Solana is the heartthrob sensation of the cryptocurrency market. In the year 2021, we have witnessed Solana growing immeasurably and it is currently transcending Ethereum and other renowned Blockchain Platforms.
As the surge in the Solana Blockchain Development is attracting the business giants, leading Solana Blockchain development companies are rolling their sleeves to serve the tech giants on advanced levels.
Moreover, the Solana is bonded with Decentralized finance applications and has recorded a whopping growth of 400 per cent in the year 2021. Hence, the Solana Blockchain platform is rapidly securing the position of the biggest Blockchain network globally.
Solana’s lucrative growth is one of the reasons why Solana Blockchain Development companies have set their services into action. Several Blockchain Development companies are uplifting their skills to render cutting-edge Solana token development services on a global scale.
What is Solana?
The bandwagon Solana is a decentralized blockchain platform that is seen taking the crypto world on a roller coaster ride. Despite its numerous advantages, the Ethereum Blockchain network is one of the competitors of Solana that has created loyal fans in the crypto world.
Because of Solana’s usefulness, neophyte Solana blockchain developers are keen on mastering Solana blockchain token development skills. Another reason Solana is a robust competitor to Ethereum is attributed to the smart contract compatibility as compared to the other outstanding blockchain platforms.
Before we proceed to the steps of the Solana token development, we first need to address some terms related to Solana blockchain development.
What are SPL tokens?
SOL, a symbol for the cryptocurrency of Solana, is its exclusive representation. SPL are analogous to SOL tokens. Comparing the SPL angle with Ethereum, SPL is analogous to ERC-20, ERC-721, and ERC-1155 standardizations used in the Ethereum Blockchain network.
As opposed to Ethereum Blockchain, Solana implements one token standardization system through which all the functions are executed. Hence, the Solana token development is executed straightforwardly.
Comprehensive steps to creating Solana tokens
After gaining brief knowledge of the Solana and its components, we can move to the address of the title of the article. For ease of understanding, we have divided the Solana token development stages into 5 steps:
Setting up Solana and SPL CLI
To begin with, we structure the Solana CLI- command line interface- which is a simple step. Along with Solana CLI, this is the step to create SPL CLI as well.
Wallet Development and testnet SOL
In the next step, we create a wallet to initiate the transactions. This step involves a file system wallet and gaining testnet SOL. Before proceeding, you should check the functionality of the wallet ensuring a zero balance wallet. Prior to setting up SOL currency in your wallet, testnet clusters should be adopted.
Creating fungible token
Now we approach the main part of the Solana token development. After getting the previous tools handy, we are set to start creating Solana tokens. Because we have structured the SPL CLI and Solana CLI, we can begin with fungible tokens.
Create a non-fungible token
If you include incorporating NFTs into your Solana token development, create an NFT and subsequently proceed with the mining of the tokens by creating a program account.
Add tokens to the dummy wallet
Finally, check the wallet functionality by transferring the tokens to the wallet. For this, you will need details like wallet address and token ID.
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Cost Factors of Solana Token Development
The estimated cost of the Solana token development varies as per the skills and proficiency of the Solana token development companies. Generally, the cost of Solana token development depends on features and superadded functionalities and the blockchain platform on which the token is being structured.
Moreover, the costs largely depend on the requirements of the clients and the chosen services.
Webllisto Technologies is one of the leading Solana token development companies that render best-in-class Solana token development services. Our Solana token developers are masters and certified in rendering world-class Solana related blockchain services.
Hire diligent Solana token developers with a rough cost estimation projected on our website for an in-depth understanding. Consult us for more information on Solana token development and avail of cutting-edge Solana token development services.