1๏ธOpenBook Market ID Creation Tutorial
Create an OpenBook Market ID for as low as 0.4 SOL
No coding required, easily create an OpenBook market on Solana, allowing you to quickly set up a liquidity pool later.
Before launching a token market on Raydium, an OpenBook ID needs to be created. However, using the link provided by Raydium's official site costs around 3-4 SOL. This high cost discourages us from issuing tokens on Solana.
This document introduces some basic concepts of OpenBook and guides you on how to create an OpenBook Market ID at a lower cost (as low as 0.39 SOL).
How to Use the Solana OpenBook Market ID Creation Tool:
Connect your wallet.
Select the trading pair for which you want to create an OpenBook Market ID.
Set the minimum order size and the smallest price increment for the trading pair.
Choose the OpenBook Market ID configuration.
Submit an on-chain signature to complete the creation of the OpenBook Market ID.
Preparation:
A computer or a mobile phone.
A Solana wallet (Phantom wallet installation tutorial).
At least 0.4 SOL in your wallet.
Tokens for which you want to create an OpenBook Market ID.
Specific Steps:
Connect Your Wallet
SlerfTools currently supports various popular Solana wallets, such as Solflare, Phantom, and OK Wallet. This article uses Phantom Wallet as an example.
Create an OpenBook Market ID: https://slerf.tools/en-us/openbook-market/solana
Select the Trading Pair for Creating the OpenBook Market ID
Set the Minimum Order Size and Minimum Price Increment for the Trading Pair
If there are no special requirements, you can use the default values. The minimum order size and price increment can be configured based on the token supply. Here are the recommended values:
| Token Supply | Minimum Order Quantity | Unit of Change |
|---|---|---|
100K | 0.01 | 0.0001 |
1M | 0.1 | 0.00001 |
10M | 1 | 0.000001 |
100M | 10 | 0.0000001 |
1B | 100 | 0.00000001 |
10B | 1000 | 0.000000001 |
100B | 10000 | 0.0000000001 |
- Select OpenBook Market ID Configuration
Simply choose the price configuration; other parameters will be automatically filled based on the selected price.
Creating an OpenBook Market at a price 5 times lower than usual is great. However, consider the risk factors. If your project is long-term and has a high trading volume, it is not advisable to save the 3 SOL expense. If you plan to create a short-term meme project with a market cap of less than 1 million USD or use it for testing purposes, then using the low-cost option is perfectly fine.
Submit the transaction to the blockchain and sign to complete the OpenBook Market ID creation.
When creating an OpenBook ID, you need to complete two signing operations: first to generate the market information, and then to create the market. The second signature will utilize the information generated in the first step.
โ After creation is complete, the page will display the OpenBook Market ID, as shown in the image below:
If you have followed the process to create an OpenBook Market ID, you can now proceed to create liquidity for the market opening >>>
FAQs
Is it safe to create an OpenBook ID on SlerfTools? SlerfTools has thousands of active users every month. Although the tool creates your market ID, it does not have access to any content. It only calls the protocol to create the OpenBook Market. Moreover, the tool never requires access to our wallet's private keys, NFTs, or tokens. In other words, all our assets will be safe.
What if the successfully created OpenBook ID is not saved in time? If the creation is successful, the created market ID information is on-chain. If the page does not save the market ID in time, you can contact an administrator to help you find it on-chain. If the payment has been successful and there are any issues, you can join the Telegram group to contact an administrator to help you retrieve the ID: https://t.me/SlerfTools
Why is an OpenBook Market ID required for creating a pool on Raydium? To improve the utilization of liquidity, Raydium's AMM is integrated with the OpenBook market. The OpenBook order book can share liquidity with AMM pools and market makers. Any user on the OpenBook GUI can trade based on Raydium AMM's liquidity. Therefore, when creating a new liquidity pool on Raydium, users or projects will first need to create and provide an OpenBook Market ID.
What does the 3-4 SOL cost for creating an OpenBook ID cover? When creating a new OpenBook, event queues, request queues, and buy/sell order queues need to be created on the Solana chain. These queues are separate Solana PDA accounts. Due to Solana's economic model, creating account space requires a certain amount of SOL as rent. Therefore, these queues require expensive rent payments.
How can more space expenditure be reduced? Fees can be reduced by changing the event queue length. According to the minimum requirements of the OpenBook official contract, the queue length can be reduced, and the rent can be lowered to about 0.3 SOL.
What is the impact of using a reduced queue? Creating an OpenBook Market at a price 5 times lower than usual is great. However, consider the risk factors. If your project is long-term and has a high trading volume, it is not advisable to save the 3 SOL expense. If you plan to create a short-term meme project with a market cap of less than 1 million USD or use it for testing purposes, then using the low-cost option is perfectly fine.
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