Phantom Wallet Review: Best Solana Wallet in 2025?

Phantom began as a Solana-native wallet built to simplify access to DeFi and NFTs. What started as a sleek browser extension for a single chain has since grown into one of the most widely used multichain wallets in crypto. Today, Phantom supports six major blockchains, such as Solana, Ethereum, Bitcoin, Polygon, Base, and Sui, making it a go-to option for users managing assets across diverse ecosystems.

The shift from niche tool to cross-chain wallet has been backed by strong user growth and investor confidence. As of mid-2025, Phantom has more than 15 million monthly active users and over $25 billion in self-custodied assets. Its $3 billion valuation, secured through a Series C round led by Sequoia and Paradigm, signals broader ambitions beyond crypto utility, making Phantom as a contender in consumer finance.

This review explores how Phantom reached this point, what it offers users across different chains, and how it compares to other wallets on the market.

Company Background

Phantom was founded in January 2021 by Brandon Millman, Chris Kalani, and Francesco Agosti, former product and engineering leads with experience at companies like Uber and 0x. What began as a response to Solana’s lack of user-friendly wallets quickly evolved into a broader effort to build crypto’s most accessible interface.

Headquartered in San Francisco, Phantom now operates with a team of around 244 employees spread across five continents. The company reported $15 million in annual revenue as of March 2025, driven by its position as one of the most widely used non-custodial wallets in the market

Investor interest has been strong from the beginning. Phantom is backed by some of the most prominent names in venture capital, including a16z, Sequoia, Paradigm, Variant, Solana Ventures, and Jump Capital. The company closed its $150 million Series C round in January 2025, which brought its valuation to $3 billion.

Alongside organic growth, Phantom has made key acquisitions to support its infrastructure and security stack. In 2024, it acquired Bitski to improve onboarding for users and developers. Later that year, it brought on Blowfish to strengthen transaction safety. Most recently, Phantom acquired SimpleHash, a token data platform that now powers real-time price tracking, metadata updates, and spam detection across more than 80 blockchains.

Supported Chains & Token Ecosystem

Phantom supports six major blockchains on mainnet, with one additional network in testing. Each chain comes with its own feature set, integrated directly into the wallet’s interface. Instead of forcing users to switch networks or apps, Phantom allows them to manage tokens, NFTs, and dApps across ecosystems without friction.

Phantom’s multichain support is designed to stay invisible to the user. Assets from all supported chains appear in a unified view, and features like swaps and staking are accessible without manual configuration. This makes Phantom suitable for users who interact across ecosystems without wanting to manage multiple wallets or browser extensions.

FYI:

You can easily import your existing Sui wallets to Phantom 👻

Here’s how: pic.twitter.com/4LPjyVUAU1

— Phantom (@phantom) May 20, 2025

Key Features and Tools

Phantom’s appeal goes beyond multichain support. The wallet brings together a wide set of tools that let users handle almost every part of their crypto experience, without relying on external platforms or switching interfaces.

Unified Asset Management

Phantom gives users a consolidated view of their NFTs, fungible tokens, and staking positions across supported blockchains. There’s no need to toggle between chains or extensions. Every supported asset appears in one place, with real-time price data and token information delivered through the SimpleHash integration.

Token share pages, introduced in late 2024, add another layer of accessibility. These pages include live price charts and links for sharing across apps like Telegram and Discord, helping users track and send token information more easily.

Cross-Chain Swaps

The wallet’s built-in swap feature supports token exchanges across Solana, Ethereum, Base, and Sui. Users can move assets between chains without leaving the app or interacting directly with bridges. When swapping between ecosystems, Phantom automatically handles gas refueling by converting a portion of the transferred amount into the destination chain’s native token. This makes cross-chain movement more intuitive, especially for less technical users.

Phantom Staked SOL (PSOL)

In May 2025, Phantom introduced PSOL, a liquid staking token that lets users earn staking rewards while keeping their funds accessible. PSOL competes with alternatives like Jito and Marinade but stands out by being natively integrated into the wallet. Users don’t need to connect to an external protocol or manage derivatives manually. Staking and unstaking happen directly within the Phantom interface.

We’re launching our own LST: Phantom Staked SOL (PSOL) 👻

Why liquid stake with Phantom?

Simple:
🏆 Earn SOL rewards
🏋️‍♂️ Maintain liquidity
💜 Support the @solana network pic.twitter.com/vejAarVXmd

— Phantom (@phantom) May 14, 2025

NFT Experience

Phantom offers one of the most complete NFT experiences among mainstream wallets. Collections are displayed in a visual gallery, with options to pin, hide, burn, send, or list items. Spam NFTs are filtered out automatically, and any suspicious assets can be removed or reported with a single click.

