Do you know why we live in extraordinary times? It’s because nowadays, any person and business can launch a successful cryptocurrency to join the blockchain revolution regardless of location and budget. A token’s issuer needs just an internet connection and a little perseverance. No matter who you’re: a newbie entrepreneur, an experienced crypto fan, or a big company’s CEO, thanks to this article, you’ll learn how to start a token from scratch. Besides, thanks to this guide, you’ll avoid many mistakes from the beginning. Moreover, this ultimate guide will help a well-developed blockchain startup to fill many gaps in coin progress. Let’s rock.
If you have already released a website and launched a coin, skip the first paragraphs and start from a website updating to ensure that critical content is there.
Formulate an idea
First, find out what service or product you could deliver to your target audience in the most efficient way. Understanding your or your company’s strengths (competitive advantages) is vital. Write down everything and then edit it by using any proofreading tool (like this). Keeping a website’s content in clear English and grammatically correct is essential.
Crypto startup’s idea structure
After brainstorming and searching for potential competitors on the web, crystalize your value proposition. Also, use the following structure to formulate your crypto project’s idea:
- What? Describe your product/service features.
- How? Describe how your product/service is working.
- For whom? Describe your ideal customers.
- Why? Describe why customers should purchase your services or products. It should contain the benefits of your product.
- Why do people need your cryptocurrency? Describe how your token helps your clients; for example, they can get additional features or discounts by paying with a coin.
All the above will serve as core content for your future website.
Define domain name
The next stage is to define the domain name for the website. It should have no more than ten letters. Many hosting firms provide useful domain searching tools. For example, you can use a domain searching and registering tool of Namecheap. Once selected, register it with .com and .io extensions. Yes, it’s better to take both extensions to avoid fake replication in the future. Also, apply SSL certificate from the beginning. It’s free of charge. As a result, it will enable the website to go from HTTP to HTTPS address. Later you’ll need it to satisfy main coin-trackers’ requirements.
Register email address
Having an official email address with the same domain name as your web is imperative. For example, if your website is besttoken. com, then register an email address like info@besttoken. com. Note that having an official domain email simplifies passing coin trackers. Moreover, it makes your project and a coin more reliable in the eyes of potential investors and users.
Release a website
The easiest way to release a website is to use a template. Many platforms like WordPress and Tilda offer an abundance of templates. However, we suggest you make a native website. Why? Because main coin-trackers may refuse to accept your theme web. Therefore, to smoothly pass trackers later, do the following:
- Make a landing page prototype (for free) on Mogups or a similar platform.
- Then hire a freelancer (or ask any of your dev friends) to create a simple website.
Remember, you don’t build a rocket, make the whole process easy and low-costed. Then, if your business takes off, you could rebuild a website later.
Information on the crypto project’s website
A commonly used information that a website must-have at this stage:
- Explanation of startup’s idea (use this structure).
- Official email address (learn why it should have official domain).
- Team section (add at least three teammates with a photo, position, short bio, and link to a LinkedIn profile).
- Token address and other information (you can add it later after coin creation).
Create a token
A token creation contains three stages: defining blcockhain, selecting a name/symbol, and uploading the token’s contract to the mainnet.
- Select blockchain
First, choose a blockchain for your cryptocurrency. Then, better choose Ethereum or BSC. If you issue a token on all the rest blockchains, you face a problem with listing on exchanges later because of the high integration cost. Moreover, only Ethereum and Binance Smart chain have the most developed ecosystems of additional services and DApps. So, if you want significant exposure from the beginning, issue a coin on the Ethereum blockchain or BSC.
- Define the token’s name and symbol
After selecting the network, define the token’s name and symbol. The name could have one or two words and be the same as your project’s title. But the symbol should contain just 3-4 letters or digits. Look at the screenshot below to learn the difference between token names and symbols. Avoid using the name/symbol that other projects have already occupied. So, spend enough time searching for similar titles on Etherscan and BSCscan.
- Upload the contract to the chain
Finally, you must prepare a token’s contract and upload it to the blockchain. We suggest using a simple token contract. No need to use tricking and flexible taxation, etc. Why? Because coin-trackers will mark your project’s page accordingly. It doesn’t attract potential buyers. There are dozens of guides on creating ERC-20 and BEP-20 tokens on the Ethereum chain and BSC. So, If you have minimal coding skills, do everything yourself. Alternatively, you can contact the Tokpie team to create a token contract for you.
