TokenFi launches tool for creating ERC20 standard tokens

What’s new? TokenFi, an asset tokenization platform, has introduced a tool that allows anyone to launch their own digital asset in a few clicks, without requiring programming knowledge. It is available in desktop and mobile versions of web browsers, as well as Telegram and Discord messengers in bot format.

Source: Twitter.com

What else is known? For now, the tool is functioning in test mode in the Goerli testnet of the Ethereum blockchain. The version for browsers is called TokenFi Token Launcher, for messengers — TokenFi QuickLaunch Bot.

To create a token in a browser, you need to connect the wallet to Goerli via a remote procedure call (RPC) platform for Ethereum Virtual Machine (EVM)-compatible networks called ChainList. The wallet address then needs to be connected to Goerli’s faucet to mine test tokens, which will take about 40 minutes.

After that, you can go to the TokenFi platform itself to select the option of launching a cryptocurrency token according to the ERC20 standard. The project’s team claims that the assets issued in this way are compliant with regulatory requirements.

On the page, you can upload a logo, specify the name and ticker under which the asset will be traded on exchanges, its initial and maximum offer, and the wallet that will serve as the project’s treasury. By default, the address that was used for mining test coins serves in this role.

Next, the user can customize additional options and features of the project’s tokenomics, such as the amount of transaction and coin burning fees, as well as rewards for holders.

In addition, a portion of the coins charged as transactions can be directed to liquidity pools to curb exchange rate volatility in the long run. In this, fees can be set for any transactions or exclusively for swaps on decentralized exchanges (DEX).

After specifying all the necessary parameters, the user only needs to click the “create token” button, and the asset will be deployed at the previously specified address.

As for token creation via messengers, when you first contact the bot, the first two steps (interaction with ChainList and Goerli’s faucet) are similar, but then you need to give the bot a command to generate a new wallet and send some test coins to it.

To create an address, select the Manage Wallets and then Generate Wallet commands. After sending coins, one should select the Token Launcher command and choose the ERC20 standard for token creation, which is used for tangible coins on EVM-compatible networks.

Then the user, as in the first option, specifies all the data about the project and its tokenomics in the format of answers to the bot’s questions. After that, he selects the Finalize & Launch command and pays a fee for the asset’s issuance.