How to Create a Token on Solana Using PandaTool: A Step-by-Step Guide
Published: 2024-06-28 03:45:42

As one of the largest public chains globally, Solana is becoming a hotbed for MEME tokens. With the MEME craze, Solana is gaining more users. In May, 500,000 tokens were created on Solana. So, how can you create a token on Solana? This article will guide you through the process step-by-step.

## Preparation for Creating Tokens on Solana

Before creating a token, you need to prepare the following:

Wallet: Install a Phantom wallet or OKX Web3 wallet.
Tools: Use a one-click token creation tool, recommended: PandaTool.
SOL Tokens: Needed for gas fees, prepare a few.
Hardware: Mobile or computer (avoid Huawei phones, any computer will do).

## Solana Token Creation Process

After preparation, here’s a brief overview of the token creation process, which consists of 10 steps:

1. Open the Solana token creation website PandaTool.
2. Connect the Phantom wallet.
3. Fill in the token information such as name, quantity, precision, etc.
4. Confirm payment via the Phantom wallet.
5. Use permission management tools to relinquish token ownership, including minting and freezing permissions.
6. Create an OpenBook market ID, choosing from low, medium, and standard configurations.
7. Create liquidity on Raydium and start trading.
8. Burn the LP, completing the token’s decentralization.
9. Check token price trends on platforms like Dexscreen and Ave.
10. Use PandaTool market cap management bot for token price management.

## Solana Token Creation Steps

**1、Find the Token Creation Tool PandaTool**

Several one-click token creation tools support Solana. Recommended: PandaTool due to its market recognition and security.

PandaTool：https://solana.pandatool.org/

**2、Download and Connect Phantom Wallet**

Phantom is widely used and highly recognized, though other wallets like OKX Web3, Bitget, and Solflare can also be used.

Phantom：https://phantom.app/

3、Fill in Token Parameters

One-click creation platforms simplify the process without needing code. Fill in details


- Token Name
- Token symbol
- Token precision
- Token supply
- Token logo

- Website
- Telegram
- Twitter
- Discord
- Description
- Tags

**4、Wallet Confirmation and On-Chain Deployment**

After filling in the parameters, deploy them on-chain. Confirm with your connected wallet and pay the creation and gas fees (0.2 SOL creation fee and approx. 0.001 SOL gas fee). The platform will notify you once the token is successfully created.

**5、Relinquish Token Permissions**

After creating tokens on Solana, there are three default permissions: minting permission, freezing/blacklisting permission, and updating permission.

- Minting Permission: Allows you to mint additional tokens.
- Freezing Permission: Allows you to freeze or blacklist token holders.
- Updating Permission: Allows you to update token information, such as the name or symbol.

To gain user trust, these permissions should be relinquished. The process is simple: go to the PandaTool permission management page athttps://solana.pandatool.org/control


Then, enter the contract address and click on “Query” to see the permission options. To relinquish a permission, simply click on the respective permission. Note that you must relinquish the freezing permission; otherwise, you won’t be able to create liquidity on Raydium.

**6、Creating an OpenBook Market ID**

If you want to create a liquidity pool on Raydium V2, you must first create an OpenBook market ID. This ID connects to many of the largest protocols in Solana DeFi (including Raydium, Orca, and JUP), enabling rapid on-chain price discovery and trade matching across the ecosystem.

Creating the ID can be done through various methods. On the Raydium website, an ID costs around 3 SOL, which many cannot afford. Therefore, PandaTool offers a low-cost option.

To create an ID, go to the PandaTool ID creation page at PandaTool Market.（https://solana.pandatool.org/market） Click “Connect Wallet” in the top right corner (if not already connected), and then select the appropriate parameters:


- Base Token: Enter the contract for your issued token.
- Quote Token: The trading pair token, like USDT, SOL, etc.
- Minimum Order Size: The minimum order precision in the order book. For example, if set to 2, the minimum trade size is 0.01; if set to 4, the minimum trade size is 0.0001.
- Minimum Price Increment: The minimum number of decimal places for price changes. For example, if set to 3, the price shows as 11.123; if set to 5, the price shows as 11.12345.
- Configuration Fee: Choose between low (suitable for general tokens), medium (for growing tokens), and standard (for high-value tokens).
- Configuration Details: This is an advanced option. Beginners should not enable it to avoid unforeseen issues.

After selecting the parameters, click “Create,” and confirm the payment in your wallet.

Note: Ensure the following when entering the minimum order size and minimum price increment:

The minimum order size should not exceed the decimal places of the base token.
The minimum price increment should not exceed the decimal places of the quote token.
The sum of “minimum order size” and “minimum price increment” should not exceed the decimal places of the quote token.

**7、Creating Liquidity on Raydium V2**

While multiple swaps on Solana, like Orca and Meteora, support liquidity creation, Raydium is preferred due to its fewer restrictions on AMM trading, allowing both bots and individuals to trade freely without much hassle. In contrast, Orca and others impose price limits, complicating trades.

Creating liquidity on Raydium is straightforward:

- Open the Raydium website.
- Connect your wallet.
- Enter the ID.
- Select the token.
- Enter the amount.
- Set the opening time.
- Confirm with your wallet.

Note that Raydium offers different ways to create pools: V2 and V3, and AMM and CLMM.

V3 is Raydium’s new UI and liquidity method, automatically chosen on the Raydium website. V3 pools don’t require an ID but can be unstable and inconsistent in displaying trades, making V2 a safer choice for now.

AMM (standard pools) and CLMM (concentrated pools) are available in both V2 and V3. AMM is the typical liquidity pool, while CLMM, similar to Uniswap V3, requires setting a price range, outside of which trading isn’t possible, making it less popular.


**8、Burning LP Tokens**

After setting up the pool, you’ll receive LP tokens, allowing you to withdraw the pool. To reassure users that the project won’t run away, it’s common to burn LP tokens (LP Burn).

On Solana, you can’t transfer LP tokens to a black hole as on BSC. Instead, use a burn tool:

Open PandaTool’s burn page: PandaTool Burn.
Connect your wallet.
Select the LP tokens and enter the amount to burn.
Confirm with your wallet.

To fully burn the LP tokens, select “burn all” and close the account.

**9、Tools for Monitoring Token Prices**

By this stage, you’ve completed all the token issuance steps. Next, you need to monitor the token price movements using third-party tools such as Dexscreener, Ave, Dextool, Birdeye, and Gmgn, each having their pros and cons:

- Dexscreener: Known as “Eagle Eye,” it’s widely used globally. Paid service to display website, social media, etc., costs $299.
- Ave: Primarily for china users, default not displaying token logo, costs around $300 to display.
- Dextool: A long-established cryptocurrency price platform supporting multiple chains. Logo display requires payment.
- Birdeye: Well-integrated with JUP, provides comprehensive information, charges for social media link updates.
- Gmgn: A new Solana price platform providing comprehensive token information for free.

**10、olana Market Capitalization Management / Trading Volume Manipulation**

Simply monitoring the market is insufficient. Smart project owners use tools for market cap management, involving multiple Solana wallets to conduct bulk trading, controlling price ranges and trading data, thereby improving the appearance of the K-line chart.

Typically, PandaTool’s market cap management tool is favored for its convenience in both price pumping/dumping and trading volume manipulation. Currently, PandaTool’s market cap management only supports Raydium V2 trading, with V3 support expected later.

## Conclusion of Solana Token Creator

It’s important to recognize that issuing a token on Solana involves more than just creating the token. Marketing, promotion, and market cap management require comprehensive handling. Creating the token is just the first step; proper token management, distribution, and understanding Solana’s ecosystem are crucial to finding your path.