How to Set Up Solflare Solana Wallet and the Differences from Phantom Wallet

Bittime - Solflare Wallet is one of the crypto wallets in the Solana ecosystem. How to use the Solflare Solana Wallet and how it differs from the Phantom Wallet.

This article will discuss the meaning, how to set up, superior features, and comparison with Phantom Wallet. Read this article to find out more!

Solflare Solana Wallet

Solflare Solana Wallet is a non-custodial wallet designed specifically for the Solana blockchain. As a non-custodial wallet, users have full control over private keys, ensuring maximum security of digital assets. 

Solflare Solana Wallet is available as a browser extension, Android app, and iOS, so it can be used on a variety of devices.

In addition to storing SOL tokens, Solflare can be used to interact with DApps, staking, and managing NFTs on a single platform. The popularity of this wallet is also demonstrated by the fact that more than $14 billion of SOL has been staked through this platform.

Read Also: Crypto Paper Wallet: Secure Offline Storage for Digital Assets

How to Set Up Solflare Solana Wallet

How to set up Solflare Solana Wallet is quite simple, both for desktop and mobile users. Here are the steps you can follow.

1. Visit the official Solflare Solana Wallet website to download the browser extension (Chrome, Brave, etc.) or mobile application from the App Store or Google Play.

2. Once installed, open Solflare Solana Wallet and select the option to create a new wallet or import an existing one. If creating a new wallet, note down and store the 12-word seed phrase safely.

3. Set strong passwords and enable additional security features such as integration with Ledger or biometric authentication.

4. Copy your SOL address, then send SOL tokens to your wallet. Don't forget to double-check the address before making a transaction.

Solflare Solana Wallet Features

Solflare Solana Wallet offers various interesting features that make it stand out among other wallets, including:

1. Staking SOL: Solflare has a built-in staking platform that allows users to delegate SOL tokens to validators and earn up to 7% APY.

2. Integrated Token Swap: This feature allows swapping between Solana-based tokens directly within the wallet without the need to use an external exchange.

3. NFT Management: This wallet provides a dedicated tab for managing your NFT collection, complete with details about their properties and rarity.

4. Advanced Security: Solflare supports integration with hardware wallets such as Ledger, transaction simulation, and anti-phishing protection.

Read Also: Understanding and How to Install Sui Wallet Extension on Browsers and Cell Phones

Differences of Solflare Solana Wallet and Phantom Wallet  

Solflare Solana Wallet and Phantom Wallet are two of the most popular Solana wallets, but each has the following advantages.

Phantom Wallet It is known for its modern design, simple user experience, and support for other blockchains such as Ethereum and Polygon.

Meanwhile, Solflare Solana Wallet offers more complete features, such as more flexible staking, comprehensive NFT support, and added security.

If you want a beginner-friendly wallet, the Phantom might be a better fit. However, for those of you who are looking for advanced features and flexibility, Solflare Solana Wallet is the right choice.

Read Also: 8 Best Crypto Cold Wallets to Safely Store Coins

Solana FAQs

What is Solana?

Solana is a blockchain designed to support DApps with high speed and low transaction fees. Its advantage lies in the Proof-of-History (PoH) consensus mechanism which allows the network to process up to thousands of transactions per second with high efficiency.

How many Rupiah is 1 SOL?

Currently, 1 SOL is worth IDR 4,128,465 based on the Bittime market. 

1 SOL How much is USD?

Currently, 1 SOL is worth $252.57 according to Coinmarketcap. 

How to Buy Crypto with Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

Atomic Wallet, Solflare Wallet Review: A Deep Dive into One Of Solana´s Top Wallets, accessed January 22, 2025.

Coinmarketcap, Coinmarketcap Currency Solana, accessed January 22, 2025.

Author: IPR