What is a Solana Wallet? How to use Solana Wallet (2022)

Solana is a third-generation blockchain using the Proof-of-History consensus specially designed for Dapps (decentralized applications) that competes with Ethereum in transaction speed and gas fee. Multiple DeFi projects have been deployed on the Sonala blockchain, creating a DeFi surge such as Saros, Raydium, Orca, Parrot, Sunny,…

In today's article, I will show you the details on how to create a Solana wallet.

What is a Solana Wallet?

A Solana Wallet is where SOL, SPL standard tokens are stored in the Solana blockchain platform. SOL is the native token of the Solana blockchain. You can send, receive SOL, SPL standard tokens as well as interact with applications on the Solana platform to participate in staking, add liquidity, store NFT,….

In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

What is included in a Solana Wallet Address?

Solana Wallet has 3 extremely important pieces of information you must note:

• Solana Wallet address: A sequence of numbers and characters used to send assets to the Solana wallet. Others can transfer coins to you through the wallet address you provide. A Solana wallet address (SOL & SPL token) will have the following format: HN7cABqLq46Es1jh92dQQisAq662SmxELLLsHHe4YWrH.
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: lecture estate tube tunnel decade tone flash army pink nice net trap.
• Private key: This is a string format to connect to the account, quite similar to the password of a bank account. Format of a Private Key: npLNkAEgTjed78Q97G7t5PiwtVuGqKCYgpYjtsuoKrefWAbxocZBxK4mAtexP7ECgJVA9Fbba57UM1jMX7pmXYY 

To make it easier to visualize, you can imagine that the Solana Wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the Solana Wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Where to create a Solana Wallet? 

There are many wallets on the market that support creating wallets on the Solana ecosystem. Let's take a look at some outstanding Solana wallets in the crypto world.

Coin98 Super App

Coin98 Super App is a common super app containing crypto services and is the gateway of DeFi & Web3. After installing the Solana wallet, you will experience all the features on Coin98 Super App such as Dapp Browser, Terminal toolkit, Coin98 Staking, etc.  

Because it is a decentralized wallet platform, users are in complete control of assets, no one has access to your wallet including the developers. You can rest assured when storing SOL, SPL standard tokens here.

Learn more: What is Coin98 Super App?

Phantom Wallet

The Phantom Wallet is a native Solana wallet designed exclusively for the Solana ecosystem. With a simple and clean design, the Phantom wallet makes it easier for new users to get acquainted with the product. The Phantom wallet features such as supporting trade SOL, SPL tokens right on the application, or staking SOL inside the wallet. 

Create Phantom Wallet at: phantom.app/

Solflare

Solflare is the first wallet built by Solana Labs for the Solana ecosystem, having certain popularity like Phantom Wallet. Solflare's features are quite similar to Phantom, although there are still some differences such as using 24 keywords for a passphrase or direct swap feature not available on the mobile version.

Create Solflare wallet at: solflare.com/onboard

How to create a Solana Wallet on Mobile

After creating a wallet, you need SOL as a gas fee before making any transactions. In this article, I will guide you on how to create a new Solana wallet on both the mobile and desktop interfaces of Coin98 Super App, so that you can install both to flexibly switch use.

Step 1: Download and access the Coin98 Super App

Coin98 Super App currently supports users to store, send and receive SOL, SPL token standards. after creating a wallet, you need SOL as a gas fee to make transactions.

Solana Wallet is now available on the Coin98 Super App for both iOS and Android users:

• iOS: ios.coin98.com
• Android: android.coin98.com

After downloading the app, you open the Coin98 Super App application and select the language you want to use to directly access the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to Coin98 Super App.

Step 2: Create the Solana Wallet 

1. Open the application, at the homepage click Wallet → Manage.

2. Click Add Wallet and click on the icon Solana (SOL, SPL) to create a Solana wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create.

3. Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.

4. Backup the Passphrase/ Private key in a safe place.

Note: These are VERY IMPORTANT information that directly affects control over your assets:

• Copy and paste the Passphrase/Private key into the Confirm box.
• Tick ​​the box Backup your recovery key and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen when someone knows these sequences of characters.
• Tick ​​the remaining two boxes to confirm that you understand the risks if you lose your Passphrase/Private key.

Select Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Solana wallet.

How to create a Solana Wallet on Desktop

Step 1. Install Coin98 Extension Wallet

You access chrome.coin98.com to install Coin98 Extension Wallet.

For instructions on installing and using Coin98 Extension Wallet, you can refer HERE.

Step 2. Create the Solana Wallet

1. Open Coin98 Extension Wallet, enter a password. At the homepage, click the Manage icon. Click Add Wallet icon.

2. Select the Solana Wallet icon → Create.

3. Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.

4. Backup the Passphrase/Private key in a safe place.

Select Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Solana Wallet.

How to use Solana Wallet

Receive tokens

This operation is similar on both the mobile version and the extension, so you should refer to the ways below and follow.

Option 1

Step 1: Click on the Solana Wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address.

Option 2

Step 1: Click Receive on the main screen.

Step 2: Enter SOL or SPL tokens' names in the search bar.

