Phantom launched in 2021 as a Solana-first wallet and has since expanded to Ethereum, Polygon, Bitcoin and Base, becoming a popular multi-chain hot wallet especially among Solana NFT and DeFi users. It is self-custody, with keys encrypted on-device rather than held in a dedicated secure-element chip. We have not completed a hands-on test and publish no rating until confirmed against current facts.
Custody and chain support
Phantom is self-custody software: a 12-word recovery phrase is generated and encrypted on-device, and Phantom the company never holds it. It started as a Solana-only wallet and its Solana tooling (NFT display, dApp browser, native staking) remains its strongest suite, but it now also supports Ethereum, Polygon, Bitcoin and Base from a single app and browser extension.
Security model
As with any software hot wallet, keys are encrypted on-device rather than isolated in a secure-element chip, so the same phishing and device-compromise risks apply as they would for MetaMask or any browser-extension wallet. Phantom's in-app transaction previews and warnings for known-malicious contracts are a real, if not foolproof, mitigation — always read what you are signing rather than clicking through.
Staking and everyday use
Phantom offers native in-app Solana staking without needing a separate dApp, and is available as a browser extension (Chrome, Firefox, Brave, Edge) and an iOS/Android app. It is free to use; network fees and any in-app swap spread apply as with any wallet and should be checked live rather than assumed.
Strengths & limitations
Strengths
- Strong, mature Solana tooling (NFT display, native staking, dApp browser) from its Solana-first origins.
- Now multi-chain: Solana, Ethereum, Polygon, Bitcoin and Base from one app.
- In-app transaction previews and malicious-contract warnings as a real (not foolproof) safety layer.
Limitations
- No dedicated secure element — same phishing/device-compromise risk profile as any hot wallet.
- Multi-chain support is newer than its Solana-native features and worth checking per-chain before relying on it.
- We have not completed a hands-on test and publish no rating.
Frequently asked questions
Is Phantom only for Solana?
No longer — it started Solana-only in 2021 but has since added Ethereum, Polygon, Bitcoin and Base support, though its Solana tooling remains the most mature.
Does Phantom support staking?
Yes, native in-app staking is available for Solana directly in the wallet.
Is Phantom self-custody?
Yes — your recovery phrase is generated and encrypted on your own device, and Phantom the company never holds a copy.