Hardware wallets like Ledger Nano X allow you to protect your private keys and keep you safe from an online attack. What the hardware wallet does is store your private key that opens up the lock on the blockchain where your Solana resides. Solana hardware wallets don’t actually store cryptocurrency, as it is always kept on the blockchain. Software wallets exist on the blockchain and tend to be unique to specific cryptocurrencies, while hardware wallets usually support multiple types of cryptocurrency. Solana wallets are either hardware or software that allows crypto holders to store, send and receive Solana tokens. Through their own investigations, Phantom found that the only affected Phantom users were those that “imported their seed phrases/private keys to or from a non-Phantom wallet.” Phantom claims the exploit was not due to vulnerabilities in their system but rather originated from poor security practices of Slope. In August 2022, Phantom and Slope wallet users suffered a ~$4M exploit (valued at the time of the exploit). Phantom also allows you to mint, buy, and store NFTs through Solana-based marketplaces such as Magic Eden, SolSea, and Solanart. This means you delegate your tokens to a service that stakes for you, but you still have access to your funds. Phantom Wallet allows for liquid staking. Staking Solana through Phantom is an increasingly popular option for receiving rewards and is a very easy process that takes only a few clicks. Transaction fees are paid with the SOL token, and these fees are typically less than 1 cent per transaction. The platform offers a built-in token swap feature, which is currently limited to the Solana ecosystem but does have Ethereum support coming soon. The wallet supports most browsers including Chrome, Firefox, and Brave, while the mobile app is currently available for both iOS and Android platforms. You can also connect it to an external Ledger hardware wallet in a few steps. This is an approach it has taken for Bitcoin and Ethereum with Solana getting a similar treatment down the line.The wallet comes with extensions that allow users to easily send and receive cryptocurrencies and tokens, collect NFTs, and even swap tokens within the wallet. "Now the question is: do we continue to integrate new assets within the top 200 or something? Or do we spend more time on integrating more features and morphing on the main chains?"įor the latest development, the CTO has opted to double down on the latter. "I think now we are supporting the top 100 blockchains on the device," Guillemet said. While Ledger admits there are "plenty of interesting" projects in the space, choosing to support Cosmos now is only a matter of priorities. When staking ATOM Ledger will operate the node itself but for other Cosmos tokens, Ledger has partnered with staking firm Chorus One. "What we have built is mostly the framework allowing the developers to put all this functionality together," Guillemet said.Īll Cosmos tokens will also be staked through the Ledger Live platform. "Ĭalled the Developer Portal, the platform makes adding new Cosmos projects easier, encouraging participation from developers to help expand their product to new chains. “Another thing that is really effective for us is that we have built a platform, like a development platform, allowing third-party developers to bring their own assets and their own blockchain specificity within Ledger Live. We have teams dedicated to that within Ledger,” Ledger’s CTO Charles Guillemet told Decrypt. The team believes Ledger is the first hardware wallet to offer all three functionalities for the Cosmos ecosystem. Ledger Live is an app that enables Ledger users to send, receive, and stake tokens.
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