Creating token standards
About
As the ecosystem continues to grow, we’re constantly seeing growth in the number tokens being created. This maturation reflects the success of permissionless innovation, a trend we expect will only accelerate in the future.
As the rate of token issuance increases, it has become difficult for users to filter out high quality, legitimate tokens from scams. Below is how individual DEXs can manage this.
Solution
Each DEX will maintain a file of whitelisted tokens. The list will have a set of criteria
Is the project legitimate?Is there enough liquidity?etc.
Tokens not included in the list can still be traded but will have a warning.
This token isn’t traded on leading centralized exchanges or frequently swapped. Always conduct your own research before trading.
Create
Create a public repository.
Create a file chain.json
Below is an example.
{
“name”: “Token List”,
“timestamp”: “2077-01-01T11:11:11.111Z”,
“version”: {
“major”: 1,
“minor”: 0,
“patch”: 0
},
“tags”: {},
“logoURI”: “”,
“keywords”: [],
“tokens”: [
{
“name”: “Wrapped Ether”,
“address”: “0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2”,
“symbol”: “WETH”,
“decimals”: 18,
“chainId”: 1,
“logoURI”: “https://ipfs.io/ipfs/QmVwvpK3UdPAB9nA1VXWwHWaTQXeTeYkmwMPGbfQiAmUgU”
},
{
“name”: “Tether USD”,
“address”: “0xdac17f958d2ee523a2206206994597c13d831ec7”,
“symbol”: “USDT”,
“decimals”: 6,
“chainId”: 1,
“logoURI”: “https://ipfs.io/ipfs/QmdJtEuYmo6o5GMwQ1FVWedqzSHWHEkYHBuChAbgYsWd4U”
}
]
}
The DEX will pull from this JSON to display token info.
Update
Every time a token is added, deleted or updated, bump the version number.
DEX as a Service
0SUM.io provides a software service to deploy a DEX and white label user interface (website). Smart contracts are audited and interface is production ready. This can all be done with no code.
For more info:
How to Create a Token List for DEXs was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.