The second phase of the project was the creation of the contract.
This phase is one of the most important, as we have to be sure that the contract will work the way we want and that it will not be the target of attacks, nor will there be anything that could harm someone who might want to buy the token.
Therefore, it was a phase where I spent much time searching for information and watching tutorial videos.
The first step is to create a Solana wallet. I used Phantom because it is, in my opinion, the best Solana Wallet.
Even if you already have a Phantom wallet, you should use a new one for the token and not mix it with the one you already have because you don’t know if you may already have security problems with your current wallet.
Once you have the wallet, you must transfer Solana to pay the various costs associated with the process, from creating the token to creating the Open Book and the Liquidity Pool.
I initially transferred 10 SOL to make sure I covered all initial costs.
After much research, I used the following tool to create the contract.
The choice fell on Dexlad for several reasons:
1 – They are known and have already carried out many projects.
2 – They have a huge number of followers on social media.
3 – I found no evidence that they were scammers (unlike other tools I investigated).
4 – I asked some people who already have experience, and the answer was that they were good.
5 – This is where I found the best prices for creating the token.
After finding the tool, it was time to think about Tokenomics: how many tokens I would create and how they would be distributed.
This is a crucial part as it will impact the entire project. Therefore, it is essential to think carefully about how we design tokenomics and adapt it to what we plan to do with the token.
For me, tokenomics was the most complicated part of the project because there were so many different ones, and there was no right formula. So, I did several different ones, and new questions always arose about how they should look.
This process lasted several days precisely because of my doubts about tokenomics. The token creation process is simple and quick; follow the tutorials.
At this stage, the work points were:
Choosing the Tool to create the token
Create a Wallet on Phantom to receive tokens and pay fees
Create Tokenomics
To get all of this ready took me about three days, almost all of the time, because of Tokenomics.