Explore the Best Solana Wallets in Web3 (2022)
A cryptocurrency wallet is a piece of software or hardware that lets wallet owners send and receive tokens, and interact with Web3 dApps. A user's Web3 wallet is made up of one or more keypairs, which are made up of a private key and a public key that is derived cryptographically.
This article details the characteristics of great Solana wallets, and highlights some of the best wallets that support Solana's SPL token standard.
What makes a great Solana wallet?
The best Solana wallets have at least six characteristics, including a good user interface design, dApp connectivity, native swaps, native staking, mobile friendliness, and regular updates.
1. User Interface Design
A good user interface (UI) allows users to seamlessly buy, sell, and spend tokens, view and trade NFTs, and manage their digital assets easily. Different wallet solutions use different ways to protect key pairs, sign transactions, manage tokens, and interact with dApps. The best Solana wallets make this experience intuitive.
2. dApp Connectivity
Solana has a rich ecosystem of decentralized applications (dApps), and to interact with these applications, they need to support the wallet that you use.
If you want to trade SPL tokens on Orca's decentralized exchange, or buy a non-fungible token from one of Solana's top NFT marketplaces, you need a wallet that those applications support.
Therefore, the best Solana wallets are integrated into largest selection of Solana dApps.
3. Native Swaps
Many wallets give users the ability to natively swap SPL tokens directly from inside the wallet instead of requiring users to connect to a decentralized exchange's UI to swap tokens. By giving users built-in swaps, wallets simplify the user experience and enable users to do more in one place.
4. Native Staking
Several wallets have staking accounts automatically enabled with your wallet address. By staking SOL tokens, owners can help protect the network and earn rewards. By enabling users to stake their Solana tokens directly within the app, it removes the need to stake with liquid staking protocols or individual validators.
5. Mobile Friendliness
Only very few web browser wallets have mobile versions that complement them. Mobile Solana allow for easier interoperability for on-the-go transactions and interactions such as sending payments to businesses and friends using QR codes and Solana Pay.
6. Regular Updates
Many Solana wallets have very active development and support teams that ensure a good user experience, security, new features, and interoperability. The best wallets quickly fix bugs, are constantly shipping improved features, and listen to customer feedback.
Best Solana Wallets
Based on the criteria that makes a great Solana wallet, here are the best options. These choices include browser-based wallets and mobile-first wallets. Hardware wallets and multichain wallets will be covered in the following two sections.
The most popular wallet for the Solana ecosystem, Phantom, came out in 2021. Phantom users can send, receive, store, stake, and trade digital assets on the Solana network.
Phantom has a browser extension and mobile app that you can download and use for free from their website. Phantom works with all of the major web browsers, like Chrome, Edge, Firefox, and Brave and mobile operating systems like iOS.
Phantom's simple layout and security audits, makes it Solana's premier wallet.
Slope is a non-custodial mobile-first Solana wallet with lightning-fast transaction speeds, small transaction fees, and an easy-to-use user interface. Slope offers all of the major features including a beautiful interface for displaying your Solana NFT collectibles, dApp connectivity, and support for multiple devices.
Note: On Tuesday, August 3rd, Slope wallet was hacked and resulted in $4.5 million worth of SOL being stolen from 1000s of users across the Solana and Ethereum ecosystem. People who re-used seed phrases on other wallets like Phantom were also impacted by this hack.
Solflare was one of the first wallets made for the Solana ecosystem, and it was made by Solana Labs. Solflare works on more platforms than Phantom, and it's just as popular. In addition to the browser extension, it has a web and mobile app.
At the moment, users can trade tokens on both the online app and the browser extension, but in the future, you will only be able to do so on mobile devices. When the wallet is linked to the Solrise investing platform, users will be able to manage their investments from the wallet too.
While Phantom uses a 12-word mnemonic phrase, Solflare uses a 24-word mnemonic phrase to improve security. Solflare's staking system also automatically stops users from staking all of their tokens, which could prevent problems accessing staked tokens in the future.
Glow Wallet is a Solana crypto wallet that lets you store, send, receive, stake, and exchange tokens directly on the Solana blockchain using your mobile device. Not only is it a beautiful wallet, but it also has a number of features that set it apart from other popular Solana wallets.
Now only available on iOS, Glow Wallet has a smooth, safe, and aesthetically pleasing user interface, and it works with both Solana Pay and Safari mobile. The Wallet is very easy to use because it has built-in Safari integration, iCloud backups, different wallet integrations, and notifications.
Torus provides one-click logins for dApps through the user’s Google, Facebook, Reddit, Discord, Twitch, or Email accounts in a single step with no additional installations. With Torus, users can interact with Google emails, Reddit usernames, and Discord IDs on the blockchain, regardless of whether the recipient has logged into Torus before.
Through a partnership with Solana, the standard web OAuth user onboarding process has been adapted. Using Torus's DirectAuth integration, developers working on Solana will now have access to more seamless key management. This gives devs more control over their login, user onboarding, and wallet experience.
