HOW TO LAUNCH A TOKEN ON OPENBOOKDEX
Last updated
Last updated
Anyone can launch a meme coin on Solana using https://deploy.openbookdex.org/create/spl and can get their token trading on Raydium.io within minutes. Below is a step-by-step guide to help you through the process:
Step 1: Access Openbookdex.org
Visit the https://deploy.openbookdex.org/create/spl website and ensure you are connected to the Solana network using a compatible wallet like Phantom.
Step 2: Create Your Token
On Openbookdex.org, navigate to the token creation section.
Fill out the necessary details for your meme coin, including:
Token name
Token symbol
Token logo (upload an image representing your meme coin)
Note: There’s an option to enable metadata Extensions for Token website and social media URLs. Click on “Upload Metadata”. After Metadata is uploaded successfully, enter token decimal and token supply. Next is to click on “Revoke Freeze Authority”, “Revoke Mint Authority” and “Revoke Metadata Update Authority” before clicking on “Create SPL Token” button.
Next step is to sign the transaction in your wallet.
Your Token address will be displayed on the page after your transaction is confirmed.
Now click on “Create OpenBook Market ID” to create your Market ID.
Step 3: Create an OpenBook Market ID
Proceed to create an OpenBook Market ID for your token on https://deploy.openbookdex.org/create. This will enable users to trade your token on Raydium and OpenBook Orderbook Exchange.
Start by pasting your Base Mint address, which is your token address into the space provided.
This will automatically generate the correct Min. Order Size and Price Tick for your Token. I recommend that you don’t change the inputs in other not to encounter any error during the Market creation process.
There’s an option to select “Only Raydium” or “Openbook + Raydium”, you can choose choose to leave it on “Only Raydium” before proceeding to click on Preview to view your settings.
In the above example, entering 1 for your Min Order Size will set your Min Order Size to 0.1, meaning you can make an order up to 1 decimal point. Also entering 5 for Price Tick will set the Price Tick to 0.00001 meaning your token will have only 5 decimal points. Note: Never change the inputs suggested by the tool unless you know what you’re doing.
Next is to Create Vault, which cost 0.1 SOL.
Now you can create the market id by clicking on Create Market.
Copy the Market ID and head over to Create Pool to create a liquidity Pool on Raydium.
Step 4: Set Up a Raydium Liquidity Pool and add initial Liquidity
Create a Raydium liquidity pool for your token and specify the initial liquidity amount and other parameters as needed by visiting the Create Pool Page at https://deploy.openbookdex.org/liquidity/create.
Paste your Openbook ID in the space provided and click on the “Confirm” button and wait for it to load.
Now enter the amount of Tokens you want to pair with Sol. Usually you would like to pair your tokens with 4 SOL and above. Enter the start time after setting the amount of your tokens you want to pair with SOL.
Click on “Create Pool” button, confirm the transaction and wait for the pool to be created.
Step 5: Burn Liquidity Pool Tokens
On Solana, projects usually burn their LP tokens to gain community trust and allow their tokens to be traded freely. To burn your lp tokens, visit https://deploy.openbookdex.org/liquidity/burn and paste your Pool ID or Openbook Market ID before clicking on “Confirm” to load it.
Now slide to determine the amount of LP tokens you want to burn and click on the Burn LP button.
Sign the transaction to complete the LP burn process. The message below will be displayed after the burn is complete.
Click on the TX ID to open transaction on TX on Solscan.io
Your token will be available for trading on Raydium after going through the above process. Additionally, you can list your token on various token aggregators for increased visibility. Here’s how:
Automatic Listing: Your token will be automatically listed on platforms like Birdeye and Dexscreener after creating the liquidity pool.
Apply for Listing: Apply for listing on larger platforms like CoinGecko and CoinMarketCap to reach a broader audience.
Follow the application processes for each platform, providing necessary details about your token and project.
Optional Verification: Consider applying for verification on prominent Solana platforms like Jupiter Aggregator for increased credibility and accessibility.
