Following the unprecedented growth of blockchain-based NFT (non-fungible token) in 2021, Solana, a crypto exchange and token (SOL), witnessed rapid expansion owing to its speed, capability, and scalability. Based on the hybrid consensus mechanism of the Proof of Stake and Proof of History, it supports smart contracts that include NFTs and an array of scalable DApps (decentralized applications).
There are a number of wallets available in the market to store and transact your SOL assets. However, it is a big question which is the best wallet for Solana to start your investing journey? You need a trustworthy and compatible wallet to store, transfer and manage your SOL and crypto funds. Continue reading the below article if you too are looking for the best Solana wallets in 2022.
Before we dive into the best Solana wallets in 2022 let’s understand a bit about Solana.
What is Solana?
Founded by Anatoly Yakovenko in 2017, Solana is a blockchain platform designed to host scalable decentralized applications (dApps). Solana blockchain has interrupted the status quo due to its high transaction throughput and fast processing ability. Its potential to process 65,000 transactions per second makes it the fastest crypto blockchain platform in the market. The Solana network allows SOL holders to become network validators and support the consensus process needed to run the blockchain. This mechanism generates rewards for users who stake in support of the blockchain.
SOL Token
Launched in March 2020, SOL is the native cryptocurrency token of the Solana blockchain used to make payments, access and build DApps, and mint NFTs. SOL is also used for value transfer between nodes and the Solana cluster in exchange for running applications on the blockchain. It has a maximum limit of 512 million SOL tokens, out of which 348 million are presently in circulation.
Solana’s decentralized finance (DeFi) ecosystem allows users to earn passive income by staking their funds. With a market capitalization of above $12 billion, Solana’s founders and the Solana Foundation owns around 60% of SOL tokens, while 38% is reserved for the public.
Best Solana Wallets of 2022
Let’s take a closer look at the Best Solana Wallets of 2022 you should consider setting up:
Ledger Nano X Wallet
The Ledger Nano X is the online hardware wallet for managing your crypto & NFTs. It offers non-custodial security key storage to the users. Its biometric verification feature provides an extra layer of security to safely unlock the wallet. It does not require you to physically connect your device with your wallet. You can connect your device with your wallet through Bluetooth. It supports USB-C to USB-A cable to connect with your device for charging.
Equipped with an easy-to-read touchscreen, the wallet supports more than 1800 altcoins. The device uses a 24-word security phrase to execute the transaction. However, your data may be vulnerable if you lose the device.
Solflare Wallet
Being a most popular choice for Solana users, Solflare, a non-custodial web-based wallet, gives full control to users over their private keys to their digital funds. Solflare users have staked over $10.35 billion on the platform. It allows users to buy, store, send and stake cryptocurrencies.
To ensure protection against hackers Solflare wallet allows the users to store their private keys offline. The wallet support in-wallet token swaps and audio-visual NFT compatibility on mobile or browser extensions. On Solflare users can also store, send and receive from a Metaplex NFT gallery.
Sollet Wallet
Being one of the best Solana wallets in 2022, Sollet, an open source wallet for advanced users and developers, is compatible with most web-based browsers and also comes with browser extensions to facilitate send, receive and swap actions for Solana assets. It comes with a built-in bridge to convert ERC20 assets to SPL tokens. It has an inbuilt DEX functionality enabling the users to check exchange rates while swapping SPL tokens. Its downside is that it does not offer support for staking functionality and does not reward its users. With its 24-word mnemonic seed phrase format, Sollet claims to have strong security features to safeguard your funds.
Solong Wallet
Its compatibility with Microsoft Edge and Google Chrome browser extensions makes it an ideal and the best Solana wallet in 2022 for beginners. Solong’s online web-based plugin allows the users to connect to dApps built on Solana to have access to ecosystem tokens. It is the simplest wallet to start investing in SOL. The Solong wallet does not offer advanced staking and swapping features like its rivals. Its drawback includes limited trading function and its incompatibility with NFT trading.
Phantom Wallet
With its easy-to-use interface, Phantom is one of the most popular wallets for storing Solana-based tokens and NFTs. The wallet provides an extra layer of security with a biometric verification feature to access the private keys. The integration of wallet with hardware wallet protects your wallet from any unauthorized access by hackers.
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Available on most mobile and desktop-based platforms, Phantom offers a user-friendly interface with buy, sell, stake, and swap options. Its cons is that users cannot recover assets lost in a scam if the recovery phrase is also lost.
Conclusion
While Phantom and The Ledger Nano X wallets ensure multiple security to your Solana assets, Sollet and Solong wallets are known as the simplest ways to invest in Solana assets with limited features. Solflare Wallet stands out when it comes to advanced features compatibility with NFT. It depends on your need and preference which wallet best matches your requirement while you choose a perfect one.