How to use SOL in a phantom wallet
SOL is Solana’s native cryptocurrency, much like ETH is for Ethereum. You can use SOL in hundreds of DApps to create and sell NFTs, pay for them, and more. In addition, you can bet SOL. What exactly does this mean?
Since Solana is a Proof of Stake (PoS) blockchain, it uses economical validators instead of miners (such as Bitcoin) to protect the network.
Therefore, if you fix (invest) SOL funds, you will provide valuable services. You will be rewarded as interest in exchange, just as you would when depositing money in a traditional bank. This is how a decentralized blockchain network operates, providing incentives and rewards.
Steaking SOL for passive gain is very easy. Click on the SOL balance in your phantom wallet. Here, select the validator and the amount you want to bet, and confirm the selection with the “Bet” button.
You can also stake your own DApp tokens.For example, as mentioned above AuroraThe Play-to-Earn (P2E) Metaverse game offers a very generous benefit to staking AURY tokens. For locked staking, the APR (annual rate) is 30% to 115%. The latter means making funds unavailable for withdrawals for a specific period of time. As a result, your bottom line will increase significantly.
You can use the earned AURYs to return them to USDC, send them to your crypto exchange account, convert them to USD and return them to your bank account. Whether through P2E, trading or staking, there are countless opportunities to make money in the Solana ecosystem.
Phantom makes Solana easier to use
The Phantom Wallet is the gateway to Solana’s DApp. If you’ve never used Ethereum in MetaMask, you can count on yourself. The difference in transaction fees is very large, at $ 0.00025 per Solana transaction, compared to the hundreds of dollars on Ethereum.
Ethereum transaction fees are very likely to change in the future as the network completes the ETH 2.0 upgrade. Whatever happens, Solana is a heavily funded project with a market capitalization of $ 55.7 billion and a wide range of use cases provided by DApp. Therefore, if you are interested in crypto, metaverse, P2E, and NFT, Phantom is a must-have wallet.