Verify token contract on Explorer
Only the token’s issuer can verify a coin on Explorer: Etherscan or BscScan. So, to complete the verification, you need access to the wallet address used to create a currency. However, the verification process is quite simple. Learn how to verify and publish a contract on Etherscan. Also, get a guide on how to do it on BscScan.
Create a logo
The easiest way to grab users’ attention is to make a memorable logo. It creates a first impression and your brand identity. Besides, it separates you from competitors. If you don’t have a budget to higher a designer, then use a free tool to create a logo. Then, use this logo on your website’s main page and as a token’s logo. In addition, use a logo as a favicon on your domain address. Apart from the above, you can add a slogan using the Logaster platform at no cost.
Before applying the Coingecko, CMC, and all other coin-trackers, assure that your website contains core information:
- Official email address. It’s better to have the same email prefix as your web domain.
- Token contract address and its tokenomics
- White paper
- Road map
- Team section. It should have 2-3 team members with photos, positions, short bios, and links to their LinkedIn profiles.
- HTTPS:// domain address. If you have not done it before, apply for the SSL certificate. Usually, it’s free.
- Link to the Product or Minimum Viable Product (MVP) if you have it.
- Other details that specify the startup’s idea. Use this cheme.
Also, clearly state the above data on your main web page. The coin-trackers’ managers don’t have time to browse through your web. So, if you want to pass CoinMarketCap and CG smoothly, make sure it takes one minute to find the token contract address, official email, team, wp, and road map on your website’s main page.
Launch social accounts
Around 20% – 40% of traffic usually comes from functioning social accounts. But the word “functioning” means that the new posts should appear at least three times per week on your social accounts. So, if you don’t have time or money to pay a professional Social Media Manager (SMM) for regular postings, then launch 1-2 accounts only. No need to create ten accounts on different platforms that will be empty or not regularly supported. We suggest starting at least two profiles on any of these social platforms: Facebook, Telegram, Twitter, Reddit, Github, LinkedIn, Medium, and YouTube.
Start a Bounty (Airdrop)
There are advantages and disadvantages of making a bounty campaign and airdrop. The main benefits are increasing the project community and the number of token holders. But, on the other hand, 80-90% of bounty/airdrop participants sell out your tokens once received. Therefore, such campaigns can dump a coin price. So, how to decide? If your startup’s target audience represents crypto fans, you should run a bounty campaign. However, if it doesn’t, make a bounty or airdrop anyway but with a low reward pool.
- What’s airdrop: it’s a short-time (7-30 days) campaign to increase the number of your social accounts’ followers. Participants perform the simplest and fast-completing tasks.
- What’s bounty: it’s a long-time (30-60 days) campaign to promote your project and increase the number of followers on all your social accounts. Participants perform middle-complicated tasks. Example.
- What’re the requirements: working website, issued token, updated page on Explorer with logo and social profile
- How to make it: There are two ways to start a bounty or airdrop. The first one is to do it by yourself. But you will face a low number of participants. The second way is to hire a reputable bounty manager (it costs money, but the number of participants will be high).
Add token logo to Explorer
In an early stage of your project development, you can make an essential update of the token on Explorer (Etherscan or BscScan). An initial update includes adding a token’s logo and social profile to the Explorer’s page. Learn how to complete the Basic update on an Explorer.
Add token to coin-voting platforms
Dozens of similar coin-voting websites will accept your cryptocurrency for free. Therefore, you get more exposure at no cost. So, use the list of Top Coin-voting platforms and learn their pros and cons.
Understand the Token sales funnel
Understanding a token sales funnel is essential for your startup’s success.
The first buyers usually get awareness about your coin on Coin-trackers. Then, if a buyer sees strong liquidity and volume, he visits your website. After that, if a buyer likes your product/idea and tokenomics is good, he purchases the coin. Also, constantly make improvements to persuade holders to buy more tokens. In addition, count your web traffic and the conversion rate to find bottlenecks and improve them.
