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 are going to teach you how to create a Tax Token in just 1 minute and without having to program ANY code. Moreover, for only 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 A SPL TOKEN-2022
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.
If we talk about SPL Token-2022 we go a bit further than a normal token, we call them "token extensions".
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 utilities are much more extended thanks to the token extensions. Let's delve into which ones we can apply in our Token 2022.
Transfer Tax
This extension allows us to add a commission every time our token is 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 to delegate the authority of our token to any other wallet permanently.
This wallet will have the authority to burn or transfer tokens as it sees fit.
Default Account State
This extension is of quite specific use, as it allows us to set the default status of the token account when it is created in a wallet.
This state can be: Unitialized, Initialized and Frozen.
The status of the SPL Token that we are used to see is Initialized and it is the one we 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 with interest whenever we want.
Non-Transferable
As the name of this extension indicates, if we apply it, our token will not be transferable to other wallets.
Even so, they could still burn and close the token account.
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.
PROBLEMS SPL TOKEN 2022
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 in solscan our token will appear as unknown. This does not mean that there are no ways to make it work, for example $BERN is an SPL Token 2022 and its information has 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
- Indicate the symbol of your SPL Token-2022
- Select the decimals of your token (most often 6 decimals).
- 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 if you want to add any other "extension" 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 Dubai based company with thousands of active users every month on our tools. Also, even though the tool creates our token, the wallet you use will have authority 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.
Thanks for reading us, remember to subscribe to our newsletter to receive content for Web3 Creators every week.
Create your token with our Free E-book!
Sign up to receive the best configurations and recommendations for creating a token or meme coin.
I like building cool stuff. CEO & Co-Founder Smithii.
