HOW TO CREATE A SOLANA SPL TOKEN
In this tutorial, you are going to learn how to create a 100% custom token in just a few minutes. In addition, you will not need any programming or coding knowledge, nor will you have to follow any complex step-by-step tutorial.
If you prefer to see the process on a video, here you have it!
We bring you everything simplified with the 2 Best Methods to create a Solana token, or as it is often called, an SPL Token.
Let’s talk a bit about theory first, but if you want to start creating your token now, you can pick the method you want to use:
WHAT IS A SPL TOKEN
First of all the essential part before creating a token in Solana, we need to know exactly what is a SPL Token. Basically, SPL Token is the term we use to call fungible tokens in Solana Blockchain. The abbreviature “SPL” means “Solana Program Library”, these SPL Tokens can be used in different ways and utilities into the chain.
Some of its most common utilities are as a payment currency, contract execution, value transfer or even as a participation in solar governance.
This is possible since Solana is an open-source platform (mostly driven by rust) that allows developers like us to build and run decentralized applications and smart contracts efficiently. SPL Tokens are an essential part of Solana’s economy and play a fundamental role in the operation of the platform.
If you want more info about what is an SPL Token click here.
KEYS TO TAKE INTO ACCOUNT BEFORE CREATING A TOKEN IN SOLANA
Now that you know the theory, we cannot forget to remember some key points in relation to the creation of SPL Token so you do not have to repeat the process for any mistake.
The “Authority Wallet” as its name indicates, is the wallet with the authority over a token. That Authority will allow us to create more supply of the token or make a “freeze”. That is, eliminate the option of creating more supply.
We cannot forget this, because we have to be VERY clear about which wallet we are going to use as an authority and know that we have to always keep it safe for what may happen. We also recommend keeping your assets in a cold wallet like this ledger.
Metadata of the Token
Another key point is the customization that we can make of a token. In the Solana Network, we can establish our own name, abbreviation, description, image and supply.
You must be very clear about all the points to avoid errors. Above all, if you want to make a “utility token” you must have a well thought out and calculated tokenomics.
WAYS TO CREATE A TOKEN IN SOLANA
Normally, the work of creating tokens in any other blockchain like Ethereum or Polygon needs a complex process and advanced knowledge. In the case of tokens in Solana is different. Since SPL Tokens follow certain standards which can be carried out thanks to a Rust smart contract.
This is not to say that normally anyone can create a quick SPL Token without any idea of programming or executing commands, at least until the launch of the first method that we have come to present.
METHOD 1: SOLANA TOKEN CREATOR
Solana Token Creator is the name of the dApp/software created by soltoken.io. They are a team of developers focused on providing automatic and efficient solutions related with tokens in Solana.
This software allows you to create a custom SPL Token as you want in just a few seconds thanks to its tool and for less than $5. Honestly, it is something innovative and unique that without a doubt saves time and money for any user interested in creating a token on the Solana chain.
Next we will see how to do it step by step, although it does not have any difficulty, but you will make sure to avoid any kind of error.
METHOD 2: SPL CLI (COMMAND LINE INTERFACE)
SPL CLI is a Command Line Interface for Solana Blockchain. That interface gives you a way to interact with Solana Blochain from this command-line instead of using a GUI (Graphical User Interface)
SPL CLI allows us to perform actions like create accounts, transfer funds, deploy smart contracts, and many other important actions.
Thanks to this, you can follow some steps to create your SPL Token. With patience and time you can do it yourself, although we recommend having a minimum knowledge of programming and code to make the process easier.
CREATING SOLANA TOKEN STEP BY STEP
With everything explained, it’s time to get down to work. We are going to start with the step-by-step of method 1 and continue with method 2. Use the one you prefer depending on your needs and knowledge.
SOFTWARE SPL TOKEN CREATOR
As we have explained, this software is an automatic dApp that will create our custom token in the solana chain with the metadata that we choose.
- First of all we will go to the website tools.smithii.io.
- Once we are there we will connect our wallet to start interacting with the tool. We always recommend to use a “burner wallet” to connect in any place just with the funds you will need, in this case we have enough with 0.5 SOL.
- After connecting the wallet we can start filling the “form” with the customization of our token: name and abbreviature.
- Now we should pick the number of decimals. If you are going to create an utility token we recommend to use 9 decimals, if instead you are creating a token for whitelist you must use 0 decimals.
- The next is to write a description, use something simple but with clear information.
- We continue with the token image, of course the most important, remember to use a PNG image.
- To finish write the supply.
- Once we have completed these 7 steps we just need to click on create and accept the transaction.
As you can see, the transaction is only 0.5 SOL, which includes all the necessary fees for the creation of the token in the mainnet of Solana.
Regarding security, you don’t have to worry at least with this software. It is audited and being a dApp that simply creates the token in your authority wallet and at no time has access to your private key, both your tokens and NFTs are safe.
After a few seconds, you will see that the process has been completed. Also that you have the total supply that you have selected in your wallet.
TOKEN CLI CODING
To create your token in Solana with coding, we recommend that you meet certain requirements:
- Basic knowledge of CLI
- Be familiar with Git y Github
- Install Git, Rust and Solana Tool Suite
If you meet these requirements and want to continue, you have to go through the step by step:
- Install Solana and SPL CLI (command line interface).
- Create a wallet and get SOL Testnet.
- It is time to create a fungible token
- Now we go with creating a NFT.
- To finish we add the tokens to our wallet
To follow the step by step with all the details of each line click here.