Start ICO, IEO, or IDO
Although Initial Coin Offering (ICO), Initial Exchange Offering (IEO), and Initial Decentralized Offerings (IDO) processes aim to sell your altcoin, they have some differences. So, the ICO runs on your website, while the IEO runs on a centralized exchange. And the IDO, in turn, is running on a decentralized exchange. In most cases, a token sale through ICO has no cost, but it’s a useless endeavor because a startup’s website has low traffic. So, combining a token sale through the web (ICO) with IEO/IDO makes sense. However, many projects skip ICO/IEO/IDO stages and list their currency on exchanges to pass the coin-tracking website as soon as possible. So, look at the token sales funnel to make a wise decision.
List a token on Exchanges
Making a token tradable on at least one exchange is a must-to-do action for any crypto project. Any startup can list its coin for free on famous decentralized exchanges like PancakeSwap (for BEP20 currencies) and Uniswap (for ERC20 coins). Listing on DEXs is a process of pool (pair) creation. Get a detailed guide on how to do it on PancakeSwap. And find the instructions for the Uniswap.
However, to speed up appearing on Coingecko (CG), CoinMarketCap (CMC), and other cryptocurrency trackers, a project should list its currency on as many exchanges as possible. That’s why many projects also get listed on centralized exchanges (CEXs). For example, you can apply to list token on the Tokpie centralized exchange to unlock many other advantages such as passing CG, CMC, Coincodex, Coinpaprika, CoinCheckUp, Livecoinwatch, and more. Simultaneously, it’ll expand your coin liquidity on DEX for free.
Take care of liquidity and trade volume
Just a listing on an exchange doesn’t make your token attractive automatically. It would be best to make it appealing with trade volume and liquidity. Besides, it will help to pass coin-trackers.
How to increase trade volume?
Trade volume’s formula is the price of your token multiplied by the number of tokens sold/bought for the last 24 hours. For example, if your coin’s price = $1 and 100 tokens have been sold/bounty for the last 24h, then trade vol. = $200 ($1x100x2). Coin-trackers use the “2” to sum up purchases and sales. So, to increase a trading volume, a project should stimulate the number of coins trading, price growth, or both.
How to increase liquidity?
In simple words, liquidity is the ability of traders to sell and buy your currency at any time. So, the higher the liquidity of your cryptocurrency, the higher amounts of coins people could trade without a slippage. Furthermore, high liquidity helps get verification from CG and CMC as quickly as possible. Moreover, good liquidity attracts traders and investors (view the Token Sales Funnel). To increase a token’s liquidity on a CEX or DEX exchange, use the instructions below:
- Increase liquidity on a centralized exchange (CEX)
Place a BID (order to buy) and an ASK (order to sell) worth $500-$1500 with a spread below 0.1-1%. Note that the spread is a difference between the lowest ASK and highest BID in your market. For example, if the highest BID price = $0.0000001149, then the lowest ASK should be $0.000000115. Consequently, the number of tokens should be 4,500,000,000 in the highest BID and lowest ASK.
Also, place 30 ASKs and 30 BIDs with different prices in your coin’s order book.
- Increase liquidity on Decentralized exchanges (DEXs)
Uniswap and PancakeSwap DEXs utilize Automated Market Maker (AMM) protocol. Therefore, a token’s issuers can increase liquidity on these Decentralized exchanges in a few clicks.
Put at least $3000 in WBNB if you create a pair on PancakeSwap. And at least $2500 in ETH if you make a pair on Uniswap. However, passing CMC with only one exchange (PancakeSwap or Uniswap) may require having 200,000 – 300,000 in a liquidity pool.
Alternatively, a project can Rent liquidity if it doesn’t have a huge budget.
Important to note that all exchanges (DEXs and CEXs) have API endpoints, so many projects use bots (special programs) to automate the control over trade volume and liquidity. But it’s not so hard to perform market-making by hand (as instructed above), especially if you don’t have funds for automation.
Enable token purchasing with bank cards
While Cryptocurrency exchanges unlock coin trackers for a token, a project’s website is also an excellent channel to sell the currency. So, allowing your web visitors to buy your coin with bank cards is a good idea. Look at the example and learn how it works.
Run a trade competition
There is no rigorous evidence that trade competitions help to increase the demand for cryptocurrency. Moreover, it raises a supply of your coins because trade competition’s participants receive coins for free. And it leads to the token’s price decreases. However, trade competition can be an additional way to gain attention from potential buyers. So, you can do it or not do it.
