Create a token on Solana

In this guide, you will create a new token on Solana. We'll be using the Solana CLI, the new Token Extensions program and the Token Metadata extension, which allows us to simplify the process a little.

Installing Solana Tools #

First we need to download Solana tools to our system. Follow this guide to install the Solana CLI.

Create folder #

Open a new terminal and create a new folder:

mkdir new-token
cd new-token

Create a keypair for the mint authority #

In a moment, we will make a token mint account - i.e., a factory that makes our specific token. But before we do that, we'll need to create an account to use as our mint authority - which you can think of as the 'boss' that will run that factory. We'll also use this account as the freeze authority and metadata update authority. This account will need to sign transactions that mint new tokens, freeze the mint, or update the metadata for our token.

Let's make 1 keypair where the public key starts with bos, short for 'boss'. You can add more letters, but it will take longer to generate the key. Four is still ok, but five will take a long time.

solana-keygen grind --starts-with bos:1

This will save the keypair into a JSON file, named after the public key:

bosy1VC2BH2gh5fdXA3oKn53EuATLwapLWC4VR2sGHJ.json

Keep the contents of the mint authority keypair file safe. Whoever owns the key will be able to mint tokens, update metadata, and potentially freeze token accounts!

Configure the Solana CLI to use to use the keypair we just created, for example:

solana config set --keypair bosy1VC2BH2gh5fdXA3oKn53EuATLwapLWC4VR2sGHJ.json

We will also set the Solana CLI to use devnet:

solana config set --url devnet

From now on, all transactions you run from the CLI will be signed using the bos keypair and be on devnet.

You can see the current configuration by running:

solana config get

solana config get showing devnet and our mint authority account

Get some Devnet SOL for the mint authority #

Solana Faucet

For Solana devnet we will just be able to get some free SOL, the DevNet faucet If you get rate limited, follow this guide to get devnet SOL. Remember to fund your mint authority account - i.e. the keypair that starts with bos in your new-token folder. To get your address, you can also just run:

solana address

For mainnet you will need to fund the account with actual SOL. You can buy SOL with regular currency in places like centralized exchanges, crypto on-ramps, or swap other tokens for SOL on decentralized exchanges.

Make a Mint Address #

Let's create one more address that we will use for our Mint Account - the factory that makes our specific token. We'll make it start with mnt to help us remember it's the token mint account.

solana-keygen grind --starts-with mnt:1

It will save a new keypair named after the public key: mntDh6s9hd2wbbS6ZWaYTCC9GXxhXGvbWpUgLt5qYgv.json

Creating the token mint account #

First, let's decide on a decimal place. Since computers use binary, they can't handle decimal numbers very well. That's why financial programs - both in traditional finance and blockchains - usually transfer value in a whole amount of minor units, e.g., cents (for USD) or pence (for GBP). Likewise, you can set a decimal point for the token. For example USDC has 6 decimals, which means that each USDC can be split into one-millionth of a USDC. To transfer 1 USDC, you transfer 1 million USDC cents.

You can configure different decimals for your token by adding the --decimals flag to the command. If you do not set it, the default is 9.

Now, we will create the token mint, specifying to use the Token Extensions Program (TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb), with the metadata extension enabled.

We will use our mnt... address as the token mint account for our new token:

spl-token create-token --program-id TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb --enable-metadata mntsBJFZE48XnQteT1vekH35UXDfamtdpFv6Xh8A7Gy.json

Create and upload image and offchain metadata #

Next, we will create the offchain metadata for our token. This data is displayed on sites like Solana Explorer when people look at our token mint address.

Metadata and media referenced inside (like the image ) must be saved somewhere publicly accessible online.

For production tokens, a decentralized storage service like one of the following is considered more appropriate:

• Akord - uploads to Arweave; free without sign up for 100Mb; uploads can take a while.

• NFT Storage - popular

• Irys - formerly known as Bundlr, uploads to Arweave.

• Metaboss - by Metaplex

• Pinata - uploads to IPFS; free with sign up for 1Gb;

• ShadowDrive - a Solana native storage solution.

• web3.storage - requires signing up for a free plan; first 5Gb are free; easy to use.

For a test token, a centralized storage solution like AWS S3, GCP, or GitHub (using the 'raw' URL format https://raw.githubusercontent.com/... ) is fine.

Upload the image #

First, upload your image file to your desired online storage solution and get the link. Ensure that the link directly opens your image file!

https://github.com/mikemaccana/token-command-line/blob/main/lights.png

Create and Upload the offchain metadata file #

Create a metadata.json file, add a name, symbol and description plus the image you just uploaded:

{
  "name": "Example Token",
  "symbol": "EXMPL",
  "description": "Example token for Solana Foundation Bootcamp.",
  "image": "https://github.com/mikemaccana/token-command-line/blob/main/lights.png"
}

Then upload the metadata.json to the storage provider of your choice. You will end up with a link similar to this:

https://raw.githubusercontent.com/mikemaccana/token-command-line/main/metadata.json

Ensure that the link directly opens your metadata file!

Now, we can add this metadata to our token.

Add the metadata to the token #

Now we will initialize the metadata for our token with the metadata we just created and uploaded.

spl-token initialize-metadata mntTymSqMU4e1NEDdxJ9XoPN4MitCgQ7xxGW6AuRAWQ 'Example token' 'EXMPL' https://raw.githubusercontent.com/mikemaccana/token-command-line/main/metadata.json

Congratulations, you created a token with metadata! Look at your token in one of the Solana block explorers:

• Solana Explorer
• SolanaFM
• SolScan

Make sure your explorer is set to devnet (if you are working on devnet) and replace the address to your mint address starting with mnt.

Token with metadata

Mint tokens #

Now that the token is completely set up we can mint some tokens. Let's mint 100.

First we need to create a token account to hold the tokens for our token mint:

spl-token create-account mntTymSqMU4e1NEDdxJ9XoPN4MitCgQ7xxGW6AuRAWQ

This will create a new token account for the account that is currently set in the Solana config. You can also specify a different account by adding the address at the end of the command.

And now we can finally mint some tokens into that token account:

spl-token mint mntTymSqMU4e1NEDdxJ9XoPN4MitCgQ7xxGW6AuRAWQ 100

Open Solana Explorer and look at your new token balance!

Our minted tokens in our account

Now you can also send the token to another owner of the tokens, for example:

spl-token transfer mntTymSqMU4e1NEDdxJ9XoPN4MitCgQ7xxGW6AuRAWQ 10 (recipient wallet address) --fund-recipient

The --fund-recipient flag allows you to pay to create the token account (i.e. the account rent) for the recipient.

You have now created a token mint, minted tokens, and transferred them!

Congratulations!

Further reading about tokens #

• Token extensions - Learn how to add additional functionality to your token.
• External from a16z: 5 rules for token launches - This article outlines key guidelines for launching a token, including regulatory compliance, market conditions, and community engagement, providing a foundation for crypto-entrepreneurs.
• External from a16z: How to navigate token launch risks - This piece discusses how to manage risks associated with token launches, covering issues like legal challenges, market volatility, and technological hurdles, essential for a successful launch.
• External from a16z: Getting ready to launch a token - A preparatory guide for launching a token, covering technical setup, team alignment, regulatory considerations, and engagement strategies, aimed at ensuring a successful public debut.