A Primer on Wallets on Solana: Exploring Solflare Wallet On-Chain

This articles gives a primer on Solana wallets like Solflare, highlighting some of their key features and how you can use SolanaFM to view more details of your assets.

Content

1. Introduction

2. Wallets on Solana

3. What is Solflare?

4. Managing your Assets on Solflare

5. Dealing with spam NFTs

6. Unverified NFTs on Solflare

7. Outlook

Introduction

Since the start of 2024, the number of daily active wallets on Solana has surged to all-time highs.

Solana is home to a variety of wallets like Phantom, Backpack, Solflare and many others that each offer a unique suite of features to help users manage their assets on Solana.

This article will cover some basic details of wallets on Solana, dive deeper into one of the wallets (Solflare Wallet) and what happens on-chain when you view and manage your assets on apps and browser extensions.

Wallets on Solana

Solana wallets provide users with secure platforms to manage their favorite Tokens, NFTs, or Memecoins. Moreover, they offer straightforward ways to interact with DeFi, NFTs, DAOs, and other on-chain dApps in the ecosystem.

Whether it's through improved security, more streamlined interfaces, or enhanced functionalities, the goal for Solana wallets remains the same: To provide everyday users with the best tools for managing their crypto assets.

What is Solflare?

Solflare can be set up as a browser extension as well as a mobile app, which is available for both Android and iOS. The wallet emerged as a simple and user-friendly solution for Solana users to access and manage their ecosystem tokens.

On Solflare, users can purchase crypto and connect their wallet to various dApps in the Solana ecosystem. Like other Solana wallets, Solflare also offers users the ability to stake their SOL on the Solflare validator to earn rewards. This can be done directly via the browser extension or the app.

Managing Your Assets on Solflare

This part will provide a brief overview of how users can view and manage their assets on Solflare and use the SolanaFM Explorer for more details.

View Accounts on SolanaFM

A Portfolio page on the Solflare browser extension on Desktop.

Solflare enables users to perform various of actions directly within the wallet interface. They can view their Tokens, NFTs, and active Stakes. Additionally, users can execute Swaps and review past wallet activity from their account.

For more comprehensive details on their Accounts and Transaction Activity, users can view them via the SolanaFM Explorer. By clicking "View in Explorer", users will be presented with detailed information on their asset holdings, tokens and past transactions.

Users will be directed to the SolanaFM Explorer to view more details of their Accounts.

View Transactions on SolanaFM

An “NFT List” performed on the Solflare wallet viewable on SolanaFM

The activity tab provides users with a view of past wallet activity.

For example, whether you perform a swap directly on the Solflare wallet or list an NFT, you can access the transaction on SolanaFM. Via the SolanaFM Transaction Header, users will get a summarised breakdown of the transaction e.g. “NFT List”.

For users seeking deeper insights, they can search the transaction page for more detailed information on on-chain actions and instructions, breaking down intricate details of the involved Programs and Accounts.

View a Swap Transaction on SolanaFM

A “Token Swap” performed on the wallet as viewed on SolanaFM.

Here is how you can view the on-chain details of a simple “Swap” transaction on Solflare:

1. Click on your transaction on Solflare.

2. Click under Transaction ID.

3. Verify the details of the swap (i.e. buy/sell amount, swap platform, slippage, etc.).

Users will then be directed to SolanaFM’s Transaction Page.

Dealing with Spam NFTs

Dealing with spam NFTs can be a real headache for wallet users. They unknowingly pop up in your wallet via airdrops, imitating a legitimate protocol to entice users to connect their wallets to phishing sites.

Spam NFTs clutter up your Account view with fake assets and phishing links.

Moreover, spam NFTs clutter up your wallet and create confusion between fake ones and genuine NFTs that you acquired. To tackle this, wallet providers on Solana have implemented different ways to filter out spam NFTs, while also enhancing user visibility and interface.

Solflare addresses this issue by only displaying NFTs verified by top marketplaces. In the following part, we'll explore Solflare's unverified NFTs folder, which helps users organise their NFTs and automatically filters out NFTs that are suspected to be spam.

Unverified NFTs on Solflare

Solflare has an “Unverified” folder for NFTs that are suspected to be spam.

On Solflare, NFTs are displayed in the “Collectibles” tab along with the unverified folder that contains potential spam NFTs.

All other NFTs will be moved to an “unverified” folder, where users can decide whether to keep or burn them if they are spam. Any NFT that isn't from an official marketplace, like Magic Eden or Tensor, will end up in the “unverified” folder in your NFT gallery.

In all cases, if users wish to see more on-chain details, including metadata, past transactions, collection and wallet addresses, they can easily view the NFTs on the SolanaFM Explorer as well.

Outlook

With Solana’s rapid pace of innovation, we can keep a lookout for more exciting features and advancements in the near future. Users can keep an eye out for updates from Solana wallets like Solflare, Phantom, Backpack for the latest in Web3 wallet developments.