Step 3: Click the icon to copy the wallet address or get the QR address.

You can send SOL, SPL tokens to the address copied in step 3.

Send tokens

This operation works the same on both versions. Here, I will give an example of how to receive SOL stored in a mobile version.

Step 1: Click on the Solana wallet.

Step 2: Choose Send.

Step 3: Select the token and enter the amount of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm sending.

In addition, you can also go to the Send section in the main interface, select the SOL wallet you want to send from.

Note:

• The gas fee for each transaction is paid with SOL, approximately 0.000126 SOL
• The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Swap tokens

1. How to swap SOL or SPL tokens on Coin98 Super App

Coin98 Exchange is a new decentralized exchange (DEX) on Solana that offers users a variety of swapping through intuitive and simple interfaces.

Step 1: On the Coin98 Super App main interface, click Swap.

Step 2: Choose Coin98 Exchange or Saros Swap to start trading.

Then you need to choose some information below:

• Select the wallet that holds the coin/token you want to swap.
• Select the token you want to swap from the list. We will take USDC and PRT for this example but you can choose other tokens as needed.
•  For those that haven’t been listed on the Coin98 Super App, you can still trade using their contract addresses.

Step 3: Choose the swapping amount. Before swap, please kindly check the information in the Review Order section. Then select Approve (if this is your first time) → Swap to complete.

2. How to connect Coin98 Extension Wallet for trading SOL/ SPL token on Coin98 Exchange 

Step 1: Access Coin98 Exchange: exchange.coin98.com

Step 2: To select AMM, please click one of two positions that highlight in the picture below.

Choose Coin98 Exchange.

Step 3:  Select the token you want to trade in the token search bar. We will take USDC and PRT for this example but you can choose other tokens as needed.

Step 4: Choose the swapping amount. Before swap, please kindly check the information in the Review Order section. Then select Approve (if this is your first time) → Swap to complete.

Step 5: Choose Confirm to confirm that you agree with the fee and want to make this transaction. 

2. Access Solana DApp through the dApp Browser on Coin98 Super App

Multi-chain DApp Browser on Coin98 Super App is the gateway for users to experience multichain decentralized applications very simple, fast and secure. 

Coin98 Multi-chain DApp Browser has been integrated many Dapp on the Solana blockchain.

• Exchanges: Saros Swap, Raydium, Dexlab, Saber, Cyclos, SenSwap, BananaSwap, Mercurial Finance,…
• Finance: Parrot Finance, Larix, Bonfida, Port Finance, Apricot Finance, Solend,…
• Starter: Solster,…
• Farm and Stake: Solfarm, Sunny, Francium, Cropper Finance, Lido Staking,…
• Utilities: Step Finance,…
• Cross-chain bridge: Allbridge, RenBridge,…

Coin98 Super App  optimizes the user experience by arranging the DApps in the most intuitive and logical categories. Now, users can search and access their favorite DApps on the Solana ecosystem by following these steps:

Step 1: After logging into your Coin98 account, click Browser on the home screen.

Step 2: In Dapps Browser, you can select your favorite Solana Dapp by following these steps: 

• Option 1: Enthe ter name or URL Dapp in the search bar.
• Option 2: Click the Solana logo on the Dapps Brower main interface, Solana Dapps have been integrated will be shown according to the DeFi service that Dapp provided.  After that, tap the logo DApp to access.

Solana Wallet Explorer to check transaction history

Solana Wallet Explorer is the Solana ecosystem explorer, helping users tofor  search information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp than ever before.

Some of the explorers on Solana that are commonly used by many users:

• Solscan: https://solscan.io
• Solbeach: https://solanabeach.io
• Solana Explorer: https://explorer.solana.com

Some questions when using Solana Wallet

Is it safe to store SOL, SPL standard tokens on Solana Wallet?

Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others.

Is there a fee to send SOL, SPL tokens and transfer SOL, SPL tokens?

Sending SOL, SPL tokens from the Solana Wallet will cost the blockchain platform fee in SOL to confirm the transaction. But the transaction fees on Solana are very cheap and nearly insignificant.

Is it possible to create multiple Solana wallets?

Of course! You can create as many Solana wallets as you want, each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Solana wallets.

Can Solana Wallet store other coins?

Solana Wallet can store SOL, SPL standard tokens supported by the Ethereum blockchain platform. In addition, do not transfer any coins on other blockchain platforms to Solana Wallet if you do not want to lose your assets.

Can Solana Wallet store NFT?

Solana Wallet can store NFT supported by the Solana blockchain. In addition, do not transfer any NFT on other blockchain platforms to the Solana Wallet if you do not want to lose your assets.

What is the best Solana Wallet app?

For those who mainly interact with the Solana ecosystem, Phantom or Solflare will be one of the options worth considering.

For those who use a lot of blockchain platforms and Solana is among them, Coin98 Super App is a great choice for you.

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Solana. Hope the tutorial can help you to easily create and use the Solana Wallet on Coin98 Super App.

If you have any questions about the above steps, don't hesitate to leave a comment at the end of this tutorial! The Coin98 team will answer your questions as soon as possible!

See you in our future posts!