The Instant Sell feature aggregates bids across marketplaces and displays the highest offer per item. Instead of switching tabs and comparing prices, users can accept offers directly in-app. Shortcuts (Phantom’s link-in-bio-style feature for NFTs) provide verified links to project sites, chat groups, staking tools, and games.

Social Layer

Phantom’s approach to peer-to-peer interaction now includes a social layer. Over 3.8 million usernames have been claimed, allowing users to send crypto without needing to copy wallet addresses. Profiles and following tools create an identity layer on top of the wallet, turning Phantom into a social hub for casual and repeat transfers. More than 14 million follows have been recorded since the feature launched.

Onramp and Offramp Access

Users can buy crypto directly from the wallet through integrations with MoonPay, Robinhood, Coinbase Pay, and Ramp. Payment methods include cards, Apple Pay, Google Pay, and regional bank transfers. Pricing and fees vary depending on provider and method, and Phantom displays estimated costs before a transaction is confirmed.

Security Stack

Phantom takes a layered approach to security, combining standard wallet practices with custom tools built into the product. While no wallet is fully immune to user error or third-party vulnerabilities, Phantom gives users a set of safeguards that address most common risks.

The most visible layer is the transaction preview system, which flags anomalies before any approval is given. Combined with the open-source blocklist and recent acquisitions like Blowfish and SimpleHash, Phantom’s security model is designed to stay proactive rather than reactive.

Users can further improve security by pairing Phantom with a Ledger device and avoiding browser environments where hardware wallet support is still limited.

Recent Updates

Phantom’s pace of development has accelerated over the past year, with multiple releases focused on expanding chain support, improving accessibility, and strengthening its position in liquid staking and token infrastructure.

User Experience & Performance

Phantom is available as a browser extension on Chrome, Firefox, Brave, and Edge, and as a mobile app for both iOS and Android. The interface is consistent across platforms, with most features mirrored between desktop and mobile. On mobile, users can enable biometric login and autofill, which speeds up access without sacrificing control.

Performance is strongest on Solana, where Phantom handles transactions with near-instant confirmation and minimal latency. Swaps, NFT transfers, and dApp interactions are generally smooth, especially for users operating entirely within the Solana ecosystem.

However, performance isn’t consistent across the board. Some users report lag when opening the wallet or switching networks, particularly on older Android devices. Others note that wallet updates occasionally introduce bugs or slowdowns, requiring patches to restore responsiveness.

Customer support remains a weak point. While Phantom advertises 24/7 help, most responses go through a ticketing system, and turnaround times can be unpredictable. 

How to Use Phantom Wallet

Setting up Phantom on desktop begins by visiting the official website and selecting the preferred browser. After downloading the extension, users can create a new wallet by setting a secure password and saving the 12-word recovery phrase. This phrase is essential for future recovery and should be stored offline. Once set up, the wallet can be pinned to the browser toolbar for easier access. Those restoring an existing wallet can simply enter their recovery phrase to regain full access.

Mobile users can install Phantom from the App Store or Google Play. On first launch, the app guides users through wallet creation, including enabling biometric login for added security. Just like the desktop version, it provides the recovery phrase during setup, which needs to be stored safely. The mobile app includes additional conveniences like push notifications, automatic transaction alerts, and a built-in dApp browser for seamless access to web3 platforms.

To buy crypto directly from Phantom, users can tap the “Buy” button and select from supported tokens like SOL, ETH, or MATIC. The wallet connects with multiple fiat onramps, including MoonPay, Robinhood, Coinbase Pay, and Ramp, allowing users to complete purchases using a credit card, bank transfer, or Apple Pay. Fees and availability depend on the provider and payment method, with pricing displayed transparently before checkout.

Swapping tokens inside Phantom is straightforward and supports both same-chain and cross-chain exchanges. Users simply select the token and network they want to swap from, then choose the destination token and chain. The wallet automatically estimates fees and includes a built-in gas top-up, ensuring users receive enough of the destination chain’s native token to cover future transactions.

Phantom supports both native staking and liquid staking for Solana. Users can stake SOL directly by selecting a validator from within the wallet. For those who prefer to retain liquidity, Phantom offers PSOL, its own liquid staking token. By staking into PSOL, users earn yield while keeping their assets accessible for trading or DeFi participation.

NFTs are organized into a dedicated tab where users can view, send, pin, hide, burn, or sell collectibles. The “Instant Sell” feature surfaces top marketplace bids automatically, allowing one-click exits for popular NFTs. Spam NFTs are detected and hidden using SimpleHash-powered filters, and users can burn unwanted assets to recover a portion of the sender’s original SOL cost. For NFTs linked to games, communities, or staking platforms, Phantom provides “Shortcuts”, a Linktree-style menu that gives direct access to utility features embedded in the NFT’s metadata.