Make organic media publications
Before applying to CoinMarketCap (CMC), it’s better to have at least two organic publications on reputable media. What does it mean “organic”? It’s a featured post or mention about your crypto startup in a press that follows the backlink to your website and doesn’t contain a “sponsored” attribute. You can request a list of media with prices for organic publications. Also, note that making a press-releases on 50-200 miserable news websites is a useless waste of money. It doesn’t bring traffic and doesn’t help get verification on CMC.
Add a token to coin-trackers
No matter what exchange you listed, always remember that coin-trackers have much bigger traffic than any exchange or project’s website. Find below the list of the most potent coin-tracking websites. Also, note that the leading trackers’ verification process is quite complex and time-consuming. So, be patient.
What’s the Unverified status?
Unverified status on a coin-tracking website means that a specific coin’s price, spread and trade volume stats normally flows from an exchange API to the tracker. But, a project must fill out a coin-tracker’s form to get a verification and a separate page.
What’s the Verified status?
Verified status on a coin-tracking website means that a token has a separate page on that tracker. A separate page shows a project’s website, social media links, price, chart, markets, and other statistics. Moreover, a startup can obtain rank, market cap, and other benefits. So, appearing on main coin-tracking sites like Coingecko, CoinMarketCap, and many others is a must-to-do achievement for any crypto project.
Fill and submit Coin-trackers’ forms
Each coin-trackers has its requirements and conditions as well as forms. Find below the list of the most popular cryptocurrency trackers. Click on a tracker’s name below to view the detailed instruction for the form’s filling and submission.
- Coingecko (CG)
- CoinMarketCap (CMC)
After getting listed on Coingecko (or on CMC), your currency becomes eligible for the next update on explorers (Etherscan or BscScan). As a result of such an update, the token’s page on Explorer obtains a dynamic price and fully diluted market cap. Learn in detail how to get an Advanced update on explorers.
Update Coin-trackers with Circulation Supply and Market Cap
A project doesn’t have to update every coin-tracker with the Circulation supply and Market cap. It’s enough to update only Coingecko and CoinMarketCap TIP: open more markets on exchanges where your token is already in the trade. It’ll be much cheaper than paying for a listing on new exchanges. Learn how to do it.
Get Blue Check Mark
Once your crypto startup has attracted a big community, references, and a good rank on leading coin trackers, you can try to get the Blue check mark on explorers. Moreover, because of cross-integrations between many DApps, you can get many other achievements. For example, after getting a Blue Check Mark, your token will start showing a USD balance on the Debank. Finally, get a guide on how to make additional (final) update on Explorers.
Add a token to the cryptocurrency wallets
When a token’s logo appears on cryptocurrency wallets, your startup becomes more reliable for potential investors and buyers. Learn how to add currency to mighty wallets like the Trezor, MyEtherWallet (MEW), and Ledger. Moreover, it’s free of charge, but your asset must be visible (verified) on leading trackers.
Use a Free Gantt Chart
Without using a management tool like a Gantt Chart, your mind will blow while performing all stages stated above. So, get a free Gantt Chart to sort out the whole process. It’s like a Progress Tree for any crypto startup that wants to make a successful cryptocurrency.
Also, a Gantt chart is a practical way of showing activities (tasks or events) displayed against time. Find the list of the activities and a reasonable time scale. Each activity has a bar. Besides, the bar’s position and length reflect the activity’s start date, duration, and end date. It allows you to see at a glance the following:
- What the various activities are
- When each activity begins and ends
- The scheduled time for each activity
- What activities overlap with other actions
To summarize, a Gantt chart shows you what to do (the activities) and when (the schedule).
According to our research, one of two token issuers doesn’t understand in full what they should do after a website launch and a coin release. Thanks to the Gantt Chart, a crypto project can map and track its cryptocurrency progress. Moreover, it helps grow by passing coin-trackers, updating coin-explorer, and adding crypto assets to the wallets. Finally, you discover minimum volume and liquidity conditions to satisfy for reaching every achievement. So, avoid a mess; always use the above article as a compass for your token in the crypto ocean. We will be updating the above guide over time because the blockchain industry is constantly developing. Keep in touch.