Created your token? What’s next?
This article is dedicated to shed some light on how to make use of a newly created token. To begin with, let’s define what a token is and why we need tokens.
What to do with your newly created token?
In simple words, a token is a unit on an existing blockchain that may represent any other fungible and tradable asset. For example, a token can represent a company share, means of payment, commodities, etc. As tokens are built on a particular blockchain they have to be created according to that blockchain standard. The standard has to be followed to keep interoperability between blockchain apps, such as wallets, exchanges, etc.
This may sound good. But the main question is why would anyone create a token instead of using other things? Why do people need tokens in the first place?
One of the most spread reasons to create a token is to use it for crowdfunding for a new project. This way a newly created token can be sold/pre-sold to the investors. This way the new projects can raise the necessary funds for their projects’ development. In this case, the new projects search for the investors by marketing means, spreading the word about their projects and looking for people who would believe in its success. Another reason for token creation is its further use in the project, for example, as a payment method, as a governance mechanism, etc. Some tokens are created specifically to become rewards, for example, for staking.
What about the MEME coins?
There are various projects that have their own MEME token. Most of them are created as a joke, some of those projects support charity programs, some of them have a working project that raises money for further development, etc. Along with the rise of the DOGE and SHIBA, the interest towards so-called MEME coins rapidly increased along with the growing number of similar projects and tokens. One of the most frequently asked questions among our users appeared to be connected to the MEME coin creation, namely, how to create such a coin. In this writing, this question has to be answered once and for all. Marketing is what it takes to make a token- meme. There is nothing to do with the code that will bring awareness and desirability to your token. Another aspect to be planned in advance is tokenomics.
Having figured out what a token is and why to create one, it is worth going through the token creation process. Tokens are issued to a blockchain via smart contracts. Usually token smart contract creation requires a massive effort, time and proper level of coding skills. Luckily, along with the growing interest towards blockchain, the number of tooling apps and services that facilitate, ease and make available the use of the blockchain technology for the common audience keeps growing.
Now there is no need to spend hours and days coding a token contract. Anyone can do it for 3 minutes with no coding. The leading smart contract generating platform — MyWish.io, allows token creation on any of 9 blockchains, including Ethereum, Binance Smart Chain, Tron, HECO Chain, Polygon, EOS, WAVES and XDC.
You can create your first contract now at: https://contracts.mywish.io/create
Another question to be answered is what to do when a token is created
Being a Leading Smart contract generation platform, over 26 000 contracts were created with MyWish.io since the starting day of its operations in 2017. Token creation contracts remain the leading position among our user’s choices. For all the years of operations, the most popular past token creation questions are what to do when a token is created? How to make it available for trade? How to make money on a token? Although most of the questions are covered in the FAQ section on MyWish.io, our team decided to make a clear step-by-step guide. It is also worth adding that none of the provided below information is financial advice.
When you deploy your newly created token to the mainnet, the first thing to do next is to verify your contract on the network scanner. It can be done manually, or with MyWish.io additional verification service which can be ordered both ways: in a contract creation process as well as after a contract was deployed. It is a well-known fact that each blockchain has its own explorer: BSCscan — for Binance Smart Chain; Etherscan — for Ethereum; Tronscan for Tron and etc. Having verified your contract, the next thing to do is to add the company’s info in the scanner, add a logo, web page, and social proofs.
If all the mentioned above tasks are complete, the next thing to do is to make your token available for trading: get registered in aggregators, get listed on DEXes, list your token in a Trust Wallet.
To make a token available for trading, there is a need to create a trading pair and add a liquidity pool. Each blockchain has DEXes where anyone can list his/her tokens, for example, you can use Uniswap for ERC20 tokens, Pancake Swap for BEP20, and Justswap for TRC20. In order to have a token logo transferred to those DEXes, one needs to list the token on Trust Wallet — the major data provider to the DEXes. Listings on such aggregators as Coingecko and Coinmarketcap will allow your token to get to the ratings, bring awareness and aggregate the price for several exchanges. The branded reportis needed for exchanges and gives the estimation of the security of your token contract. Every contract is verified independently. Such reports are usually conducted by the third-party organizations that have experiences and professional developers on board. Along with verification, any user can also order branded report service from MyWish.io.
3 ways to make discover the full capacity of your token
There are also other ways to sell and distribute your token apart from exchanges:
- CrowdSale Contract
The contract is aimed to transfer tokens from their owner to the users that are willing to buy them. Fundraising is usually conducted with a Crowdsale contract. It enables new projects to raise the capital needed for further project development. The crowd sale contract allows specifying the following parameters: number of tokens, price, bonus structure, sales dates &, etc. Available at: https://contracts.mywish.io/create
- Airdrop Service
The service allows users to send tokens to multiple addresses in batches. Such a feature makes the token distribution cheaper, faster, and efficient due to the decreased transactions. (over 800 addresses/transaction for BEP20 and 400addresses/transaction for ERC20, TRC20 token distribution will be added soon). Service available at: https://airdrop.mywish.io
To reach a bigger audience and make a presence in the wider range of exchangers, such a tool as a cross-chain bridge can be used.
- Cross-Chain Bridge Service
The service allows wrapping your token to other blockchain standards to have it available for use on non-native networks. This way a cross-chain bridge opens a door to other blockchains’ audiences, trading platforms as well as gives your token holders and potential buyers freedom to choose transaction terms and dapps to use. Find more details about how it works: https://cryptomywish.medium.com/mywish-cross-chain-bridge-c3de06e7865c
How to list a token on PancakeSwap/Uniswap/JustSwap?
MyWish.io token contract has all the specifications required for listing on trading platforms (eg PancakeSwap, Uniswap, etc).
Here you can find some guidelines of how to list your token on the mentioned above exchanges:
- PancakeSwap (available for BEP20 token only)
- Uniswap (available for ERC20 tokens only)
- JustSwap (available for TRC20 tokens only)
How to verify source code in a scanner?
The easiest and the most efficient way to get your contact verified on blockchain explorers is to order MyWish verification services. No need to do it on your own, let MyWish handle it for you. Source code verification can be added as an additional service in the token creation form. It can also be ordered after the token creation process in your MyWish account. If you still want to do it on your own, MyWish team has made some tutorials for you: BSCscan verification, Etherscan verification, company info, Tronscan verification
Token creation opens various opportunities for projects. Depending on the projects’ needs and goals there are numerous ways tokens can be used and distributed. No matter what you decide to do with your token, MyWish.io is always there to provide you with the tooling services so you can unleash the full capacity of your token.