To interact with dApps and NFT marketplaces, users can connect Phantom directly through supported browser prompts. On platforms where Phantom isn’t listed explicitly, selecting the MetaMask option often triggers Phantom to open and connect. On mobile, users can use the built-in browser to explore web3 applications and confirm transactions within the same app, avoiding network switching or copy-pasting wallet addresses.

Fees

Phantom doesn’t charge for wallet creation or asset storage, but users do encounter fees when interacting with swaps, bridges, and onramps. These costs depend on the type of transaction and the provider involved.

Phantom surfaces these costs before a transaction is approved. For fiat purchases, provider spreads can range from minimal to high depending on whether the user pays with a card, bank transfer, or mobile wallet. While competitive in most cases, the most cost-efficient approach is still to buy from an exchange and transfer in manually.

Pros and Cons

Phantom’s strengths lie in its chain coverage, user interface, and integrated tools. It stands out in areas like NFTs, social identity, and staking, but still comes with trade-offs depending on the user’s priorities.

Phantom vs MetaMask

Phantom and MetaMask both offer self-custody wallets with multichain capabilities, but they serve slightly different user needs. Phantom leans into simplicity, NFTs, and cross-chain access, while MetaMask remains dominant in the EVM space with wider protocol integrations and developer tooling.

Phantom is often the easier starting point, especially for users active in NFTs or cross-chain trading. MetaMask remains the better fit for Ethereum-native users who rely on custom RPCs, token launchpads, or complex DeFi integrations.

Final Verdict

Phantom has moved well beyond its roots as a Solana wallet. Its multichain functionality, built-in cross-chain swaps, PSOL staking, and NFT-first design make it one of the most complete wallets available to everyday crypto users. The interface is fast, clean, and easy to navigate, even as new features continue to roll out.

The product isn’t without its gaps. Ledger support remains incomplete, and the support team’s reputation hasn’t kept pace with the wallet’s scale. Some users also report occasional slowdowns, particularly after major updates.

Even so, few wallets offer the same balance of usability, chain coverage, and built-in tools. Backed by a $3 billion valuation, a growing team, and over 15 million active users, Phantom is setting the pace.

Frequently Asked Questions (FAQ)

What is Phantom Wallet?

Phantom is a non-custodial multichain crypto wallet that lets users store, swap, stake, and manage digital assets across Solana, Ethereum, Bitcoin, Polygon, Base, and Sui. It supports NFTs, dApps, and direct fiat onramps in both browser and mobile formats.

Is Phantom Wallet safe?

Yes, Phantom is considered secure by design. It is a non-custodial wallet, meaning you hold your own private keys. Security features include transaction previews, phishing alerts, spam token filtering, privacy proxies, Ledger hardware wallet support (on select platforms), and regular audits by Kudelski Security.

Can I use Phantom Wallet on mobile?

Phantom is available as a mobile app for iOS and Android. The mobile version supports biometric login, cross-chain swaps, NFT management, and fiat purchases, mirroring most browser features.

Which blockchains does Phantom support?

As of mid-2025, Phantom supports:

Solana, Ethereum, Bitcoin, Polygon, Base, Sui. Monad is supported on testnet only.

How do I stake SOL with Phantom?

You can stake SOL directly in the Phantom interface by selecting a validator. Alternatively, you can mint Phantom Staked SOL (PSOL) for liquid staking, allowing you to earn rewards while keeping your funds accessible for trading or DeFi.

Can I use Phantom with NFTs?

Yes. Phantom has a built-in NFT gallery that supports Solana, Ethereum, and Polygon collections. Features include pinning, burning, hiding, sending, and instant selling. It also filters spam NFTs and integrates token metadata via SimpleHash.

How much are Phantom Wallet fees?

Phantom charges a flat 0.85% fee on in-app token swaps. Standard network fees apply depending on the blockchain. Fiat purchases involve third-party providers (e.g., MoonPay, Coinbase Pay) with their own processing fees.

Does Phantom Wallet support hardware wallets?

Phantom integrates with Ledger devices via USB and Bluetooth, but this support is limited to desktop browsers excluding Firefox. Mobile and Firefox do not currently support Ledger connections.

Can I swap tokens across chains with Phantom?

Yes. Phantom supports cross-chain swaps between Solana, Ethereum, Base, and Sui. Gas refueling is handled automatically, making the process smooth even for new users.

How does Phantom compare to MetaMask?

Phantom offers simpler onboarding, stronger NFT tools, and native support for cross-chain swaps. MetaMask supports more EVM chains and is more established in Ethereum-based DeFi. Phantom is better suited for NFT collectors and multichain users who want a user-friendly experience.