Thread by @xchbob

MY EXPERIENCE LAUNCHING A NEW TOKEN ON THE 🌱 #CHIA 🌱 BLOCKCHAIN:

From idea to listing on Dexie, it took a few weeks. Most of the time spent was brainstorming and creating an action plan around execution

For this type of launch, I needed a few things:
- A list of addresses that hold NFTs in DIDs
- a way to create a coin
- a way to airdrop the coin

@acevail_ was very helpful in providing a list of addresses. He runs his own DB and was able to easily pull a list of addresses that hold NFTs in DIDs. We did exclude NFTs that were created by the DID that they were in as we didn’t want to reward creators for not selling.

We also didn’t want to create a loophole where people could create a ton of NFTs for practically free to cheat the system.

To create the coin and distribute, We used Secure the Sack (bag), and Unwind the Sack (bag). Learn more here:
docs.chia.net/cat2-issuance/

Honestly this tool is INCREDIBLE. If you are going to create a coin and airdrop it, this is the ONLY way to do so. Any other way and you are wasting your time.

I only did 1 practice run (successfully) and when executing secure the sack, it took me around 45 min including the processing time. We airdropped to over 13,000 addresses. And as far as I can tell, everyone got their $BIGD

I was hoping to cause a ‘dust storm’ and fill blocks to the brim enabling the need for transaction fees for at least a short time but no. Secure the sack is too good and efficient.

@GraphChia indicates that the mempool remained steady (1st picture). Transaction volume spiked at the time of creation/distribution (second picture). Just too impressed here.

ok so I’m excited to now have distributed $BIGD and am ready to get it listed on Dexie! This process honestly took waaaay too long and was a negative experience for me personally (though I think it is better now)

The listing process is you have to get your CAT listed on taildatabase.com/home
@0xfreddieC runs this and I experienced some bugs that set back listing by a few days. Luckily, Freddie was VERY helpful in working with me. We both squashed the bugs to eventually get it listed.

Hopefully other people in the future don’t experience the same problems I encountered as I assume the lack of new CATS hitting the market was the cause of my issues.

After it’s listed, dexie updates their backend from taildb and then it gets listed there. I expect this gets easier with WalletConnect as currently it’s kinda cumbersome. The process I went through seemed very centralized and I look forward to seeing how this evolves

If any of you want to launch a coin and need help, my dms are open. If you have a well thought out idea, I would be more than happy to help walk you through the process! The Chia community is lacking tokens imo and I would love to see this area grow as we wait for AMMs on Chia