Best Solana Wallets In 2022
Solana wallets enable you to send and receive crypto tokens and NFTs, and interact with Web3 applications. The first Solana wallets, such as the Solana CLI wallet and Sollet, were fairly simple with minimal graphics (note: Sollet is no longer maintained). The number of Solana wallets has increased quickly as the number of developers building on Solana expanded over the past couple years. Currently, there are over 30 wallets listed in the Solana Wallet Adapter on GitHub.
Selecting the best Solana wallet is a matter of personal choice and preferences. All Solana wallets are capable of holding your Solana private keys and signing transactions on your behalf. Today, most Solana wallets feature support for Solana SPL tokens and NFTs.
Most Solana wallets are created by developers not associated with Solana Labs, the principal company building Solana. The only official wallet created by Solana is the Solana CLI Wallet which is meant for pro-users and developers. The Solana CLI wallet does not feature a GUI (graphical user interface).
Solana wallets typically fall into one of two categories: custodial and non-custodial. Non-custodial wallets enable you to hold your Solana wallet private keys, which means that you have full control over your account. No third party has access to your Solana wallet private keys, so you are the only person who can sign transactions. Custodial wallets hold your Solana wallet private keys on your behalf. You can read more about custodial and non-custodial Solana wallets in this blogpost.
Many Solana users prefer non-custodial wallets because there is a long history of crypto wallet custodians risking and losing customer funds. When you keep your Solana wallet with a custodian you implicitly trust that they will act in your best interest and safeguard your funds.
We at Avana Wallet prefer non-custodial solutions because it lowers the overall risk profile. Avana Wallet is a 100% self-custody Solana wallet.
Your first priority should security. The decentralized nature of crypto has its positives, but it also has drawbacks. Any person who has access to your crypto account private keys can control your Solana wallet and transfer funds.
When you choose a Solana wallet, you want to know the wallet's reputation and be sure that the developers are doxxed (their profiles are public).
Avana Wallet has focused on security since day one. You can learn more about Avana Wallet here. Avana Wallet uses military-grade encryption to protect your Solana wallet private keys. Avana Wallet never has access to your Solana wallet private keys, and our wallet ensures that your keys are always encrypted and protected.
Avana Wallet offers monetary rewards to security researchers to identify potential vulnerabilities in our Solana wallet. No significant vulnerabilities have been discovered to date.
Your Solana wallet should always require a password or biometric login to access your wallet. Avana Wallet provides an extra layer of security by offering two-factor authentication. Two-factor authentication not common - most other Solana Wallets do not offer this feature.
Most Solana wallets now support NFTs - you can view, collect, and trade NFTs in the wallet app. Recently wallets have begun to integrate a "Burn" feature to delete spam and unwanted NFTs (read more on spam NFTs in this blogpost).
Avana Wallet now enables users to mint Solana NFTs. This feature is unique, and most Solana wallets currently do not enable users to mint NFTs.
Native staking enables Solana wallet users to stake their Solana SOL and accrue staking rewards. Staking is an important aspect of the Solana blockchain that you should become familiar with. Staking helps you increase your Solana SOL balance over time similar to the way that most savings accounts accrue interest.
Avana Wallet features in-app native staking with Marinade Finance. When you stake your Solana SOL in Avana Wallet, you interact directly with Marinade smart contracts (read more here). Avana Wallet chose Marinade because it offers a healthy staking reward (5.7% as of September 2022) and it helps secure the Solana network by allocating funds to over 400 validators. Also, Marinade's program gives you instant portfolio diversification with low transaction costs. Avana Wallet does not charge extra fees when you stake and unstake with Marinade in your Solana wallet.
Some Solana wallets such as Phantom require you to select an individual validator from a large list. Selecting a validator can be a bit complicated for a new user, and there is higher concentration risk when a user's funds are allocated 100% to one validator.
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Avana Wallet uses Jupiter Aggregator for its native swaps. Jupiter aggrgates the liquidity from many decentralized exchanges such as Orca, Raydium, Lifinity, Serum, and others so Jupiter can find the best priced quote.
You should choose a Solana wallet that uses an exchange aggregator such as Jupiter so you get the best swap price quotes. Wallets that do not use aggregated quotes may give you more expensive swap quotes. Today, most major wallets such as Avana Wallet, Phantom, Glow, and Solflare use Jupiter.
Some Solana wallets charge extra fees on top of exchange fees. Avana Wallet does not charge extra fees, which makes Avana Wallet among the cheapest Solana wallets for swapping Solana tokens. Other wallets, such as Phantom, charge fees. Phantom's fees can reach 0.8% of the transaction cost. Solflare and Glow do not charge fees either.
Swapping with a low-fee wallet like Avana Wallet, Solflare, and Glow can save you money over the long-term. If you swap $10,000 over the course of a year, eliminating high fees could save you close to $100.
Most early Solana wallets were browser extensions. Over the past year most major wallets have released mobile versions of their Solana wallets.
Many wallets also feature a fullscreen version of their browser extensions. This makes it easier to navigate and use the Solana wallet.
Solana Pay is a relatively new payment protocol that enables merchants to process cheap and fast payments using Solana. Solana Pay is very useful when it is combined with a Solana wallet mobile app - the mobile app is able to scan a QR code and send payments instantly.
Solana .sol domains are shortened human-readable addresses that can be used to send and receive tokens on Solana (read more in this blogpost). Not all wallets enable .sol domain mapping.
Connecting with decentralized applications (dapps) is a major component of using Solana. You should choose a Solana wallet that is designed to interact seamlessly with DeFi apps, NFT marketplaces, and more.
Most wallets in the Solana Wallet adapter are designed to work with dapps. All of the wallets mentioned in this post are in the Solana Wallet adapter package.
Avana Wallet is designed to work with every dapp. If you use a dapp and Avana Wallet is not listed, you can choose Phantom from the list and Avana Wallet will work.
Solana wallets are similar to most smart phone applications in the sense that the applications provide a graphical user interface to interact with a service. Communicating with the Solana blockchain requires deep knowledge of crypto and coding. Solana wallets help simplify the requirements to interact with the blockchain by providing an intuitive user interface.
You should always test the wallet to see if the design and layout are easy and intuitive. Some wallets are complicated and designed for advanced users, while other wallets are simple and designed for limited functionality.
Avana Wallet is designed to be powerful yet simple to use. Avana Wallet provides advanced functionality that beginners can understand.
Currently Ledger and Keystone are the only hardware wallets that support Solana (read more in this blogpost). Not all Solana wallets support hardware wallets.
The Ledger Nano X supports iOS and Android mobile devices via Bluetooth. It is important to note that not all Solana wallets that support Ledger hardware wallets support Ledger on mobile devices.
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