Best Hardware Wallets that Support Solana
Hardware wallets are the safest option for storing cryptocurrency tokens because of their security features. Hardware wallets typically support multiple blockchains, and some of them support Solana's SPL token standard in addition to ERC20 standards. Here are two of the best hardware wallets that offer support for Solana tokens.
A great way to store your SPL tokens in a hardware wallet is to stake it for rewards, and use it on Solana blockchain-based dApps. Both the Ledger Nano X hardware wallet (the Nano S will also work) and the SolFlare web wallet are easy to set up.
The process involves:
- Installing the Solana app from the applications catalog in the Ledger Live app
- Setting Blind signing to YES in the Settings section of the Solana app on your Ledger hardware device
- Creating a new wallet on SolFlare
- Choosing Ledger Nano X
- Clicking Access
- Confirming the connection on your hardware device
Now using the Staking tab, Ledger wallet users can see the full list of Validators to whom you can stake, as well as other information like their total stake amount, number of delegators (stakers), skipped blocks, and links to their websites.
SafePal is committed to giving the general public a secure and easy-to-use platform for managing crypto assets. This will allow people to store and grow their crypto assets safely and with ease.
As the first hardware wallet Binance has ever invested in, Safepal currently has over 3,000,000 users from over 196 countries using its hardware and software wallets, which are paired and managed through the SafePal App.
Users can easily secure, manage, swap, trade, and grow their Solana tokens without compromising the security of their assets. Like Ledger, SafePal is also a multichain hardware wallet.
Best Mulitchain Wallets that Support Solana Tokens
Multichain wallets support multiple blockchains including Solana, Ethereum, and EVM-compatible networks. While mulitchain Solana wallets are great for managing SPL tokens among other token standards, they sometimes lack the dApp integration support of Solana-native wallets. Here are some of the best multichain Solana wallets!
Exodus is a wallet that can hold more than one type of currency. It works on Windows, Linux, Mac, Android, and iOS devices. It gives you a return on investment of about six percent per year. The Desktop version of the Exodus wallet can also be linked to the Trezor Model T hardware wallet by using the Trezor bridge.
The Atomic wallet lets users stake a lot of different cryptocurrencies, including SOL tokens. You can choose a validator and stake your SOL with it the same way you would with a local validator.
If you choose to stake with the Atomic validator node, you will get a seven percent reward, which is more than the usual five to six percent reward for validators.
Wallets from third parties, like Atomic, can also be used as an on-ramp into crypto. An on-ramp means you can buy cryptocurrency from the wallet with a credit card or wire transfer and have it sent to your wallet. This makes it easy for new people to join the blockchain revolution.
The rates are quite expensive, but not intolerable. But you can't buy all tokens directly with fiat currency, and that includes SOL. To get SOL in Atomic, you must first use your credit card to buy another token, like Bitcoin or Ethereum, and then exchange it in your wallet for SOL.
MathWallet is a great wallet with a lot to offer including
- Math dApp - a dApp marketplace where users can use their digital wallets to interact with services built on major chains.
- Math Vault - the wallet’s mining pool. Math vault allows users to stake SOl, with standard APR rates for some tokens reaching up to 30%.
- MATHGas - which keeps track of how much gas costs at big chains.
Math Wallet works on multiple platforms (mobile, desktop, browser extension, and hardware integration with Ledger) and supports more than 86 blockchains.
The biggest risk with Math Wallet is that it is custodial, which means you don't have private keys.
Clover Wallet is a multi-currency wallet that you can use with your smartphone or as an extension in your web browser. Because Clover Wallet is connected to various networks like Polkadot, Ethereum, Solana, and BNB Chain, it can interconnect DeFi applications cross-chain without switching between those networks.
With Clover Wallet, sending, receiving, wrapping, and unwrapping assets happens in a non-custodial way. The wallet is free to use and open-source, so anyone can install it or even check out the code.
TokenPocket is a safe digital wallet that lets you exchange cryptocurrencies across multiple blockchains. Built on the dApp gateway, TokenPocket can easily connect to more than 2,200 dApps that have already been made.
Through a single interface, users can send, receive, and exchange tokens, as well as keep track of all transactions. In the news and market sections of TokenPocket, users can also find the latest news about the blockchain industry and the current prices of tokens.
To make the login process more secure, TokenPocket uses FaceID, a 6-digit PIN, and fingerprint authentication.
The Coin98 wallet offered one of the first mobile apps to support Solana dApps. It has versions for iOS, Android, and Google Chrome. Its dApp store includes multiple dApp categories that provide a diverse set of applications. Coin98 is built on several networks, and the wallet comes with a dApps browser that lets users switch between networks.
Users can manage their portfolios on a variety of platforms, including non-custodial wallets, centralized exchanges, and other personal platforms. The wallet values security and provides several protections to keep its users’ wallets safe.
In the end, choosing the best Solana wallet is a combination of personal preference and your intended use. The above list should give you a great idea of some of the characteristics and offerings of some of the best Solana wallets available today.