Hello, in this article I will talk about how to create a market id that is 100% compatible with OpenBook + Raydium and has high length values. By the time you read my article to the end, you will have created an Openbook Market Id for only 0.25 SOL.
If you want to issue a token on the Solana network and want your project to be traded on Raydium.io, creating an “Openbook Market ID” is a mandatory step, which unfortunately costs around 3 SOL with storage and transaction fees. If you want to reduce these costs to around 0.4–0.55 SOL, you need to reduce the “length” values and when you reduce these values, users will be exposed to frequent errors in your transactions on Raydium.io, which will greatly affect the growth potential of your project. Well, if you are wondering how to create Openbook Market Id with high length values for 0.25 SOL, you can continue reading my article.
What’s New in Openbook V2
Openbooklab.space is one of the first sites to integrate Openbook v2 open source software. Thanks to Openbook v2, storage and transaction fees have been reduced to a much more reasonable level, and as you can see in the image below, your transactions will be much faster through Raydium.io thanks to the high length values. You can check the links below to review the open source codes related to the Openbook v2 version.
GitHub: https://github.com/openbook-dex/openbook-v2/blob/master/idl/openbook_v2.json
Raydium: https://docs.raydium.io/raydium/updates/integration-with-openbook
Create Cheap Openbook Market ID
You can complete your transactions in a very short time by completing the steps below. Your total cost will be around 0.25–0.27 SOL.
1. Log in to https://www.openbooklab.space
2. Connect your Phantom or Solflare wallet.
3. Base Mint enter the contract address of your token project in this field.
4. Enter the contract address of the currency you want to match to Quote Mint. (Default is SOL contract address, you can choose USDC or USDT if you wish.
5. Min Order Size in this field you can enter the minimum purchase amount of your token project.
Example: When set to 4 -> 0.0001 units can be ordered.
6. Price Tick: This is the display settings of your token price.
Example: When set to 5 -> The price of the token is displayed to 5 decimal places, such as 11.12345.
After double-checking all your settings, make sure you have a minimum of 0.27 SOL in your wallet and press the “Create” button and wait for the transaction to complete. Depending on the Solana network density, your Openbook Market id creation will be completed within 15–40 seconds.
If you want, you can get information about the application from the video below.
Good luck and good luck with your project!