Step 1: Know the basics
If you want to trade on Drift, it’s recommended to connect your browser wallet (also known as a hot wallet) — to a hardware wallet (also known as a cold wallet). This isn’t required, but it’s a safer way to interact with decentralised apps.
In this guide, we’ll use Ledger as a cold wallet example.
Step 2: Ledger Setup
To set up a Ledger, head over to ledger.com/ledger-live and select your operating system. Once you have set up Ledger Live, you will need to install the Solana app on your Ledger device.
You can view a more in-depth guide on how to set up a Ledger for Solana here.
Step 3: Connect Ledger to Phantom
After setting up your Phantom seed phrase and completing the subsequent steps, you will need to connect your Ledger wallet to your Phantom wallet.
- Go to your Phantom wallet
- Select “Your Accounts” and “Add/Connect Wallet”
- Select “Connect hardware wallet” and you will be led to a separate Phantom page where you can connect your Ledger hardware wallet
By connecting your Phantom wallet to a Ledger wallet you can enjoy multiple benefits:
- Easy transfer of digital assets from a hot to a cold wallet and vice versa
- All transactions are approved through Ledger, not Phantom
- Even when your Phantom wallet gets hacked, no transactions can take place without signing them off on the Ledger, giving you an extra layer of security
Step 4: Start trading, earning yield, and borrowing.
When trading on Drift, each transaction can now be approved through your Ledger, keeping your digital assets safe at all times.