Jorge Rodríguez (Smithii) · Follow
7 min read · Feb 27, 2024
--
Welcome to a new Medium Post, in this case, we will guide you through the process of creating a Solana Token without coding, including the liquidity pool creation and the listing on different DEX within the Solana Ecosystem.
We will show you the easiest way to create an SPL Token. To complete the entire process, you will need from 1.5 SOL to 5 SOL, we are considering the token creation itself, the authorities revoke, OpenBook Market and Liquidity Pool creation. We also need to take into account the costs of design, marketing, and liquidity.
For sure, if we are launching a memecoin, “professional preparation” and high costs are not necessary, the most important thing is to have a good meme. If you want to create a serious project, it is key to prepare a good marketing strategy, with collabs, airdrops, partnerships, etc.
We recommend avoiding launching until you have the basics prepared: Branding, Marketing Plans, Social Media and Tokenomics.
We need to understand what drives the market and which platforms are the most used.
Regarding marketing, most tokens with good performance usually use “influencer” promotions and are “shilled” on DAOs.
About platforms: people usually use Raydium, Birdeye, Jupiter Aggregator and Dexscreener to trade tokens.
In this tutorial, we will use Smithii No-Code Tools to create and launch our token. Let’s divide the process into 3 steps: Create SPL Token, Create Liquidity Pool on Solana and List an SPL Token.
How to Create a Solana SPL Token?
To create our Solana Token, we should go to this Tool that Creates the Solana Token for us without coding, Solana Token Creator (https://tools.smithii.io/token-creator/solana), there we can also create a Tax Token (Token 2022), but for this guide, we will create a standard one.
Once we are in Solana Token Creator, we should follow these steps:
- Connect your wallet in order to use the tool
- Set your Token Name
- Set the “Ticker” or “Symbol” of your SPL Token
- Select the Token Decimals (6 decimals is the most common)
- Write your token Description
- Upload your token Image (PNG or GIF)
- Set the Supply
- Add links to your token metadata (optional)
- Select the authorities you want to revoke (optional)
- Click on “Create Token” and accept the transaction
“Immutable”, “Revoke Freeze” and “Revoke Mint” refers to authorities. Let’s explain what they mean and if we should use these options.
Solana Token’s Authorities
On Solana’s blockchain, a Token has 3 Different Authorities: Update Authority, Freeze Authority, and Mint Authority.
- Update Authority allows you to update the token metadata. When we revoke it, we make the token “immutable”.
- Freeze Authority allows you to Freeze the Token in the holder’s wallet. You can’t create a Liquidity Pool if you don’t revoke freeze authority.
- Mint Authority allows you to mint more supply of the token you created.
It’s important for us as founders to revoke these authorities in order to ensure that people feel confident and secure while investing in our token. We can revoke them all on Smithii Tools.
Once we have our token ready, we can go directly to create a liquidity pool. On Solana we first need to create an OpenBook Market and then add the liquidity, but we can do it all-in-one step with the Smithii “Create Liquidity Pool” Tool.
This tool allows us to create our liquidity pool on Raydium with a friendly user interface and from just 1 SOL (up to 3.5 SOL based on the settings you use).
Create Liquidity Pool Solana
- Go to Create Liquidity pool (https://tools.smithii.io/liquidity-pool/solana) and connect your wallet to use the tool.
- Select the “Base Token”. The token you created and doesn’t have a value on the market yet.
- Select the “Quote Token”. A token with value on the Market. Usually SOL or USDC.
- Set the “Minimum Order Size”. It means the minimum token quantity that users will be able to buy.
- Set the “Tick Size”. It means the minimum quantity that the price of your token can change.
You can use this chart as a reference for Min order size and tick size
6. Set the advanced options (only if you want to use a cheap Market ID, from 0.4 SOL).
These are the “inputs” you should use for the different Market IDs based on the cost.
0.4 SOL:
Event Queue Length: 128
Request Queue Length: 63
Orderbook Length: 201
1.5 SOL:
Event Queue Length: 1400
Request Queue Length: 63
Orderbook Length: 450
2.8 SOL:
Event Queue Length: 2978
Request Queue Length: 63
Orderbook Length: 909
Take into account that the bigger the market is, the more transactions it can process. We explain below how it works.
