If you take a look at the Coin Market Cap website, you will notice that it has listed about 9 thousand coins and tokens together. This indicates the existence of a large number of cryptocurrencies in the cryptocurrency world.
If you think a little more, you will probably come to the conclusion that creating digital currency should not be such a difficult task.
Creating a dedicated coin requires expertise, time, dedicated blockchain, professional development team, cost and resources. But this is not how tokens are made. A token can be made with the lowest cost and in the shortest possible time.
In this article, we will learn how to make a token and how to offer it in decentralized exchanges. Let’s dive in and check out together:
- What does it mean to make a token?
- Necessary platforms for making tokens
- Token making method
- Token listing in a decentralized exchange
- How much does it cost to make a token?
- Introducing the token to the digital currency community
What does it mean to make a token?
By now, you have probably noticed the increasing number of digital currencies in the cryptocurrency world. Cryptocurrencies that enter the market, most of them do not have a dedicated blockchain. What do you think is the reason for this?
Creating a token and adding it to digital currency exchanges is one of the ways to earn money in the cryptocurrency market. Of course, this method is not a common method like buying and selling digital currency, staking, etc. But with the passage of time, more and more people have become interested in it.
As mentioned, creating a digital currency so that it can be offered on its own blockchain requires a lot of money, expertise, time and resources. But the easiest and cheapest way is to create your own digital currency on the basis of existing blockchain networks.
By now, you are definitely familiar with the term “open source” of digital currencies and different networks. The open source of a program means that its programming codes are available to the public.
Since most cryptocurrencies are open source cryptocurrencies, you can use their programming code to create tokens.
As we said before, creating a token, unlike creating a coin, does not need its own blockchain, and you can create your own token on other blockchains. Solana, Tron, Binance Smart Chain, Ethereum, IAS, etc. blockchains have provided a suitable platform for creating tokens and hosting them.
These blockchains have considered standards such as ERC20, BEP20, etc. for the new tokens that are produced. Therefore, if you intend to create your own cryptocurrency, you must follow one of these standards in coding your digital currency.
Finally, don’t forget that the token creation method is different in each of these blockchains, but it has a similar basis.
Necessary platforms for making tokens
In order to explain the creation of the token in a more detailed way, we will examine the token launch on the Binance Smart Chain blockchain platform with the BEP20 standard.
The first thing we need is Remix browser software. Salidini language programmers will have many possibilities using this service and you need this program to register your token smart contract.
Another thing needed to make a token is Moralis. Moralis offers programmers a tool that can be used to connect their applications to various blockchains such as Avalanche, Binance Smart Chain, Phantom, etc.
In other words, you must first connect to a node to create tokens and connect to blockchain networks. Moralis is one of the helpful cases in this field.
Creating a token for the first time is a relatively expensive operation. For this reason, it is better to do your operation on the test net first.
You need some BNB coins to interact with the Binance Smart chain testnet network. These coins can be obtained without any cost.
Token making method
To create a token in the Binance Smart Chain blockchain, you must first enter the Remix environment and right-click on the Contracts option and then select the New File option.
Name the new file Token.Sol.
Transfer the programming code mentioned in the previous sections to this file. In this step, you should choose a name and symbol for your token and write it instead of Token and TKN. The code you entered is capable of making one million tokens with the name and symbol of your choice.
You can change its number and write the desired number as one million.
Now you have to select the version that is in the first line of the desired code in the compiler section. Then click on Compile Token.Sol option. Wait for the green tick on the left bar to appear.
In the next step, you need to enter the ENVIRONMENT section and click on the Injected Web3 option.
Select the Deploy option. Keep in mind that you have to do the transaction through Metamask wallet.
When the transaction is done, the token creation is completed and the same amount of tokens you specified will be added to your wallet.
Token listing in a decentralized exchange
As long as the token created by you is not used, it will not have any value or validity. That’s why after creating the token, you need to list it in a decentralized exchange.
After that, it will be possible for different people to buy your token, and then its value will increase.
In order to learn how to list a new token in a decentralized exchange, we will examine how this operation works in a decentralized exchange such as PancakeSwap.
To start, first enter the Liquidity section on the left side of the main page and then select the Add Liquidity option. In the next step, it is time to choose a currency pair to provide liquidity. In this section, you must choose your BNB coin and token as a trading pair to provide liquidity.
It is also your responsibility to determine the ratio of their conversion to each other. After determining it, select the Select a currency option and then enter the address of the smart contract in the specified field.
After all these steps and adding liquidity, the creation of the token and its offering in the decentralized exchange is completed. In this regard, it will also be possible to trade it.
Note that the main team of the Pancake Swap exchange has not launched a version of this exchange on the testnet network. But other programmers have released it on the Binance Smart chain testnet, which is a good option for making a test token.
By the way, the creation and supply of tokens in the original version of the blockchain and decentralized exchange is done in the same way.
How much does it cost to make a token?
Before we examine the costs related to the creation of tokens, it is good to know that in the creation of cryptocurrencies, in addition to the startup process, they also differ greatly in the costs of creation.
People who intend to build a coin and launch it in the market, must enter the field with a huge initial capital. Creating a coin requires a dedicated blockchain, expert development team and a large company.
The cost of all these things will be about fifteen thousand dollars. If the token can be made in an easy way and at a low cost. So that you can create your own token in the Binance Smart Chain blockchain with only about 50 dollars.
In other words, the only cost involved in the creation of tokens is the purchase of some initial BNB currency.
Introducing the token to the digital currency community
As we mentioned in the previous parts, creating a token without advertising and introducing it to the cryptocurrency world does not bring any income or profit.
When your dedicated token becomes a valuable currency when its users, fans and buyers increase. Now, due to the large number and variety of tokens in the cryptocurrency market, it will be difficult to create popularity for a digital asset.
People who were successful in this work have usually been able to make a name for themselves with advertising, exciting promises, challenging collaborations and things like that.
Just remember that the promotion of your own token should not be exaggerated and far from believable. Because in this case, users’ trust in that digital asset will decrease.
Making money in the crypto market generally requires going through certain processes. Especially generating income from a method like making tokens. Maybe you will make a profit in a short period of time by buying and selling and trading your digital assets. But in the process of making tokens, you need to wait with patience.
You need to launch your chosen token on one of the blockchains and then list it on a decentralized exchange.
Finally, for that token to be recognized and to achieve profit, you must try to introduce and promote it in the cryptocurrency world in new ways.