Solflare vs Phantom: Which Is The Best Solana Wallet?
3 min to read
Introduction: When choosing the right crypto wallet for your needs, two well-known options are Solflare and Phantom wallet. These Solana based wallets offer a great and beginner friendly user experience. In this comparison, we outline the pros and cons of each wallet so that you can decide which one makes sense for you to use!
Introduction: Solflare and Phantomare two relatively new cryptocurrency wallets that were launched in the last 2 years. They both launched with the intent to serve users in the Solana ecosystem but have slowly broadended their horizons. We begin this comparison with a classic table comparison to see how these two wallets stack up against each other.
Solflare vs Phantom: User Experience
Both Solflare and Phantom wallet offer users a beautiful and easy to use interface across their browser and mobile wallets. The process to get started is similar for both wallets, just download the wallet and setup an account. In both cases you will need to store a 12-24 word seed phrase and create a password.
Once done, you are ready to start using your wallet to participate in DeFi on the Solana blockchain. This include sending and receiving SPL tokens, connecting to NFT marketplaces or participating in DeFi across a wide range of Solana dApps.
Solflare vs Phantom: Product Features
At the time of writing, Solflare and Phantom do not differ too much in terms of the product features that they offer. Both are currently only available on the Solana wallet and thus provide access to the same number of SPL tokens and dApps that are available on Solana.
Both wallets also offer support their services in the form of a browser wallet and mobile apps available for Android and IOS. At the time of writing, Phantom wallet has over 10 times more downloads than Solflare.
Further, they both provide access to staking services of different kinds across Solana. One big difference however is that Phantom announced that they will be expanding to Ethereum and Polygon by the end of Q1 2023. This mean that Phantom wallet is going multi-chain while Solflare remains a single-chain wallet focused only on Solana.
While users of both wallets can access SPL tokens, phantom users will in a few short months have access to two new EVM-compatible blockchains in Ethereum and Polygon. That means less switching between wallets when using cross-chain services as more can be done within the Phantom wallet.
Solflare vs Phantom: Security
Neither Solflare or Phantom have been hacked and both wallets have been audited by security firms such as Certik and Halborn.
Both wallets also provide automatic messages that warns users when connecting their wallets with potentially harmful dApps. Once difference between these two wallets is that Solflare is open source but Phantom wallet is not.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.