XLD Now Allows xSpend Users To Connect Their Phantom Wallet and Save Biller Details
XLD Finance is now enabling new features in xSpend including the Solana feature and save biller details!
Staying true to its vision of utilizing DeFi in creating convenient solutions to real-word financial needs, XLD Finance further broadens its horizons by enlisting to xSpend the fastest growing cryptocurrency in the market. With this new feature, xSpend users from across the globe will now be able to connect not only their Metamask (Ethereum, BSC, and Polygon) and Ronin Wallets, but their Phantom Wallet as well and use the Solana network to pay for over 350 real-world utilities including but not limited to power, water, mobile prepaid and internet services. XLD has also made paying the same billers easier as xSpend users will now be able to save account details of their favorite or most used billers for easier repeated use.
But What is Solana, the Fastest Growing Crypto?
In case you haven’t heard of it, Solana is a blockchain platform whose native coin is SOL. Launched only in March of 2020, it is now one of, if not the, fastest growing altcoins and is considered to be one of the biggest challengers to the more established Ethereum.
Solana keeps getting compared to Ethereum because of their similar technologies, but while Ethereum’s smart contracts are written in Solidity, a high-level programming language specially created for Ethereum, Solana’s are written in Rust which is a general-purpose programming language. Solana is one of those altcoins often referred to as “Ethereum killers” because of how they threaten Ethereum’s position in the market by addressing a lot of the popular coin’s shortcomings.
However, one of Solana’s major selling points is its scalability. Because while Ethereum is able to process 30 transactions per second (TPS), Solana’s programming, which combines both Proof of Stake and Proof of History consensus algorithms, enables this blockchain to process a whopping 50,000 TPS. On top of that, transaction fees in Solana cost a measly $0.00025 compared to Ethereum whose transaction fees based on network congestion vary from $20 to $70. These feats are two of the reasons why this young crypto has garnered quite a following and is now, as of writing, in the Top 10 leading coins according to CoinMarketCap. In fact, Solana’s growth has been spectacular since it was first introduced: while it started 2021 with a price of around $1.5 per coin, it has managed to grow 100 times in the next ten months, reaching an all-time-high of $215 in September of 2021.
What is a Phantom Wallet?
Owning a Solana, like any other crypto, of course requires storage space, and Phantom Wallet is the most popular crypto wallet for the Solana blockchain. Phantom Wallet is a web browser-based, non-custodial Web3.0 wallet which, although not that popular amongst newer crypto owners, is gaining momentum because of its many convenient features.
They say that Phantom Wallet is doing for Solana what Metamask has done for the Ethereum blockchain. If you have used Metamask before, it’s easy to feel immediately at home with Phantom Wallet as they have very similar, user-friendly interfaces. And as in Metamask for Ethereum, you can easily log in with your wallet while interacting with a Solana application. Phantom also has built-in exchange and is NFT-compatible. It may be used for crypto staking and provides access to a hardware wallet (Ledger) and it is available in all the most used web browsers such as Google Chrome, Firefox, Brave, and Edge.
If there were points of contention on using Phantom Wallet, however, it would perhaps be its youth. Having only been launched in 2021, this non-custodial wallet still hasn’t weathered enough blows to its technology for any of us to say it has withstood the test of time. Another, that while you may also use the Phantom Wallet when dealing with currencies like USDT, USDC Raydium (RAY), SRM (SRM), as well as all the utility tokens that are available through Solana’s DApps, this list is still quite short compared to many crypto wallets available in the market.
How to connect your Phantom wallet in xSpend
Now if you’ve already decided on investing in Solana and using Phantom Wallet, you are now just a few steps away from being able to use your crypto for paying real-world utilities with xSpend. Here’s how:
Installing your Phantom Wallet
- You may either go to the official website or directly go to the Google Chrome extension store for Chrome users and the Firefox extension store.
- Click add to Chrome or add to Firefox.
- Click extensions on your browser and choose Phantom.
- Click on Create New Wallet
- Securely store your secret recovery phrase or mnemonic.
This is important: Once you create a new wallet, Phantom will give you a bunch of words that you may copy and paste somewhere safe. Make sure that you do not lose the secret phrase you’re given because this is the only way you can recover your account should you lose access to it. To lose your recovery phrase is to lose all of your assets inside this wallet.
- Create a password.
- Follow your browser’s prompt to create a keyboard shortcut for Phantom.
Solana Feature is Available on xSpend in the following countries:
- xSpend Philippines
- xSpend Malaysia
- xSpend Indonesia
- xSpend Vietnam (Buy Load)
- xSpend Bangladesh (Buy Load)
- Visit xspend.finance now to learn more.