Creating your own ERC20 Token

Things to consider when creating your own token

Use a launchpad if possible

If your needs are straightforward, it’s best to use a launchpad that automatically creates and deploys the contract for you. You’ll receive a well-tested contract that’s unlikely to contain any security flaws. This is absolutely the best option provided it meets your needs.

Launchpads can help you create a token without any coding experience
  • Liquidity / Tax Generating tokens (tax buys and sells to improve token liquidity and also raise marketing funds)
  • Rewards tokens (reward holders in another token, while also supporting taxes)
  • Buyback Rewards tokens (same as Rewards tokens, with the ability to manually buyback tokens)

Enlist A Dev If Needed

If you have custom requirements and a launchpad doesn’t cover what you need, then it’s worth looking for a Solidity developer to help out.

Good Solidity Developers are in high demand at the moment

Sometimes, less is more

No matter how good the developer is, there are risks involved when asking for complex and novel features. There’s a possibility that they make a mistake, leaving your contract vulnerable. Hackers are always on the lookout for flaws that they can exploit. There’s perhaps no better example of this than The DAO, a hack that ultimately led to the split of the original Ethereum blockchain into Ethereum and Ethereum Classic.

Creating a Token Yourself

Start from a known working token

While I’m sure it’s a fun exercise to code your own ERC20 token from scratch, I’d strongly recommend starting from a known working contract for any real-world deployment (particularly if you want to implement complex features like token taxes and redistribution).

If you’re not a developer…

If you’re not a developer, you can always try and fork a known good contract. There are plenty of tutorials online on how to launch a contract with tools like Remix and Hardhat. It’s a lot of fun, and with the ability to launch first on a Testnet, you don’t need to risk real funds to get started.

If you are a developer, but new to Solidity…

There’s a lot of resources out there, and Solidity is not hard to pick up. There are a few gotchas you need to keep in mind, but as long as you do your research, you’ll be up and running in no time.

  • Testing that our anti-whale functionality worked as expected (max TX, max wallet)
  • Testing that the presale allocation and LP instantiation worked correctly
  • Testing that the initial price of the token matched the presale price
  • Testing blacklisting functionality
  • Testing buys and sells
Some of the automated tests that we wrote to ensure our contract is working as expected

…if you’re a seasoned Solidity developer

You do you. :)

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