As one of the world's largest public chains, Solana is becoming a hotbed for MEME. With the surge in MEME fever, Solana is being accepted by more users. Data shows that 500,000 tokens were created on Solana in May. So, how can we issue coins on Solana? This article will guide you through the process of issuing coins on the Solana chain.
I. Preparations for Issuing Coins on Solana
Before issuing coins, we need to do some preparations:
VPN: Also known as an accelerator, this is essential. It is recommended to use Fast Connect.
Wallet: Usually, you need to install a Phantom wallet, or you can use the O3 Web3 wallet.
Tools: Issuing coins on Solana requires a one-click coin issuance tool. Here, I recommend PandaTool.
SOL Tokens: SOL is needed as gas on Solana, so you need to prepare a few.
Hardware: Both a mobile phone and a computer will work. For mobile phones, Huawei is not recommended. For computers, both Windows and Apple are suitable.
II. Process of Issuing Coins on Solana
After the preparations are completed, let me briefly introduce the entire process of issuing coins, which is divided into 10 steps:
Open the Solana coin issuance official website PandaTool.
Connect the Phantom wallet.
Fill in the token information to be issued, such as name, quantity, precision, etc.
After completing the information, confirm the payment with the Phantom wallet.
Use the permission management tool to relinquish token ownership, including minting permissions and freezing permissions.
Create an OpenBook market ID, with low, medium, and standard options to choose from.
Create liquidity on Raydium and enable trading.
Burn the LP to decentralize the token.
Check the token's price on Dexscreen, Ave, etc.
Use the PandaTool market management robot to manage the token's price.
III. Practical Steps for Issuing Coins on Solana
1. Find the Coin Issuance Tool PandaTool
Currently, there are several one-click coin issuance tools that support Solana. Here, I recommend PandaTool, also known as Panda Coin Issuance or Panda Tool in Chinese. It is recommended due to its long-standing presence in the market and high recognition. Moreover, it has been widely used without any security issues from start to finish, making it the only tool of its kind in the market.
- PandaTool official website: https://solana.pandatool.org/
2. Download and Connect the Phantom Wallet
Phantom is not the only wallet for Solana. Other wallets such as O3 Web3, Bitget, and Solflare can also be used. However, Phantom is currently widely used and highly recognized.
- Phantom download link: https://phantom.app/
3. Fill in Token Parameter Information
The advantage of a one-click coin issuance platform is that it does not require coding and allows direct parameter filling. If it were a coded coin issuance, these parameters would need to be constructed with code, which is quite complex. These parameters are not difficult to fill in, and generally include the following:
Required
Token full name
Token abbreviation
Token precision
Token supply quantity
Token logo
In addition, there are some optional parts:
Token project website
Token project Telegram
Token project Twitter
Token project Discord
Token project introduction
Token tags
4. Wallet Confirmation and On-Chain Deployment
After completing all the parameters, we need to deploy them to the chain to complete the on-chain work. This on-chain deployment requires confirmation from the connected wallet and payment of a coin issuance fee and gas fee. Currently, the coin issuance fee for PandaTool is 0.2 SOL, and the gas fee is approximately 0.001 SOL. After wallet confirmation, wait for about ten seconds, and the platform will prompt you that the coin issuance was successful, indicating that the coin issuance is completed.
5. Relinquish Token Permissions
After issuing coins on Solana, there are default permissions: minting permissions, freezing/blacklisting permissions, and updating permissions.
Minting permissions allow arbitrary issuance of token quantity.
Freezing permissions allow blacklisting token holders.
Updating permissions allow updating token information, such as token name and abbreviation.
In general, all three permissions need to be relinquished to gain user recognition and trust. The specific method for relinquishing permissions is also simple. Open the PandaTool permission management page: https://solana.pandatool.org/control, then enter the contract address. After clicking the query, the options for permissions will appear. Click on the permissions you want to relinquish. Note that freezing permissions must be relinquished, otherwise liquidity cannot be created on Raydium.
6. Create OpenBook Market ID
Suppose you want to create a liquidity pool on Raydium V2. In that case, you must first create an OpenBook market ID. This ID connects many of the largest protocols in the Solana DeFi ecosystem (including Raydium, Orca, JUP, etc.), enabling price discovery and matching of buyers and sellers at the speed of light throughout the entire ecosystem.
There are multiple ways to create an ID, and you can choose to create it on the Raydium official website. The cost of creating an ID is around 3 SOL, which many people cannot afford. Therefore, PandaTool has introduced a low-cost way to create an ID.
Open the ID creation page: Open PandaTool's ID creation tool page: https://solana.pandatool.org/market, click on the top right to connect the wallet (if already connected, ignore this step), and then select the appropriate parameters.
Base Token: Fill in the token contract you issued.
