HOW TO CREATE TAX TOKEN-2022 Solana WITHOUT CODE
If you want to create a Tax Token on Solana, i.e. a Token-2022 or Token Extensions on Solana this post is for you.
We're going to show you how to create a Tax Token just 1 minute—without having to write a single line of code. Plus, it only costs 0.1 SOL.
Let's get straight to the point without forgetting the basic theory first. If you prefer the video version this is for you:
WHAT IS AN SPL TOKEN
Before creating a token on Solana we must be clear about the concept "SPL Token-2022". SPL stands for "Solana Program Library", therefore an SPL Token is a token belonging to the Solana blockchain and created under its standards. It is the analogue of the ERC-20 tokens.
When we talk about SPL Token, we’re going a step beyond a token ; we call themtoken .”
These extensions have different functions, although without a doubt the most outstanding one is the option of adding a transaction fee, that is to say, what is commonly known as "Tax Token", in this case on Solana.
In short, SPL Token-2022 is the term we use to refer to a Solana Tax Token, i.e. a transaction fee token.
Solana TOKEN EXTENSIONS
SPL Token can be used for different things, but we can highlight the followingutilities:
- Payment Currency
- Contract's Execution
- Exchanges
- Governance
- Equity
These features are greatly expanded thanks to token . Let’s take a closer look at which ones we can apply to our Token .
Transfer Tax
This extension allows us to add a fee every time our token transferred to another wallet including sales).
It is important to note that this commission is from our token, not from Solana and does not go directly to a wallet that we set up, as it does in EVM. In this case the tokens are kept in a "Token Account". You can easily "withdraw" these tokens with a tool that I will show you later.
We can also set the "withdraw authority" and the token authority.
Permanent Delegate
The "Permanent Delegate" extension allows us wallet delegate our token authority to any other wallet .
This wallet will have the authority to burn or transfer tokens as it sees fit.
Default Account State
This extension has a fairly specific use, as it allows us to set the default state of the token when it is created in a wallet.
This state can be: Unitialized, Initialized and Frozen.
The status of SPL Token we usually see is "Initialized," and that is the status they will have if we do not modify this extension.
Interest Bearing Rate
The "Interest Bearing Rate" allows us to set an interest rate on our token and withdraw that amount plus interest whenever we want.
Non-Transferable
As the name of this extension suggests, if we enable it, our token will not be transferable to other wallets.
Even so, they could burn and close the token .
HOW MUCH IT COSTS TO CREATE A Solana TAX TOKEN
The cost of creating a 2022 token on Solana is practically zero if you know how to program. If you don't, you will have to pay a developer to do it for you and the price for this service is around $100-200$. In addition, you will have to wait for the developer to complete the work.
In this case we show you a method to do it in just one minute at a cost of 0.1 SOL.
SPL TOKEN ISSUES TOKEN
It is great to have this possibility available on Solana and undoubtedly marks a before and after. But like any new functionality in the blockchain it needs an adaptation process and that itself generates certain problems when using it for our project.
The main problem is the indexing of these tokens. Most of the platforms on Solana have not yet adapted to this new technology, so they do not appear or are simply detected as "unknown".
For example, on solscan token as "unknown." That doesn't mean there aren't ways to make it work; for instance, $BERN is an SPL Token , and its information has indeed been indexed.
Nor can we easily create a liquidity pool on platforms such as Raydium or Orca.
It should be emphasized that technological progress is quite rapid and we can expect 100% adoption soon.
CREATE TAX TOKEN-2022 Solana STEP BY STEP
Let's go directly to the step by step on how to create a Token-2022 on Solana without programming. For this we are going to use our dApp called Solana Tax Token Creator, this is a software that will create our Tax Token with customized extensions with the metadata that we indicate in just 1 minute, for only 0.1 SOL.
- Access Solana Tax Token Creator (https://tools.smithii.io/tax-token-creator/Solana)
- Connect your wallet in order to be able to use the software
- Enter your tokenname
- Enter the symbol for your SPL Token
- Select the number of decimal places for your token (6 decimal places is most common).
- Write the description for your Solana Token
- Upload your tokenimage (PNG format)
- Select supply
- Add the Fee per transaction and the Max Fee. Also authority wallets
- Select whether you want to add any other "extensions" to your token
- Click on "Create Token" and accept the transaction.
Here's how to create a Liquidity Pool for your Solana Token.
IS IT SAFE TO CREATE TOKEN-2022 Solana HERE?
We are a company based in Dubai with thousands of active users each month using our tools. Furthermore, although the tool creates our token, the wallet use will have control over the token, so only you will have control.
In addition, the tool never asks for any access to our private key, NFTs or Tokens that we have inside our wallet. In other words, all our assets will be safe.
CONCLUSION
Solana's SPL Token-2022 SPLs are the future and bring utility to our project. They still have a long way to go and being among the first can make a difference.
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CEO & Co-Founder Smithii. Building on Solana since 2021 and passionate to share my experience on Solana projects. Founder of Lince and RECC, bringing Real World Assets to Solana.