Solana is one of the world's largest public chains, and its market capitalization has reached the top five. With the advent of the MEME craze, Solana has begun to be accepted by more users. So, how can we issue coins on Solana? This article will teach you step by step the process of issuing coins on the Solana chain.
1. Preparations for Solana’s Token Issuance
Before issuing coins, we need to do some preparation work
VPN: Also known as accelerator, this is essential, it is recommended to use fast connection
Wallet: You usually need to install a Phantom wallet, or OUYi Web3 wallet is also OK
Tools: Solana needs to use a one-click coin issuance tool. Here I recommend PandaTool
Sol tokens: Sol is used as gas on Solana. You need to prepare several
Hardware: Either a mobile phone or a computer is fine. Huawei phones are not recommended. For computers, both Windows and Apple are fine.
2. Solana Token Issuance Process
After the preparation work is completed, I will first give you a brief introduction to the entire coin issuance process, which is divided into 10 steps:
1. Open Solana’s official website PandaTool
2. Connect to Phantom Wallet
3. Fill in the information of the token to be issued, such as: name, quantity, precision, etc.
4. After filling in the information, Phantom Wallet will confirm the payment
5. Use permission management tools to give up token ownership, including minting permissions, freezing permissions, etc.
6. Create an OpenBook market ID, with three levels to choose from: low-end, medium-end, and standard
7. Create liquidity on Raydium and start trading
8. Burn the LP, i.e. burn the pool, to complete the decentralization of the token
9. Check the price of tokens through Dexscreen, Ave, etc.
10. Use PandaTool market value management robot to manage token prices
3. Solana Token Issuance Practice
1. Find the coin issuance tool PandaTool
There are currently multiple one-click coin issuance tools on the market that can support Solana. Here is the recommended one: PandaTool, which is called Panda Coin Issuance or Panda Tool in Chinese. On the one hand, it has been in business for a long time and has high market recognition. On the other hand, it is also for security reasons. Many people have used it and there have been no security issues from beginning to end. This is the only tool on the market.
PandaTool official website: https://solana.pandatool.org/
2. Download and connect Phantom wallet
Phantom is not the only wallet for Solana. Other wallets, such as OUY Web3 Wallet, Bitget Wallet, Solflare Wallet, etc., can also be used. However, Phantom is currently the most widely used and recognized wallet.
Phantom download link: https://phantom.app/
3. Fill in the token parameter information
The advantage of a one-click coin issuance platform is that it does not require code, and you can directly fill in the parameters. If you use code to issue coins, these still need to be constructed with code, which is very complicated. And these parameters are not difficult to fill in, and they are roughly the following items:
Required fields
Token full name
Token Abbreviation
Token Accuracy
Token Supply
Token logo
In addition, there are some optional parts
Token Project Official Website
Token ProjectTelegram
Token Project Twitter
Token Project Discord
Token Project Introduction
Token Tags
4. Wallet confirmation and chaining
After filling in all the parameters, we need to deploy it to the chain to complete the chain work. This data needs to be confirmed by the wallet you connected, and then pay a coin issuance fee and gas fee. Currently, PandaTool's coin issuance fee is 0.2Sol, and the gas fee is about 0.001sol. After the wallet confirms, wait for more than ten seconds, and the platform will prompt you that the coin issuance is successful, which means that the coin issuance is completed.
5. Give up token rights
After Solana completes the coin issuance, there are three permissions by default: issuance/minting permissions, freezing/blacklisting permissions, and update permissions.
Coin minting authority, you can issue more tokens at will;
Freeze permissions and blacklist token holders;
Update permission: you can update token information, such as token name, abbreviation, etc.
Generally speaking, you need to give up all three permissions in order to gain user recognition and trust. The specific method of giving up is also very simple. Open PandaTool's permission management page: https://solana.pandatool.org/control
Then enter the contract address and click query to see the permission options. Click on the permission you want to give up. Note that the frozen permission must be given up, otherwise you will not be able to create liquidity in Raydium.
6. Create OpenBook Marketplace ID
If you want to create a liquidity pool on Raydium V2, you must first create an OpenBook market ID. This ID connects many of the largest protocols in Solana DeFi (including Raydium, Orca, JUP, etc.), and can match buyers and sellers across the entire ecosystem, thereby achieving on-chain price discovery and matching transactions at the speed of light.
There are multiple ways to create an ID. You can choose to create one on the Raydium official website. The cost of one ID is about 3Sol. Many people simply cannot afford this cost, so PandaTool has launched a low-cost way to create an ID.
Open the ID creation page: Open the ID creation tool page of PandaTool: https://solana.pandatool.org/market, click Connect Wallet in the upper right corner (if it is already connected, skip this step), and then select the corresponding parameters
Basic token: Fill in the token contract you issued
Quote token: trading pair token, such as USDT, SOL, etc.
Minimum order quantity: The minimum order quantity precision in the order book. If you fill in 2, the minimum transaction volume is 0.01. If you fill in 4, the minimum transaction volume is 0.0001. And so on, this is actually the decimal place of precision.
