A deflationary token increases in value over time with reduced supply. Its supply is reduced by the process of burning. Burning means removal of tokens from the market.
You can create your own ERC 20 or BEP 20 Token in no time. In this blog we are going to describe the method of creating your own token, providing liquidity for it , and creating a burn rate for it. So lets begin.
Why create a deflationary Token?
Deflationary tokens decrease in supply over time with a process called burning. By burning the coin you can decrease its number in circulation. There are hundreds of coins available in the market right now. But only a few of them catch the eye of investors. You see there are hundreds of coins listed on the coin market cap. But, professional traders often suggest that you should buy only from the first 100. These top 100 coins have earned a name for themselves. These are successful tokens. You can also create a successful token by following the best practices. Do not Rug pull, Do not scam people. Create coins with a purpose so that people are willing to buy them.
Here are a few things that you should keep in mind for creating your own successful tokens.
Get Yourself Out There:
This is the first step. When investors are purchasing a coin, they want to know who is behind it. Get yourself out there. Create profiles on Social media platforms list down your credential. Put your own picture up so that people can recognize you. Nobody gets excited about an anonymous project unless of course, it’s bitcoin. So, market yourself. Gather a community of people who know, like, and trust you.
Once you have a community, start gathering it at a single place. Create your Facebook group, telegram group, and other social groups. Talk about your coins. Let people ask you questions about it. Get the discussions going. Make people care about your coin. You can also define the specifications of your tokens and how they will solve a problem.
Websites are the most important thing for marketing a digital product. Make a website for your token. Answer the FAQs (Frequently Asked Questions) about the token on this website. Create a hype about your presale tokens.
Create Your Own Token Without Programming
The easiest way to create coins without programming is by using the online tool Cointool.app. You can create BEP 20 Tokens or ERC 20 Tokens on it. You can make them deflationary and add a burn rate and liquidity to the token. So let’s get started.
Connect Your Wallet:
First of all connect your decentralized exchange wallet. You can either have MetaMASK or Trust Wallet.You can easily install MetaMASK or Trust Wallet from the internet if you don’t already have one.
Select the Blockchain:
After connecting your wallet, Select ETH or BSC from the side bar. With ETH you can create ERC 20 tokens and with BSC (Binance Smart Chain) You can create BEP 20 Token.
Name, Symbol, and Supply:
Now in the creating Coin section, you can Write the name of the token, its symbol and define the initial supply. You can set the initial supply to 20 Million, 200 Million, or whatever you want.
Decimals mean how many parts you want your token will be divided into. For instance, Bitcoin can be divided into thousands of Satoshis.
Checking the can burn section means that you can manually burn the coin supply. Let’s say you decide to burn 100,000 of tokens from the total supply. This you can easily do by checking the can burn option.
Can mint means that more coins can be minted over a period of time and added to the system.
If you check this option then you have liberty to stop the coin operations at your own discretion. You can halt the token circulation and fix any problems being faced due to malicious actors.
You can blacklist the accounts involved in shaddy activities that harm the token dispensation.
This is the most important section. If you want to create a deflationary token then check the deflation option. Now select the transaction fee. Each time the hodlers trade the token the transaction tax will be sent to the Receive address. You can control the receive address. Also, a percentage of fee will be burnt to reduce the supply and make it deflationary in nature.
Holders Reward Fee:
It is the fee that holders get for HODLing the token.
You can select Liquidity automatically. A small number of tokens will burn if you select automatic liquidity. Let’s say if you purchase 100 tokens, 90 will come to your wallet while 10 will go to the pool.
What is the Cost of Creating Token?
The cost of creating Token can vary depending on how many options you have selected. If you select fewer options then it will cost you a lot less. The fee is charged in BNB or ETH. The whole process of token creation is completed in 10-15b minutes. After that you have to do the marketing of token so that people purchase it.
The online tools have made creation of tokens much easier. You can create your own token within minutes and start issuing it through airdrops. The next stage is listing of tokens on exchanges. You can either enter a decentralized exchange at this point. The process is also known as IDO on Initial DEX offering.