Make A Token Without Coding
In a nutshell, there are only 3 easy steps to create a token:
- Connect your wallet to your favorite blockchain.
- Set your initial supply by editing an existing blockchain contract.
- And, distribute your tokens using airdrops, or by posting it for sale on swap exchanges like Pancakeswap or Raydium.
Well, for one, if you’re a content creator, or a company, you might find it interesting to make your own ecosystem, similar to how you use coupons or rewards for a loyalty program. But with coupons, you will have to design your own system, and probably get security problems down the line.
With crypto tokens, security is not an issue as you rely on an already existing blockchain and you no longer have to design your own system.
The wallet that I love to use is Phantom but feel free to use your own favorite wallet such as Trust Wallet and Sollet. If you don’t have coding skills, don’t worry as it’s really easy.
In this exercise I will use the Solminter platform I previously discussed here.
Solminter let’s users create a token without learning new coding skills. However, I have found that there is a small fee, but I get the benefit of using the Solana network, a blockchain that is both well-established, and proven to defend and recover from a hacking attack without any damage to its security protocols.
Download Phantom wallet if you haven’t already and fill it up with at least 1.2 Solana for this activity.
Go to app.solminter.com and connect your Phantom wallet.
Once your in, click ‘create a new SPL token’.
Creating a token on the Solana blockchain costs 1 Solana, but if you want to save 25%, you can use Solminter’s native token called SMRT. You can swap your Solana to SMRT tokens using Raydium here.
NAMING YOUR TOKEN
Set your token name and symbol. This is permanent, so make sure that it is the name you want for its entire lifetime, including its symbol, which is a 3–4 letter word of your own choosing.
When you’re done deciding, click create token, and set your lifetime supply by typing in the total supply field box any number you want. You can change this later, but bear in mind that it takes 0.2 Sol to customize token settings.
Adding supply is as easy as typing numbers in the mint amount box or field. Reducing supply is done by clicking the Burn icon within Token Management settings.
You can check your new token by opening your Phantom wallet. If you can’t see it, make sure to update your wallet and add the token contract address by copying the address from the Token Management section on Solminter, and pasting it on your Phantom wallet’s import section.
To minimize the need for opening your wallet, you can view your balance by going to solscan.io. Copy your wallet address and paste it into the search bar of solscan.io and click the search icon.
DISTRIBUTING YOUR TOKEN
If you’ve made it this far, then congratulations! You now have made your own token on the Solana blockchain. All you need to do is distribute your token via airdrops, Raydium Liquidity Pools, or IDO distribution.
Airdrop is the process of manually sending tokens to addresses of your own choosing. You can use the “distribute token” feature or open a dedicated twitter account where you can distribute to your fans addresses, or you can simply send your tokens for sale on Raydium, a process called Liquidity Providing.
You set the price on your token by sending equal amount of another existing token such as Solana. Raydium will divide the number of your tokens vs the amount of Solana tokens you’ve sent to create your token’s initial price. The more Solana you add to pair with your own token, the higher your token value becomes.
MOVING FORWARD: LAUNCHPAD
IDO or Initial Dex Offering is the process of getting your token listed on a Decentralized Exchange (Dex), a process similar to Liquidity Providing, but on a huge scale. There are requirements when applying for an IDO, and thankfully, this feature is integrated with Solminter.
Just click on the ‘Apply for an IDO’ below the ‘Token Management’ button and follow the on-screen instructions. Once you get approved, you will be invited to list your token on launchpads like Solstarter.
I hope you’ve learned something here, and I’m looking forward to see what you have created. Comment your new token below or let me know if there was anything I missed on this guide.