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Solana Wallets Review
Solana
December 08, 2021
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Solana Wallets Review

Solana is one of the fastest-growing and evolving blockchains today, with an ecosystem that includes more than 500 platforms and protocols and an amount of locked funds that already exceeds $14.5 billion, coming in behind only that of Ethereum and Binance Smart Chain.

In today’s article, we are going to review the most popular wallets for storing Solana ecosystem tokens and interacting with the DeFi space, as well as describe their defining features and capabilities.

Solana wallets’ features

The decentralized Solana network space is expanding, offering users endless new opportunities to earn and manage their funds. In order to interact with DeFi protocols and platforms, you need to select the right wallet to match your goals and objectives.

When creating a new account, regardless of the wallet, it is necessary for you to securely store the provided mnemonic phrase consisting of 12 or 24 words, as this can be used to restore the wallet in the case that you lose access. It is worth noting that users can access their mnemonic phrase and private keys for each address via the settings directly in the wallet.

An important feature of most Solana-based asset storage applications is the fact that when you add SPL user tokens, you then have to pay 0.002039 SOL for each added asset.

According to the Solana website, the network ecosystem includes 30 different wallets with SOL and SPL tokens. In this article, we are just going to break down the most popular solutions.

Phantom

Phantom is a non-custodial wallet on the Solana network with Web 3.0 support, and is available as a browser extension. It is one of the most popular wallets for interacting with the Solana decentralized space, which serves over 1 million active users per week.

The wallet provides storage and transfer capabilities for SPL tokens, NFT tokens, and collectibles. Several different addresses can be created in Phantom, and token exchange functionality is internally implemented through built-in DEX mechanisms. Additionally, users can select a validator and then stake their SOL directly from the wallet, with Ledger hardware wallet connectivity available.

In November, the developers of Phantom announced the launch of a mobile version of the wallet, which will be made available for beta testing this year, with the mobile application being released to all users in January. It’s worth noting, however, that the developers are currently in the process of expanding Phantom’s capabilities, and at the moment, you can visit the official website to join the waitlist for testing the beta wallet for the Ethereum network.

Sollet

Sollet.io is a web wallet, also available as a browser extension, that allows you to store keys on the client-side and manage Solana-based assets. The team that created Serum, the decentralized exchange on Solana, is also behind the development of Sollet. A peculiar aspect showcased by Sollet is the ability to buy crypto-assets through the FTXPay payment processor directly from the wallet.

The wallet has built-in functions that allow users to exchange and add tokens, as well as connect hardware wallets. You can create multiple accounts within the wallet. To obtain a private key while using the browser extension, you need to select “Expand View”; after opening the wallet in a new tab, all you need to do is select the desired asset and click “Export”.

Sollet allows you to add wrapped ERC-20 tokens in addition to SPL. To do so, simply enter the address of the smart contract in the corresponding field. The “Manual Input” tab is used to manually add SPL tokens, and is similar to the procedure of adding tokens in Metamask. The Sollet wallet also integrates a Wormhole bridge which allows tokens to be transferred between Solana, BSC, Ethereum, Polygon, and Terra networks.

Solflare

Solflare Wallet is a multiplatform that is available as a browser extension, a mobile app on the Play Market and App Store, and a web interface. The wallet supports SPL assets, SOL tokens, and NFTs. Solflare uses a Keystore file to store private keys, which users can export and store in a secure location.

Both staking and token exchange are available from inside the wallet. An important feature of Solflare is wrapped token support and the ability to exchange tokens directly from the wallet. This is achieved by integrating the wallet with Sollet and Wormhole Token Bridge.

Solong

Solong is a browser extension that allows users to interact with the Solana blockchain and store SOL and SPL tokens. Solong can be used to connect to the Solana ecosystem dApps. Token exchange is made possible by connecting the wallet to the Serum Today token exchange platform.

Slope Wallet

Slope is a cross-platform Solana blockchain wallet developed by Slope Finance. A web version and a mobile app for Android and Apple devices are available to users. In addition to the wallet, the company has also developed SlopeDEX, a decentralized mobile exchange with an automated order book available right from within the wallet, and SlopeNFT, an interface for user interaction with non-fungible tokens. Slope Wallet can already be used to store, sell, and create non-fungible tokens.

In the future, DeFi features such as lending, staking, and high-yield farming will be made available to users directly from the wallet. It’s also worth noting that Slope Finance has raised more than $6 million in a funding round from Alameda Research, Solana Capital, Huobi, and others. Users will be able to participate in the management of the project and become a key part of the Slope Finance community, which will soon be introduced with SlopeDAO.

P2P Wallet

P2P Wallet is another wallet that can be used to store, transfer, and exchange SPL and SOL tokens. This wallet is available as both a mobile app and as a web app. The basic functions of the wallet for interacting with the network are provided in the form of storing, transferring, and exchanging tokens.

Conclusion

The wide variety of cryptocurrency wallets for Solana are a powerful result of the ever-growing number of platforms and available features out there. And while the functionality of most applications is similar, users can choose solutions based on their individual tastes and objectives. With the growth of the DeFi space, crediting, steaking, farming, NFT creation, and many other features have become available to users. And this is just the beginning of the ecosystem’s development!

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