Onboarding a new NFT project on Solvent
Solvent enables users and NFT project creators to create buckets and enable instant liquidity services for their favorite NFT projects.
In this guide, you will learn how to onboard a new NFT project on Solvent to enable instant liquidity services for that project/collection.
Anyone can onboard an NFT project to Solvent including holders, project creators, and community managers using a four steps process:
Create and initialize a bucket on Solvent
Step 1 - Create and initialize a bucket on Solvent: Creating a bucket on Solvent is simple. We will need the following details to successfully create a bucket:
- 1.A full list of verified creator addresses is found in the NFT metadata for the collection. If your collection was launched with multiple candy machines, please make sure to add verified addresses of each of them.
- 2.the symbol specified in the NFT metadata for the collection.
On successful bucket creation, you will be given out a public key address representing the droplet for that NFT collection, which you'll require for the next steps. Please make sure to copy it somewhere.
List a market on Serum
Step 2 - List Market on Serum: For your droplet to be tradable on open markets and DEXes with $USDC, you'll need to create a Serum Market for the droplet using the droplet public key that was generated in the previous step. The Serum market creation requires anywhere between 2-5 SOL. Note that these charges are not charged by Solvent but a fee that Serum needs to initialize all the accounts for the new market. On successful serum market creation, a unique public key address for the new serum market address will be generated, which you'll require for the next step. Please make sure to copy it somewhere.
Register the droplet with Solana Ecosystem
Step 3 - Register the token publicly across the Solana ecosystem: Next, you'll need to register the newly generated token with the Solana Labs maintained repository of valid tokens, to make it visible across all dApps and wallets on Solana. With Solvent, we will do that for you, and we'll need the following details for the token:
- 1.Name of the collection
- 2.Collection NFT description
- 3.Symbol/Ticker of the droplet
- 4.Logo URL
- 5.Droplet public key
- 6.Serum market address
Kickstarting the liquidity pool on Atrix
Step 4 - Kickstarting the liquidity pool on Atrix: For your NFT collection users to trade droplets against $USDC smoothly and efficiently, you'll need liquidity pools. For example, if you create a droplet $ABC for NFT collection: ABCPunks, you'll need a $ABC-$USDC pool so that people can buy/sell $ABC tokens with/for $USDC. A minimum of $3000 worth of liquidity is required by Atrix when initializing. For the creation of the Atrix pool, you'll need the following details of the droplet:
- 1.Serum market address
- 2.The initial quantity of base token (your droplet)
- 3.The initial quantity of quote token ($USDC)
The proportion in which you'll supply the quantities of tokens in the pool will determine the initial price of your droplet. For example, if you provide 100 $ABC tokens and 1000 $USDC as your initial liquidity, the price of 1 $ABC token will be 10 $USDC. Note that each NFT on Solvent is worth 100 droplets, so make sure to set the price with that in mind.
A sample calculation for deciding the proportions of initial tokens to be supplied can be found below:
Sample NFT collection name - Brave Bears Droplet symbol - $BBEAR Floor price on marketplace - 5 SOL Current SOL price - 90 USDC per SOL Since on Solvent, 1 Brave Bears NFT = 100 $BBEAR, 5 SOL = 100 $BBEAR Therefore, 1 $BBEAR = 0.05 SOL = 0.05*90 = 4.5 $USDC So to set the initial floor price on Solvent the same as on the marketplace, you'll have to supply liquidity such that the price of 1 $BBEAR = 4.5 $USDC One breakdown to supply to the pool can be: 1000 $BBEAR + 4500 $USDC (Since you supply liquidity for both tokens in equal value) or 500 $BBEAR + 2250 $USDC and so on.
A Final look
A Final look