We all know that in the world of DeFi, NFTs, and staking, no one comes close to the second most popular crypto: Ethereum. And there are multiple reasons for it other than becoming the first altcoin. However, high congestion and mammoth spikes in transaction fees in the Ethereum network finally show its signs of age. Some of the industry has started to move towards alternatives due to these bottlenecks. One of the alternatives often called the “Ethereum Killer” is Solana.
Solana is one of the more popular alternatives that encompasses some significant benefits in crypto investments & transactions. Solana is frequently used for NFTs, DeFi, and staking. In fact, according to every use case, Solana has an optimal wallet to manage your funds.
Today, we’ll talk about what are the best wallets for Solana.
Undoubtedly one of the most popular choices, the Phantom wallet works as an extension to the Google Chrome toolbar. This makes it easy to access. The app’s simplicity combined with its broad functionality has made it one of the most popular choices for Solana Wallet.
Not only does it allow you to manage your SOL with ease, but it also includes tools for viewing NFT collections. Moreover, it also has the support for USDC stablecoin.
More than that, the Phantom wallet also supports staking natively. However, the staking mechanism built into the app is a bit bare-bones. Firstly, it’ll not stop staking till your total SOL is staked. This means that you cannot undelegate your stake unless you add more SOL to the wallet.
Wallet Link: Phantom Wallet
Ledger Nano X Hardware Wallet
Ledger Nano X Hardware Wallet is one of the top crypto wallets to install for the Solana blockchain. In addition, it is one of the easiest wallets to set up, further boosting up its arsenal. Moreover, it is also a great option to hold your Solana crypto funds securely. This is so that you can use DApps built on this blockchain and earn rewards.
This hardware wallet also has its own Ledger Live app, a valuable feature for communicating between the Ledger Nano X through the Manager table. This also makes installing the Solana app easier, which can be accessed through the app catalog.
Users can create the SolFlare wallet easily while implementing security features so that you can send/receive/store SOL currency. The wallet’s staking tab shows you a list of validators through which you can research stake totals, skipped blocks, the number of delegators, and the website of validators.
Although this wallet is slightly more expensive than the other compatible wallets, it has a higher grade of security systems baked into it. Moreover, it is one of the safest hardware wallets for staking, NFTs, and DeFi.
Wallet Link: Ledger Nano X
Sollet is one of the popular web-based wallets that allows you to manage Solana (SOL) safely and easily. What the wallet does is basically connect to the Ledger Nano X hardware wallet. As it has a web-based interface, users can operate it from anywhere, which makes it appealing to some users. However, there is a risk of less security as a result.
On its own, Sollet is useful for swapping between SPL tokens and SQL, though it’s not recommended for direct access to Solana DApps without the Ledger hardware wallet connection. This is mainly due to the possible bugs that could be present in the Sollet browser extension. Overall, using Sollet with Ledger is ideal and makes an excellent integration for using Solana for various transactions.
Wallet Link: Sollet
Exodus is a good option for crypto users who want to store various crypto alongside SOL. This crypto wallet is compatible with many devices and operating systems. Other than that, it allows you to stake Solana, where you can earn a passive income of approximately 6% annually. However, it doesn’t offer a wide choice of validators which in turn hurts decentralization.
users can quickly send and receive SOL or other cryptos with the Exodus wallet. This option is a versatile wallet to consider if you’re interested in SOL and other currencies for trading, sending, and receiving crypto funds.
Wallet Link: Exodus Wallet