7. Set the number of tokens and SOL/USDC you want to add.
8. Set launch date (optional)
9. Snipe your own Liquidity Pool (optional)
10. Click on “Create Liquidity Pool” and accept the 3 transactions.
It will take a bit to complete, and then you will see the Market ID and the Liquidity Pool Address. Save them, as you may need the addresses for future uses.
You can also make the liquidity pool creation process as usual by following the next 2 steps:
Create an OpenBook Market
The common price for creating an OpenBook Market is around 2.8 SOL. That’s the “optimal” length for the market based on the protocols. But we can also modify its setup and make it cheaper.
If you are working on a project that is intended to have a serious impact, you should use the standard market. However, if you are planning to launch memecoins, you can create an OpenBook Market with just 0.4 SOL. Please note that some transactions may fail, but this is only likely to occur if there is a high volume of transactions.
In this post, we will show you 3 options for your market ID: 0.4 SOL, 1.5 SOL, and 2.8 SOL.
To create our OpenBook Market, we are going to use another Smithii Tool to Create an OpenBook Market (https://tools.smithii.io/openbook-market/solana). To complete the process successfully, follow these steps:
- Connect your wallet in order to use the tool.
- Select the “Base Token”. The token you created and doesn’t have a value yet.
- Select the “Quote Token”. A token with value on the Market. Usually SOL or USDC.
- Set the “Minimum Order Size”. It means the minimum token quantity that users will be able to buy.
- Set the “Price Tick”. It means the minimum quantity that the price of your token can change.
- Set the advanced options (only if you don’t want to use the recommended values for a market with a cost of 2.8 SOL).
These are the “inputs” you should use for the different Market IDs based on the cost.
0.4 SOL:
Event Queue Length: 128
Request Queue Length: 63
Orderbook Length: 201
1.5 SOL:
Event Queue Length: 1400
Request Queue Length: 63
Orderbook Length: 450
2.8 SOL:
Event Queue Length: 2978
Request Queue Length: 63
Orderbook Length: 909
You can also use other lengths aswell, but we consider these ones are standard.
Once you fill in all the inputs you should click on “Create Market” button and accept the transaction. You will see the Market ID, remember to copy and keep it. You will need the ID for the next step.
Add Liquidity on Raydium
Once we have our OpenBook Market, we can add the liquidity on the DEX of our choosing. In this case, we will use Raydium as it’s the most used. The cost of adding liquidity on Raydium is around 0.45 SOL.
For adding liquidity: we will go to “Liquidity Create” (https://raydium.io/liquidity/create/).
On this page, we need to paste the Market ID and click on continue.
Then, we will be able to set the initial price and the liquidity quantity we want to add. To finish the process, we can set the launch date (optional) and click on confirm.
Remember to prepare your tokenomics and strategy before initiating this step.
LISTING A SOLANA TOKEN ON PLATFORMS
We all want to increase the visibility of our Solana Token, and listing it on different platforms can make it more accessible to users while also promoting our project.
Let’s introduce how we can list our token on Birdeye, Dexscreener, Jupiter, Coingecko, and Coinmarketcap.
BIRDEYE AND DEXSCREENER
Both of them are trading platforms with thousands of users. Our token will be automatically listed on them after creating the liquidity pool, so we don’t need to do anything else.
We can pay to add our social media to our token profile and also to trend on the platform.
JUPITER AGGREGATOR
Jupiter is the largest Solana’s platform for token trading. We can always swap our token on Jupiter, but we won’t be “verified” until we are accepted.
We can make an application via GitHub following this guide: How to list a solana token on Jupiter.
COINGECKO AND COINMARKETCAP
They are popularly known, and being listed on them is free exposure. In order to be on their platform, we will need to fill out an application.
Coinmarketcap application: https://support.coinmarketcap.com/hc/en-us/requests/new
Coingecko application: https://docs.google.com/forms/d/e/1FAIpQLSfpIPMsCvVokn7l6OpjJmJoYRxvpArYpO4rvcps-0XQxLQ7DQ/viewform
Creating a token on Solana could be a challenge if we don’t have coding and marketing knowledge, by following this tutorial you will only need to take care of the marketing part!
Hope you liked it, thanks for reading, and remember to share!
