Say hello to SOARTY
Our new token, SOARTY is now live!
SOART > SOARTY
Our previous token, SOART (https://solscan.io/token/8uE7AYxHFvHCgBrtSaUjRRWQM1wgTAnPsYeuBdAvHcDc) was launched on Kaichi's launchpad (Kaichi Socially Artful).
Unfortunately Kaichi didn't work out despite the team giving it their all. We love them all the same, hopefully we see them back on Solana building in the future.
That left our token, SOART, stranded as we didn't have the update authority for it.
So we've created a new token, SOARTY to replace. We'll be doing token drops, via Streamflow, for the existing SOART token holders on Kaichi soon. Stay tuned for those.
Why we went DIY for our token (and how we did it)
With so many token launchpads out there, why did we decide to DIY our token?
It's very simple: We wanted to retain full control over our token so we could do more innovative things with it (the Streamflow airdrop for SOART holders being one example.
Minting and deploying our token
We created SOARTY on HampterFi https://www.hampterfi.com/minter (the cheapest token tool out there). We've started with 100M tokens.
Added metadata via HampterFi's excellent tool https://www.hampterfi.com/meta
Always important! https://www.bulbapp.io/p/00a35da8-6d34-4094-a60e-74291d88704a/cooking-by-numbers-solana-token-metadata?s_id=625678bf-5f8f-4e7d-b4b1-0530a27b8e60)
Once we were confident the token was what we wanted we headed over to the excellent Sol-Tools and revoked the Freeze authority on the token.
This is important as the ability to freeze a token is a red flag (even though one of the largest token types in crypto today, stablecoins, all have it enabled!).
https://sol-tools.tonyboyle.io/token-tools/token-management
Token launchers will usually automatically deploy tokens with the Update, Freeze and Mint authorities all revoked.
In our case we don't want the Update authority revoked as we want to be able to edit metadata as we grow our project over time.
Similarly we don't want to revoke the Mint authority as we hope to be able to grow the project's value over time and thus having the ability to mint more tokens gives us that flexibility. Starting with 1B tokens (as most token launchers do) and that being the only tokens that can ever be minted might sound good but in practice it's often far too much supply for 99.99% of token projects and that causes it's own problems. Companies often create new shares to fund expansion and that doesn't hurt share price. In fact normally share price goes up on the back of an expansion, e.g., when Facebook created new shares to purchase Instagram and then WhatsApp.
Then we headed over to Raydium to create the liquidity.
We love Raydium as it's fully permissionless, which allows us a broad canvas on which to experiment. See their docs for all the information you need to get started https://docs.raydium.io/raydium
We went to Liquidity Pools Raydium and selected 'Create'
Next we selected a Standard AMM as this is a brand-new token with no existing trade volume and little initial expected trade volume so price discovery is very hard.
As this is a brand-new token that isn't from whitelisted service (like Raydium's own LaunchLab https://raydium.io/launchpad/) we have to add SOARTY to Raydium.
Then we added our initial liquidity and we deployed.
NOTE: Your LP won't show up immediately so don't stress. If you have a new token, you also might not find it initially by searching for the ticker, e.g., SOARTY. You'll definitely always find it via the token CA though e.g., 2LqKno3X52BDD84xGWk1c3eXMvooSo9aZYJJHZS9zTBx
Good idea to test out your LP with a few swaps on Raydium.
https://raydium.io/swap/?inputMint=sol&outputMint=2LqKno3X52BDD84xGWk1c3eXMvooSo9aZYJJHZS9zTBx
Next we created a farm on to reward our early liquidity providers (true believers who put their assets at risk).
We headed to Liquidity and clicked Create again, and this time selected Create Farm
We put in our token CA/ticker to find our LP
TIP: If you're having trouble finding your LP you can always head to your token's data on Solscan and look in the Markets tab to find all the LP addresses for it.
https://solscan.io/token/2LqKno3X52BDD84xGWk1c3eXMvooSo9aZYJJHZS9zTBx#markets
Next we selected which tokens we wanted to reward in. We started with SOARTY. We set the token (1), the total reward amount (2), start date of the rewards (3), and the duration (4). The end date is automatically filled out.
You can add up to 3 reward tokens so we also added SOCAKE https://solscan.io/token/wfMrJX8TeEVnnKz7PEoq3ZPtdNXdJfNBmgJLvdGFH7E from our good friends at @Cakes On Solana !
And with that we were all set to go!
NOTE: Once deployed you'll be able to see your LP and Farm in your Portfolio page and monitor it's performance from there. When your rewards run out you can always add more via Edit Farm.
https://raydium.io/portfolio/?position_tab=pools
What's next?
We'll be launching the SOARTY 'whitepaper' soon (and updating our token metadata via HampterFi of course when we do!) and in there we'll go into a lot more detail about what's next for Socially Artful and SOARTY.
You would have probably noticed we've recently been doing some content around our farm on OnlyFarms, Blue Pig Farms, and that should give you a hint at the direction we're headed in.
We'll be dropping details for the airdrops for our SOART and WTAKOLS holders soon and we'll be gradually starting to build out our liquidity.
For now there's some tasty farm rewards on Raydium for the next 30-90 days.
Just make sure you understand IL (impermanent loss) before you LP. The Raydium docs is a great place to start learning about it https://docs.raydium.io/raydium/liquidity-providers/liquidity-pools
