Welcome to the wild world of crypto where your wallet isn't just a place to store your digital coins but a portal to endless possibilities. Today, we're diving deep into the Phantom Wallet, where swapping crypto isn't just a transaction; it's an adventure.
Alright, buckle up, because swapping crypto on Phantom Wallet is about to get a whole lot more exciting! But wait, there's more – you can also use this nifty feature to bridge your crypto between different blockchains like a pro! Here's how you dive into this crypto adventure.
Activate the networks
First off, if you're feeling adventurous and want to play with blockchains like Polygon and Ethereum, just tap into that menu. Scroll down to "settings," and then find "active networks." It's like flipping a light switch; just toggle on the networks you want to party with.
Now, if you're ready to bridge your crypto from one blockchain to another, you're in the right place! With those networks activated, you can start bridging like you're the master of the crypto multiverse, all from right within Phantom. Let's get bridging!
Deposit Sol and cover your transaction fees
As long as you've got some balance on the blockchain you're leaving, you can cover those transaction fees and hop your crypto from one blockchain to another like a space traveller! Here's the scoop:
First things first, you're going to want to use the swap feature. Whichever blockchain you're on, you'll need some assets to swap from, plus the gas coin for that network. If you're on Solana, you need SOL; on Ethereum, it's ETH; and on Polygon, it's Matic.
Let's say you need some SOL in your wallet - no problem! Just hit the main menu, grab your Solana wallet address (you'll see different addresses for different blockchains), and copy that bad boy. Then, swing by your Bybit or Bitget or Blofin account (or wherever you've got your SOL chilling), hit "withdraw," plug in your wallet address, double-check the details, and send that SOL over to your Phantom Wallet.
Don't forget, that you'll need a tiny bit of gas to pay for the transaction fee, even if you're swapping something other than the gas coin itself.
What can you bridge?
Now, with your wallet juiced up with SOL, you can make that swap or bridge between blockchains like a pro. You've got SOL for value and gas, so you're ready to navigate the crypto universe!
To swap, click on Solana, then you will want to select the token you want to swap into. When you click “You Receive”, you'll see a treasure chest of assets in your wallet, all ready to be swapped into something else. But heads up, not all assets can play the bridging game - usually, it's just stablecoins and the big layer one coins that get to join the party.
I'm picking Solana for this demo. Let's say you want to swap Solana for something else, just press that token selector, and boom - you're in the Solana blockchain swap zone, where transactions are smooth and fees are a breeze! You can choose from a ton of tokens here. I’m selecting USDC.
Now, if you're feeling adventurous and want to bridge that token to another chain, like Ethereum or Polygon, you've got options right there! For Ethereum and Polygon, you're looking at just a couple of stable coins, but it's all about those supported assets. If you're swapping from ETH or Polygon, you'll see the reverse option, allowing you to jump from one chain to another.
Set your slippage
Let's get to the nitty-gritty: click that icon in the top right for slippage settings. Slippage is like the crypto game of "how much worse can this get?" If you're dealing with big, liquid coins like layer ones and stable coins, you can keep that slippage low, maybe at 0.3%. But if you're trading those wild, meme-y tokens, you might need to bump that up to 1%, 5%, or even 10% because the price can jump around like a kangaroo on caffeine. This setting tells the wallet how much worse of a deal you're okay with before the trade gets cancelled.
I'm setting my slippage to 0.3% for this SOL to USDC swap because I'm not down for a deal that's more than that off the mark. Once you've got your slippage set, you choose how much of your asset you want to trade, and Phantom shows you the exchange rate - here, I'm swapping SOL for USDC, all on the Solana blockchain.
And there you have it - ready to swap or bridge with confidence!
Get the correct currency
Let's talk about the magic behind Phantom's swapping prowess - it's all about being an aggregator, scanning through a bunch of decentralized exchanges (DEXs) to snag you the best deal in town. Look at that provider name - it's just a means to an end because Phantom's here to give you the best price, no matter where it comes from.
Here's how it goes down: We're swapping, let's review the order. You're paying with SOL, swapping into USDC with a peek at the price, fees, and a zero price impact at 0.3% slippage. But hold on, there's a 0.85% Phantom fee, or 85 basis points for the privilege of using this slick swapper. Still, let's hit "Swap" and watch the magic happen. And voila, it's done - your wallet's now sporting some USDC!
Now you can bridge
Now, bridging across networks is a bit different - you're not using an exchange but a bridge. Let's say we're jumping from Solana to Polygon. Choose your Solana, pick your asset on the Polygon side (like USDT), and see what you'll get. Here, you're using Allbridge, a blockchain bridge, with a little note about "refuelling." Refuel adds some of the gas coins to the destination network, so you have what you need to use your new tokens. Toggle it on or off, depending on if you've already got gas there.
Just like with swapping, you review your order, make sure you're cool with the fees and slippage, then hit "Swap." You're not just moving tokens; you're teleporting value across blockchains!
But what if you're not into paying that 85 basis points to Phantom? No worries! You can connect your Phantom directly to a DEX like Jupiter. Here you'll see your balances, ready to swap directly on the exchange, bypassing that fee. Just make sure you're getting the best deal, whether it's through Phantom, Jupiter, or any other DEX out there.
That's how you navigate the crypto seas with Phantom Wallet - swapping and bridging like a pro!
🐋 Swim with the Whales
In the Whale Room, our members don't just follow trends; they steer the entire ship. Here's a glimpse into our recent victories:
Christo Columbus: Dropped some gold on trading psychology exclusive to the Whale Room. We all agree, right? It's not just charts and graphs; it's all about the mindset!
SeaScalper-Farouk: Made waves with a massive profit on ONDO, hitting the second TP at a mind-blowing 220.69%!
Josh the Navigator: Keeping an eye on the horizon, he's shared two critical levels - one for the climb, one for the dip. His advice? “Leverage is a tricky sea, stick with spot trading to keep your ship steady.”
These epic wins from our members prove that knowing when to dive in or pull back is crucial. We're not just here for the gains; we're in it to safeguard our treasure.
Listen to what our members are raving about their Whale Room experience, where market insights turn into real-world profits:
📈Free Trade from the Whale Room
Hey, crypto buddies! SeaScalper-Farouk has his eyes on $JTO. Here's how we're planning to navigate it:
Low leverage on JTO. If the price dips, dive in for DCA at around 3.4–3.3.
SL: Set your stop loss at 3.018
TP1: Aim for 4.4545, TP2: Reach for 5.3685, TP3: Sky's the limit at 6.3268
Don't just dream of the treasure; join the dive with us! Join the Whale Room now and let's navigate this trade together. Click here to become part of the adventure and join the Whale Room now!
Conclusion
In conclusion, mastering the art of swapping in Phantom Wallet is like navigating the high seas of crypto. With guidance from the Whale Room, including pros like Christo Columbus, SeaScalper-Farouk, and Josh the Navigator, you're not just making trades; you're setting the course for victory.
In the comments below tell me, have you bridged on the Phantom Wallet before? Did you know how to do that?
Remember, in this crypto ocean, it's not just the trades you make but the crew you join. If you're ready to set sail with a community where insights lead to gains, where every trade is a step towards your treasure, click here to become part of the adventure and join the Whale Room now!
Help Spread the Word!
If you’d like to help me spread the word, all you have to do is send one friend a personal email where you tell them all about today’s blog.
Follow Kyle on X: Kyle Doops
Watch Kyle’s YouTube channel: Kyle's YouTube
Follow our new Whale Room page on X: Whale Room X Page
Chat soon!
Your Whale Room Blogger