The burning of pools (liquidity burning) on Solana refers to the destruction or removal of liquidity tokens (LP tokens) from a wallet. When you provide liquidity on Raydium, Raydium mints several LP tokens for you. Holding these LP tokens allows you to withdraw the liquidity.
Burning LP tokens ensures that the assets in the liquidity pool cannot be withdrawn anymore. The purpose of burning liquidity is to provide a commitment or guarantee that the liquidity pool will not be abused or subject to malicious manipulation, thereby making the project more decentralized.
If you burn the pool, Ave query will display that the pool has been sent to the black hole address, which reassures users. It’s similar to the following:
On an EVM chain, burning liquidity pool (LP) tokens involves sending them to an inaccessible or unusable address, thereby permanently removing them from circulation to achieve the burning of liquidity. However, on the Solana chain, if you have some programming skills, you can burn LP tokens by calling the burn interface of the spl-token. However, if you're concerned about making mistakes or lack programming skills, you can use the SlerfTools tool for the operation.
First, we open the website link: https://slerf.tools/lp/burn
Enter the pool ID you want to burn. You will see the loaded pool information.
Click on “Burn,” and after confirming the transaction in your wallet, the burning process will be successful.
Q: How to obtain the Pool ID?
A: There are several ways to obtain the Pool ID.
Method 1: After successfully creating liquidity on Raydium, the AMM ID will be displayed on the page, which is the Pool ID.
Method 2: Enter your token address on the https://rugcheck.xyz/ website, and the address corresponding to the Raydium label in the address bar is the Pool ID.
Method 3: Enter your token address on the https://avedex.cc/ website, and the address corresponding to the pool behind it is the Pool ID.
Method 4: Find the transaction where you created liquidity on the Solana browser https://solscan.io/.
Scroll down until you reach instruction 5. Your liquidity pool address will be listed as #5 (“IdoId”) here.
