HOW TO CREATE OPENBOOK MARKET ID
What is an OpenBook Market ID?
OpenBook Market IDs are unique identifiers that enable users to create markets for trading various tokens on the Solana Network. These IDs play a crucial role in facilitating liquidity and enabling seamless transactions within the OpenBook ecosystem.
Step-by-Step Guide to Creating an OpenBook Market ID
To create an OpenBook Market ID that’s compatible with all dexes, including dexes like Raydium. Visit solauncher.org start the creation process.
Step One: Token Selection
Start by entering your base mint, which is the token address for the token you want to create the market ID for. Leave the Quote mint at default, which is Wrapped SOL address unless you intend to pair the token with another token like USDC or USDT.
Pairing Tokens: If you wish to pair your token with another token (e.g., USDC or USDT), copy and paste the address of the desired pairing token.
- USDC: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- USDT: Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB
Step Two: Setting Tick Sizes
Define the minimum order size and price tick according to your preferences. Ensure that the minimum order size is not larger than the base token’s (Base Mint) decimals and that the price tick size is not larger than the quote token’s(Quote Mint) decimals. For instance Wrapped SOL which is the default Quote Mint has a decimal of 9 as indicated in the image below on Solscan.io.
Use the following example for clarity
Min. Order Size: Orderbook minimum order quantity.
- Example: set to 4 -> Can make an order to 0.0001 unit.
- Example: set to 0 -> Can make an order to 1 unit.
- Example: set to 1 -> Can make on order to 0.1 unit.
Price Tick: Price display digits.
- Example: set to 5 -> This means the price of the token is displayed in 5 decimal places like 11.12345
- Example: set to 4 -> This means the the price of the token is displayed in 4 decimal places like 11. 1234
- The minimum order size cannot be larger than the base token’s decimals.
- The price tick size cannot be larger than the quote token’s decimals.
‘Minimum order size’ + ‘Price Tick’ cannot be larger than the quote token decimals.
- Example: Your base token A’s token decimal is set to 9. And pairing token A with USDC. USDC is a quote token and its’ token decimal is 6. The minimum order size cannot be larger than 9. The price tick size cannot be larger than 6. ‘Minimum order size’ + ‘Price Tick’ cannot be larger than 6 (quote token decimals). Therefore, you can make the minimum order size and price tick set to 1 and 4 (total 5, less than 6). However, cannot be 4 and 4 or 2 and 4 because the sum exceeds or equals to 6.
Support for Raydium: Many Openbook Market ID platforms do not support Raydium-only OpenBook market IDs, but platforms like Solauncher.org do.
Use the example below to determine your Min. Order Size and Price Tick base on the your Quote Token decimal.
Step Three: Review Details and Confirm Transactions
Once you’ve inputted all the necessary details and ensured compliance with decimal restrictions, finalize your market ID creation and confirm the execution fee by clicking “Create”.
Note: Using the wrong parameters for the Min. Order Size and Price Tick will lead to a wrong Market ID. For the avoidance of doubt, don’t change the parameters suggested by the web tool after pasting your Base Mint.
By following the steps outlined in this guide and utilizing Dex service tools like Solauncher.org, users can overcome any challenges associated with creating an OpenBook Market ID. With optimized gas fees and seamless execution.
