OpenBook Marketplace ID Creation Tutorial
Easily create an OpenBook market on Solana without writing code, so you can quickly build liquidity pools later.
Before Raydium launches the token market, it needs to create an OpenBook market ID, but the link provided by Raydium officially costs 3-4 SOLs to create. This cost makes us reluctant to issue tokens on Solana.
This document introduces some basic concepts of OpenBook and teaches you how to create an OpenBook Market ID at a lower cost.
Video Tutorial
OpenBook Marketplace ID Creation Preparations
Prepare equipment, a computer or mobile phone
Install the Phantom wallet plugin
Prepare at least 0.55 SOL in your wallet
To create a token for the OpenBook Marketplace ID
OpenBook Marketplace ID Creation Steps
1. Select a token to create OpenBook ID
Go to the token management page , connect your wallet, select the token for which you want to create a market ID, and click "Create OpenBook ID" to enter the page for creating a market ID. You can also enter the Create Market ID page from Manage Liquidity.
2. Select the required quote token
When entering the Create Market ID page from the Management page, the target token address will be automatically filled. If entering the Create Market ID page from Manage Liquidity, you need to fill in the target token address yourself.
3. Set min order size and price increment
Min Order Size: The minimum order quantity precision in the order book. If you fill in 2, the minimum transaction volume is 0.01. If you fill in 4, the minimum transaction volume is 0.0001. And so on, this is actually the decimal place of precision.
Price Increment: The number of decimal places for the minimum price display/change. If you enter 3, the token price is displayed with 3 decimal places, such as 11.123. If you enter 5, the minimum token price is displayed with 5 decimal places, such as 11.12345.
Min order size cannot be greater than the decimal place of the base token. That is, if your token precision is 5, you can only fill in 1 to 5 here. Please pay attention to your token precision.
Price increment cannot be greater than the decimal place of the quote token, i.e., the precision of Sol is 9, so you can fill in 19. However, the precision of USDC is 6, so you can only fill in 16. Please pay attention to the precision of the quote token.
"Minimum order quantity" + "Minimum price change" cannot be greater than the number of decimal places in the quote token: that is, the sum of the two numbers cannot exceed 9.
The min order size and the price increment can be configured according to the token supply. The following are the recommended values:
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
4. Set the Advanced Options.
You can click on the advanced options to configure it yourself. However, it is not recommended for novices to do this to prevent unpredictable problems.
The following are the inputs for different price designations for your market ID:
Event Queue Length
128
1400
2978
Request Queue Length
9
63
63
Orderbook Length
201
450
909
5. After filling in all the parameters, you can create a market ID.
Creating an ID requires two confirmations from your wallet, the first to create a token account and the second to create an ID, so remember not to close the page immediately after clicking the first step.
When we click “Create” the wallet will pop up for the first time.
After clicking confirm, the wallet will pop up for the second time.
After a few seconds, the ID will be created successfully.
After that, you can copy the ID and go to Raydium to add the pool.
If you don't have your Market ID saved, you can find it using Search Market ID.
If you have any questions or are unclear, please join the official Telegram group: https://t.me/GToken_EN
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