Creating a Cost-Effective OpenBook Market ID on Solana
If you’re planning to list your project on Solana-based decentralized exchanges like Raydium, obtaining an OpenBook market ID is essential. While transactions on Solana are generally affordable, the process of acquiring an OpenBook market ID can seem daunting and costly at first. This guide will demonstrate how to create a market ID compatible with Raydium and other exchanges for just 0.2 SOL using web3 technology.
Step-by-Step Guide to Market ID Creation
We recommend performing these steps on a desktop or laptop computer, preferably using the Chrome browser and Phantom wallet.
Visit the OpenBook Platform: Go to https://www.openbooklab.xyz/
Enter Your Information:
- Base Mint: Enter the mint address of your token.
- Quote Mint: Select the token you want to pair your token with (e.g., SOL, USDC, USDT).
Configure Settings:
- Min. Order Size: Determine the minimum order size in the order book.
- Example: Setting it to 4 allows for orders as small as 0.0001 units.
- Tick Size: Set the number of decimal places for price display.
- Example: Setting it to 5 displays the token price with 5 decimal places, like 11.12345.
Important Considerations:
- The minimum order size should not exceed the number of decimals in your base token.
- The tick size should not exceed the number of decimals in the quote token.
- The sum of ‘Min. Order Size’ and ‘Tick Size’ should not exceed the number of decimals in the quote token.
Example Configuration:
- If your base token (Token A) has 9 decimals and you’re pairing it with USDC (6 decimals):
- You can set the minimum order size to 3 and the tick size to 2 (total 5, less than 6).
- You cannot set the minimum order size to 4 and the tick size to 4 (total 8, greater than 6).
After Receiving Your Market ID:
- You can now add liquidity to platforms like Raydium.
Need More Help?
- Feel free to contact me if you encounter any issues or require further assistance.
In the Next Article:
- We’ll discuss how to create attractive tokens for third-party exchange sites like Birdeye.so. Stay tuned!
