “Import Existing Wallet” → enter the mnemonic phrase.
3. Does it support hardware wallets?
   • Supports Ledger connection; select “Connect Hardware Wallet” in settings for enhanced security.

Blockchain - Cryptocurrency#

Categories#

USDT vs USDC#

1. Core Differences

2. Use Cases

• Transfers: Choose the corresponding chain when withdrawing from exchanges (e.g., ERC20 requires ETH for gas fees).
• Trading: Exchange for BTC/ETH, avoiding price volatility risks.
• Hedging: Convert to USDT/USDC to preserve value during market downturns.

⚠️ Note: Cross-chain transfers require confirmation that the other party supports the same chain; otherwise, assets may be lost!

Beginner's Essential Advice#

1. Small Amounts for Trial and Error: Start with $10 for your first operation to familiarize yourself with the process.
   1. Download Phantom and create a wallet (test the backup process).
   2. Purchase $10 USDT from an exchange (choose Solana chain, be aware of other product chains like ERC20, TRC20, BEP20, etc.), and withdraw to your wallet.
   3. Try exchanging a small amount of Solana (or other cryptocurrencies) with USDT on the exchange to experience the complete process.
2. Learn About Gas Fees: Fees can be high during Solana network congestion; choose your timing wisely.
3. Beware of Scams: Do not trust “private message airdrops” or “official customer service private messages”.
4. Backup for Double Insurance: Store the mnemonic phrase in two separate locations (e.g., at home and in a bank safe).

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