Fungible tokens have been around for a long time, and this concept has been made more and more popular with DeFi and Ethereum setting the token standards. Fungible tokens have a wide variety of use cases, but most have similar and identical properties as a set of tokens. An easy way to understand the token is that it is similar to a dollar bill. It is used to purchase items or services and holds some inherent value.
How do I get started?
The first thing you need is a wallet to store your cryptos. The easiest way to keep your digital currencies is through a Web 3.0 Wallet. Web 3.0 Wallets can support multiple assets from various blockchains allowing users to hold a vast amount of cryptos in one singular wallet. Apart from storing various currencies, the wallet also allows you to interact with dApps on the blockchain like DeFi protocols, DEXs, and NFTs. The crypto industry is constantly evolving and adapting, and it won’t be long before we use wallets in our daily lives to purchase goods and services in real life.
What is an SPL Wallet?
You’ve probably heard of Metamask, Trust Wallet, Ledger, Trezor, and various other wallets. These are all typical Web 3.0 Wallets. Most of these wallets are connected to multiple ecosystems and support tokens from multiple blockchains. However, today we're going to focus on SPL wallets like Phantom and Sollet. SPL wallets are specifically built for Solana, whereas the other mentioned wallets connect to blockchains other than Solana. SPL tokens are fungible tokens on the Solana Blockchain. The tokens are based on the Solana Program Library (SPL) and stored in Solana compatible wallets like the previous ones we’ve mentioned. The SPL tokens are crucial for navigating the Solana ecosystem and will be a fundamental method of transacting in the world of decentralized finance!
Now that you know all about SPL Wallets and tokens… Let’s create your SPL Wallet!
In this example, we will create a Phantom wallet. Phantom is a browser extension available on Chrome, Brave, Firefox, and Edge. The wallet acts as a secure way of interacting with various dApps on the Solana blockchain. The Phantom wallet is self-custodial and allows you to store your private keys on your device, giving you complete control of your funds.
The first step to creating your Phantom wallet is going to the site, phantom.app on any of the following browsers: Chrome, Brave, Firefox, and Edge.
Once you have accessed the site, just simply add the extension to your browser.
After adding it onto your browser, the wallet will pop up and ask you to create a new wallet.
Simply click on "Create New Wallet" and a set of secret recovery phrases will appear. Make sure to record down your recovery phrase and store it in a safe place! Anyone that has access to these phrases will have access to your funds!
Now that you've saved your recovery phrases, the next thing to do is to create a password.
After creating your password, you're all set and ready to use your SPL wallet!
You are now ready to deposit your SOL and put your wallet to work!
If you would like to add other tokens, you can simply go to your wallet and go click on “Manage token list”.
This will bring you to a plethora of tokens that you can choose or search to add into your SPL wallet!
In this example, we will add the $LIKE token. Simply type in “$LIKE” or “LIKE” or “Only1” and you will be able to find the token. If you’re unable to find the token through typing its name, you can also add it via the contract address: 3bRTivrVsitbmCTGtqwp7hxXPsybkjn4XLNtPsHqa3zR. The contract address can be found via coinmarketcap or coingecko where it says "contract".
And you're all set!
Web 3.0 Wallets are the gateways to the world of decentralized finance. The wallets serve as a crucial way for investors to interact with dApps and participate in exchanges, trading, staking, lending, borrowing, and more! And that will conclude this article. We hope you found it informational and useful. Good luck on your journey in the Solana Ecosystem!
Disclaimer: This article does not serve as financial advice.