From Phantom to Coin Wallet: The Ultimate Migration Guide

Moving between wallets is a simple process, though it may have some challenging moments, especially if you're doing it for the first time. However, our short guide will help you navigate it smoothly.

What is Phantom Wallet?

Phantom Wallet is a self-custodial wallet that supports multiple blockchains, including Ethereum, Bitcoin, and Polygon. Originally designed and launched in 2021 as a Solana-based wallet, it has since expanded its functionality. Solana is a blockchain platform known for its high transaction speed and low fees. The network also has its native cryptocurrency, Solana (SOL).

With this wallet, you can receive, trade, send, and manage your cryptocurrency assets, interact with decentralized applications (dApps), and explore the world of non-fungible tokens (NFTs).

Phantom prioritizes security by using seed phrases to protect user data. The wallet does not require users to provide their name, email address, or phone number during sign-up. This means you are solely responsible for keeping your seed phrase secure.

How to migrate from Phantom Wallet to Coin Wallet

1. Download and install the Coin Wallet app from the App Store or Google Play.
2. Retrieve your seed phrase from Phantom Wallet and use it to log into Coin Wallet. Simply tap ‘Open Existing Wallet’ and enter your seed phrase.
3. That’s it! Your migration is complete.

But that’s not all. Imagine this scenario: you’ve transferred your assets—let’s say Ethereum—to your new wallet, but they don’t appear in your balance. Your first thought might be that your coins have been stolen. However, that’s not the case. To view your assets, you simply need to use the correct derivation path.

A derivation path is like a ‘route’, 'direction', or an ‘instruction’ that your Hierarchical Deterministic (HD) wallet uses for generating new addresses. In other words, you are essentially telling the wallet where to go in the key tree to find the correct address where your coins are stored.

A Hierarchical Deterministic (HD) Wallet is a type of cryptocurrency wallet that generates and manages multiple private and public keys from a single master seed (a long string of random words). HD Wallet systems tend to be based on the BIP-32 and BIP-44 standards.

A derivation path allows you to regain access to coins or addresses, create new addresses or accounts from a single seed phrase, and migrate between wallets. Each derivation path has a certain structure. Here is an example of a derivation path for Bitcoin:

m/44'/0'/0'/0/0

• m/ → Root (master) path.
• 44'/ → BIP-44 standard (HD wallets for multiple currencies).
• 0'/ → Cryptocurrency code (0 = Bitcoin, 60 = Ethereum, etc.).
• 0'/ → Account number (you can create multiple accounts).
• 0/ → For external (receiving) or internal (change) addresses.
• 0 → Index of a specific address (can increase: 0, 1, 2, etc.).

Usually, wallets generate a derivation path automatically. However, if you move between wallets, it's important to understand how to change it manually.

Phantom Wallet is based on the Solana platform and doesn't have an interface for displaying a derivation path, unlike Coin Wallet. Therefore, you need to use the standard paths provided in the documentation.

Addresses are organized into accounts, and each account has a specific set of derivation paths. For example, the Solana address generated at m/44'/501'/0'/0' is always paired with the Ethereum or Polygon address generated at m/44'/60'/0'/0/0.

There are 3 types of derivation paths used by Phantom to derive keys and discover accounts:

So if you need to find your coins in the Coin Wallet after moving, you should select the coin, for example, Ethereum, and click to a section 'Derivation Path'. Then write your path in the special box (m/44'/60'/0'/0/0 for Ethereum) and tap ‘Save’.

That’s it! Your migration is complete.
If anything goes wrong, reach out to support@coin.space.