Minimum Price Change: The number of decimal places for the minimum price display/change. If you enter 3, the token price is displayed with 3 decimal places, such as 11.123. If you enter 5, the minimum token price is displayed with 5 decimal places, such as 11.12345.
Configuration fee: low configuration (suitable for general Dogecoin), medium configuration (suitable for growth tokens), standard configuration (suitable for high-quality value coins)
Configuration details: This is an advanced option. Beginners should not open this option to prevent unpredictable problems.
After completing the parameter selection, click Create and the wallet will pop up to pay the fee.
Another thing to note is the minimum order quantity and minimum price change:
The minimum order quantity cannot be greater than the decimal place of the base token
The minimum price change cannot be greater than the number of decimal places in the quote token
"Minimum Order Quantity" + "Minimum Price Change" cannot be greater than the number of decimal places in the quote token
7. Create liquidity on Raydium V2
There are multiple Swaps on Solana that can provide liquidity, such as Orcca and Meteora. Why must it be on Raydium? Because Raydium's AMM transactions do not have too many restrictions, whether it is a robot or an individual, they can trade at will, saving a lot of trouble. However, Orca and others are subject to price restrictions, making transactions very troublesome.
The process of creating Raydium liquidity is not complicated, it is roughly as follows: open the Ryadium official website → connect to the wallet → enter the ID → select the token → enter the quantity → set the opening time → wallet confirmation.
But it should be noted that Raydium has multiple ways to build pools: V2 and V3, AMM and CLMM, etc.
Let's talk about V2 and V3 first. V3 is a new UI page and liquidity method that Raydium has just launched. As long as you open Raydium's official website, V3 is the default. The advantage of V3 is that you don't need to make an ID to create a pool, you can do it directly. The disadvantage is that the pool is unstable, the transaction is unstable, and the market may not be displayed. Therefore, we still recommend that you go to V2 to create a pool for the time being.
Let's take a look at AMM and CLMM. Whether it is V2 or V3, there are two options when making a pool: AMM is what we usually understand as a capital pool, also called a standard pool. CLMM is similar to the version of Uniswap V3, also called a centralized pool. This type of capital pool requires you to set the price range yourself. Once it is set, you cannot trade if the price exceeds the range. Therefore, no one will do this kind of pool, and basically no one who does projects will do CLMM pools.
8. Destroy LP and burn the pool
After the pool is built, you will be given some LP certificates, and you can withdraw from the pool with these LP certificates. In order to prove to users that the project will not run away, it is generally necessary to destroy the LP, which is commonly known as: burning the pool, or LP Burn.
Burning the pool cannot directly transfer LP to the black hole, that is the practice of the BSC chain. Solana's normal practice needs to be completed through the burning pool tool. The specific operation method is as follows
Open the PandaTool token burning tool page: https://solana.pandatool.org/burn, and then connect your wallet in the upper right corner. At this point, PandaTool will give you a display list of the tokens and LPs in your wallet. Then you select LP and enter the amount to be burned, and the wallet will confirm it.
If you want to burn 100%, you need to choose to destroy all and close the account to achieve this goal.
9. Check the token market tool
Basically, at this point, you have completed all the operations of issuing coins. The next step is to observe the price trend of the tokens. You can do this through third-party tools, such as Dexscreener, Ave, Dextool, Birdeye, Gmgn, etc. These platforms have their own advantages and disadvantages.
Dexscreener: commonly known as Hawkeye, it is used by the most people, with a large number of users both at home and abroad. You need to pay to display information from websites, social media, etc., and the fee is 299U.
Ave: Mainly used by domestic users, the token logo is not displayed by default, and you need to pay to display it, which is also around 300U
Dextool: An established cryptocurrency market platform that supports multiple chains. It does not display logos by default, and requires paid uploads.
Birdeye: A tool for deep mining on Solana, well integrated with JUP, and comprehensive information display, but requires payment to update social media links
Gmgn: A new Solana market platform that allows you to view token information without paying. It is very comprehensive
10. Solana Market Cap Management/Trading Volume
It is meaningless to just watch the market, and smart project owners will use tools to manage market value. The so-called market value management is to use multiple solana wallets to perform batch transactions to control the price range and transaction data of tokens, so as to make the candlestick chart look better.
Generally speaking, people tend to use PandaTool's market value management tool, which is very convenient for pulling up/smashing the market or brushing up the trading volume. The only problem is that PandaTool's market value management currently only supports Raydium V2 transactions, not V3, but it is expected to be supported later.
4. Summary of Solana Token Issuance
What we need to know is that Solana’s coin issuance is not just about issuing coins, but also includes subsequent marketing, publicity, and market value management, which all require comprehensive management. Creating tokens is only the first step in a long journey. We must not only create tokens, but also manage tokens, distribute tokens, and become familiar with the various ways of playing the Solana chain, so that we can slowly adapt to this rule and find a path that belongs to us.