Quote Token: The trading pair token, such as USDT, SOL, etc.
Minimum Order Quantity: The
minimum order quantity precisionin the order book. For example, if you enter 2, the minimum trading volume will be 0.01. If you enter 4, the minimum trading volume will be 0.0001. This is essentially the precision decimal place.Minimum Price Change: The number of decimal places for the minimum price display/change. For example, if you enter 3, the token price will be displayed with 3 decimal places, such as 11.123. If you enter 5, the minimum token price will be displayed with 5 decimal places, such as 11.12345.
Configuration Fee: Low configuration (suitable for general meme coins), medium configuration (suitable for growth-oriented tokens), standard configuration (suitable for high-quality value coins).
Configuration Details: This is an advanced option. Beginners should not open this operation to avoid unforeseen issues.
After selecting the parameters, click "Create" and then pay the fee through the wallet popup.
One thing to note is the entry of the minimum order quantity and minimum price change:
The minimum order quantity cannot be greater than the decimal places of the base token.
The minimum price change cannot be greater than the decimal places of the quote token.
"Minimum Order Quantity" + "Minimum Price Change" cannot be greater than the decimal places of 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 do we have to use Raydium? This is because Raydium's AMM trading has fewer restrictions, allowing both bots and individuals to trade freely, eliminating many hassles. On the other hand, platforms like Orca are subject to price restrictions, making trading cumbersome.
The process of creating liquidity on Raydium is not complicated. It involves opening the Raydium official website, connecting the wallet, entering the ID, selecting the tokens, entering the quantity, setting the opening time, and confirming through the wallet.
However, it's important to note that Raydium offers multiple ways to create pools: V2 and V3, AMM, and CLMM.
Regarding V2 and V3, V3 is a new UI page and liquidity method recently introduced by Raydium. By default, when you open the Raydium website, it will be V3. The advantage of V3 is that it does not require an ID to create a pool. However, the downside is that the pool and trading are not stable, and the market may not display properly. Therefore, it is currently recommended to create pools on V2 for stability.
As for AMM and CLMM, both V2 and V3 offer these options. AMM is the standard liquidity pool, while CLMM is similar to Uniswap V3, also known as a concentrated pool. This type of pool requires you to set the price range yourself, and once set, trading cannot occur outside the price range. Therefore, very few people, if any, would use CLMM pools.
8. Burn LP Tokens
After creating the pool, you will receive some LP tokens, which allow you to withdraw from the pool. To demonstrate to users that the project will not exit scam, it is generally necessary to burn the LP tokens, also known as LP Burn.
Burning LP tokens cannot be done by simply transferring them to a black hole, as is the practice on the BSC chain. The correct method on Solana requires the use of a burning tool. The specific operation is as follows:
Open the PandaTool token burning tool page: https://solana.pandatool.org/burn, then connect your wallet in the top right corner. PandaTool will display a list of tokens and LPs in your wallet. Select the LP, enter the quantity to be destroyed, and confirm through the wallet.
If you want to burn 100% of the LP, you need to choose to destroy all and close the account to achieve this goal.
9. View Token Market Tools
At this point, you have completed all the coin issuance operations. Next, you need to observe the price trend of the token, which can be done through third-party tools such as Dexscreener, Ave, Dextool, Birdeye, Gmgn, etc. Each platform has its own advantages and disadvantages.
Dexscreener: Also known as Birdeye, it is widely used by users both domestically and internationally. It requires payment to display website and social media information, with a fee of 299U.
Ave: Mainly used by domestic users, it does not display token logos by default and requires payment to display, at around 300U.
Dextool: A well-established cryptocurrency market platform that supports multiple chains. It does not display logos by default and requires payment for uploads.
Birdeye: A tool deeply rooted in Solana, integrates well with JUP, and provides comprehensive information. It requires payment to update social media links.
Gmgn: A new Solana market platform that allows viewing token information without payment, and provides comprehensive information.
10. Solana Market Value Management / Trading Volume Boosting
Simply watching the market is not meaningful. Smart project teams use tools for market value management. Market value management involves using multiple Solana wallets for batch trading to control the token's price range and trading data, making the candlestick chart look better.
In general, most people tend to use PandaTool's market value management tool, which is very convenient for boosting or suppressing trading volume. The only issue is that PandaTool's market value management only supports Raydium V2 trading at the moment and does not support V3, but it is expected to support it in the future.
Conclusion of Coin Issuance on Solana
It's important to understand that issuing coins on Solana is not just about issuing coins. It also involves subsequent marketing, promotion, and market value management. Creating tokens is just the first step in a long journey. We not only need to create tokens but also manage and distribute them, familiarize ourselves with various ways to use the Solana chain, and gradually adapt to the rules to find our own path.
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