How to Create a Memecoin on Polkadot: A Step-by-Step Guide

In recent years, the proliferation of cryptocurrencies has included the rise of memecoins—cryptocurrencies created often with humorous or meme-based origins. These digital assets have captured significant attention, especially in speculative markets. Polkadot offers a robust ecosystem to create and manage such assets through its AssetHub. This guide provides a comprehensive walkthrough on how to create a memecoin on Polkadot, register it on Hydration, and manage liquidity pools.

Step 1: Setting Up the Asset on Polkadot Asset Hub

The first step in creating a memecoin is to establish the asset on Polkadot’s AssetHub. Before proceeding, ensure that your account on the Polkadot Asset Hub has at least 12 DOT, as this will cover transaction fees and initial setup costs.

1. Access the Asset Hub:

• Navigate to the Polkadot JS Portal and select the AssetHub network.
• Go to Network > Assets and click on the Create button.

2. Define Asset Parameters:

• Name: Choose a name for your memecoin, e.g., “DaBlock.”
• Ticker: Assign a ticker symbol, such as “DBLK.”
• Decimals: Set the number of decimals, typically 10.
• Minimum Balance: Define the minimum balance, for instance, 0.0000000001.
• Asset ID: Assign a unique identifier, e.g., 5555.

3. Set Permissions:

• By default, you can keep the permissions unchanged. These settings can be modified later if necessary.

4. Create the Asset:

• After filling in the required fields, click Create and sign the transaction with your wallet.
• Once the block is finalized, your asset will appear on the Asset Hub.

5. Minting Tokens:

• After creation, mint the desired number of tokens. For example, mint 666 DBLK tokens.
• Sign the transaction to complete the minting process.

Step 2: Registering the Memecoin on Hydration

With your memecoin successfully minted, the next step is to register it on Hydration, a decentralized exchange (DEX) on Polkadot.

1. Obtain the Registration String:

• Copy the relevant registration string for external assets on Hydration.

2. Access the Developer Tools:

• On the Polkadot JS Portal, switch to the Hydration network.
• Navigate to Developer > Extrinsics and paste the registration string.

3. Modify the Parameters:

• Adjust the parachain ID to 1000, representing the AssetHub.
• Set the pallet instance to 50, which corresponds to the assets pallet.
• Replace the general index with your asset ID, e.g., 5555.

4. Submit the Transaction:

• Sign and submit the transaction to register your asset on Hydration.
• Once confirmed, your asset is now registered and visible on Hydration.

Step 3: Verifying Asset Registration

To ensure that the asset has been registered correctly, follow these verification steps:

1. Access Chain State Storage:

• In the Hydration network, go to Developer > Chain State.
• Select Storage > Asset Registry.

2. Input Parameters:

• Input the parachain ID as 1000, the pallet instance as 50, and the general index as your asset ID.
• Confirm that the asset appears correctly in the storage.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Step 4: Transferring and Managing Tokens

With the asset registered, you can now transfer tokens to Hydration and manage them.

1. Transfer Tokens:

• Ensure your account has sufficient USDT and DOT on the Asset Hub.
• Use the developer tools to execute a transfer, specifying Hydration as the destination.

2. Verify Token Transfer:

• After the transaction, check the balance by querying the token accounts on Hydration.

Step 5: Adding Liquidity on Hydration

To enhance the usability of your memecoin, you may want to create a liquidity pool.

1. Create a Liquidity Pool:

• Navigate to the Liquidity section on Hydraton and select Create Isolated Pool.
• Choose your memecoin (e.g., DaBlock) and pair it with another asset like DOT.
• Define the pool parameters, such as the amount of each asset to add.

2. Finalize the Pool:

• Complete the pool creation by signing the transaction.
• Update metadata if prompted to ensure the pool is correctly configured.

Conclusion

Creating a memecoin on Polkadot is a straightforward process, thanks to the tools provided by the Asset Hub and HydraDX. This guide outlines the essential steps, from asset creation to liquidity management, offering a clear roadmap for aspiring developers and enthusiasts. While memecoins can be an entertaining and speculative venture, it’s crucial to approach them with caution, mindful of the risks involved in the cryptocurrency market.

OK pic.twitter.com/nNY5EVovpt

— Jakub Panik (,) (@JakPanik) August 6, 2024