Before you can start using any DeFi protocol on the Solana blockchain, you will need one key component: the Solana wallet. The process of installing and creating Solana wallet is quick and simple. Let us walk you through:
First of all, you do have two options to choose from:
Phantom wallet - https://phantom.app/
Solflare wallet - https://solflare.com/
In this tutorial, we will focus on the Phantom wallet creation, but the process is very similar to Solflare as well.
After visiting the Phantom website, click the blue Download button on the top right corner. You will see the following interface:
Because Phantom is a browser extension-based wallet, choose the browser you're using. In this example, we will use Google Chrome.
Next, click on the Add to Chrome button and wait for the installation to be complete.
After the installation finishes, you will be prompted to the following screen:
Click on the Create a new wallet button.
Next, create your password to enter the wallet. This password will be used on a regular basis for entering into the wallet. Keep in mind that this password is not a private key!
Next, you will see your Secret Recovery Phrase. YOU MUST SAVE THESE WORDS somewhere safe, preferably offline. This recovery phrase will be required, if you lose access to the wallet, you change your PC or something happens. You can recover your funds only with this recovery phrase. Also, keep in mind that you cannot share your recovery phrase with anyone!
Next, the setup guide will be done, and you will be all set! You will find your wallet app by clicking the extensions button on Google Chrome.
You are now ready to use your Solana wallet. If you want to add more Solana based tokens, click on the Manage token list button and search for your favorite tokens.
If you would like to send some crypto to someone, click on the send button. If you would like to deposit some crypto, click on the deposit button. Upon clicking Send/Deposit buttons you will need to select which token you want to Send/Deposit and then you will be either asked the recipient address (if you are sending crypto) or you will see your deposit address (if you are depositing).
Keep in mind that in order to make any transactions (including different Solana-based tokens) you must have some SOL tokens in your wallet!
That's it! Your wallet is ready and you're ready to start exploring the world of DeFi and NFTs on the Solana blockchain!