Which SPL wallet should I choose?
Non-custodial digital wallets are becoming more and more ubiquitous. Their benefits greatly outweigh the self-imposed risks of forgetting the mnemonic phrases that enable you to recover forgotten passwords. Click here to freshen up your understanding of non-custodial wallets, their risks, and their benefit to society.
While newcomers may be intimidated by the idea of not being able to recover lost funds or sending funds to the wrong address, those who continue to use these wallets have good reasons for doing so.
To connect to any DeFi, NFT, or DAO platform, you’ll need a non-custodial digital wallet. You can’t connect to Project Serum or Uniswap with a custodial wallet like Coinbase or Binance. Most wallets are confined to operating on one chain. So which are the best wallets to use on the Solana Blockchain?
The short answer is Solflare.
Solflare is the most powerful digital wallet on Solana for a few reasons.
- Its non-custodial NFT compatibility and in-wallet swap features. For more information on how to swap within your Solflare wallet, check out this guide.
- Its efficient and well-tested SOL staking capabilities. Over $10.35 billion has been staked with Solflare amounting to over 24% of all staked SOL. For more information on how to stake SOL within your Solflare wallet, check out this guide.
- Its accessibility across web apps, browser extensions, mobile browsers, and a highly anticipated mobile app.
- Its upcoming integration with the Solrise investment platform which will enable users to invest in managed funds directly from their wallet.
Phantom’s wallet is of a high quality but its roadmap and accessibility is lacking. Phantom is currently only accessible as a browser extension which limits its access to a desktop and mobile device, unlike Solflare which can be accessed virtually anywhere as a web app.
While you’re able to send & receive, swap, and stake digital assets, you are unable to do so on a mobile device and there are no plans to integrate platforms like Solrise directly into the app.
You can think of Phantom’s features as the base layer of Solflare although Phantom is currently more well suited for NFT minting. Solflare will be releasing more minting functionality in the near future.
Sollet is an interesting wallet because it’s geared towards engineers more so than other wallets.
They even say so on their homepage.
For the majority of users who aren’t advanced developers, you would probably have a better time using Solflare or Phantom.
One of the unique features of Sollet’s wallet is the ability to add Ethereum’s ERC20 tokens alongside Solana’s SPL tokens. If you’re unable to locate a wrapped ERC20 token in the popular tokens tab, you can add it manually by inputting the ERC20 contract address which can be found on CoinMarketCap, Coin Gecko, or Etherescan.
The primary downside of Sollet’s wallet is that its only available as a browser extension.
Coin98’s wallet is a multi-chain wallet associated with a suite of products such as cross-chain token swaps and an on-chain portfolio tracker. The Coin98 platform is only accessible via the desktop app and browser extension and it enables users to store tokens from 26 different chains.
Multi-Chain wallets are very useful when operating across many chains but they often lack features for specific chains. For example, with Coin98 you can’t stake your SOL tokens or look forward to a mobile app or integrations with dApps like Solrise.
You can, however, remove permissions from previous platforms you’ve connected to very easily and also send tokens to multiple addresses simultaneously.
Coin98 is better compared to other multi-chain wallets like Math or xDeFi. You can think of multi-chain wallets as similar to restaurants who have too much food on their menu – some of it is good but on the whole, features will be spread too thin. Solflare goes deep.
The first step to participating in web3 and all it has to offer is making a digital wallet. While there are a number of worthwhile wallets out there, Solflare’s robust features and universal accessibility make it stand out from the competition.
Solana is a relatively new blockchain and has garnered a huge amount of development momentum over the past six months. Wallets are the cornerstone of this infrastructure so it’s important to choose the best one available. Here’s how to get started with Solflare.