Before Raydium goes online on the token market, it is necessary to create an OpenBook ID, but the link provided by Raydium officially costs 3-4 SOLs to create. This cost makes us reluctant to issue tokens on Solana.
This document introduces some basic concepts of OpenBook and teaches you how to create an OpenBook Market ID at a lower cost (minimum 0.4 SOL).


1. Why does Raydium need an OpenBook Market ID to create a pool?
In order to improve the utilization of liquidity, Raydium's AMM is integrated with the OpenBook market, and the OpenBook order book can share the AMM's capital pool and the liquidity of market makers. Any user on the OpenBook GUI can trade based on the liquidity of the Raydium AMM. Therefore, when creating a new liquidity pool on Raydium, the user or project will first need to create and provide an OpenBook market ID.


2. Where does the cost of 3-4 SOLs to create an OpenBook ID go?
When creating a new OpenBook, you need to create an event queue, a request queue, and a buy and sell order queue on the Solana chain. These queues are all separate Solana PDA accounts. Because Solana’s economic model stipulates that creating account space requires paying a certain amount of Sol tokens as rent, you need to pay expensive rent for these queues.

Parameters corresponding to different costs

The queue length affects the processing capacity of the market, including the number of events that can be processed, the number of pending requests, and the size of the orders. Lower-cost configurations are suitable for markets with small trading volumes, while higher-cost configurations are suitable for larger markets that require higher performance and handle more transactions.


3. How to reduce more space expenses?
You can reduce expenses by changing the length of the event queue. According to the minimum requirements of the OpenBook official contract, you can reduce the queue length and the rent can be reduced to around 0.4SOL.


4. What is the impact of using a reduced queue?
It's great to create OpenBook Market at 5 times lower price than usual. But you need to consider the risk. If your project is a long-term project with a large trading volume, it is not recommended to save the 3 Sol expenses. If you plan to create a short-term meme project with a market value of no more than 1 million US dollars, or just use it for some testing, then there is no problem with using a low-cost solution.


How to create an OpenBook Marketplace ID?

1. Connect your Solana wallet

2. Select the base token and quote token

3. Set trading limits, set minimum purchase amount and minimum price change

4. Advanced options. If you are not familiar with it, it is recommended to skip this step.

5. Create a market and confirm transaction information

6. Wait for the market to be ready


Step 1: Connect your Solana wallet

First, visit the SlerfTools website and connect your Solana wallet. This is to ensure that you can operate and trade on the platform.

Step 2: Select Base Token and Quote Token

On the Create Market screen, select the base token and quote token you want as a trading pair. The base token is the currency you want people to buy, and the quote token is the currency used to pay, which is usually SOL or USDC.

Step 3: Set trading limits

You need to set a minimum purchase amount (Minimum Order Quantity), which is the minimum number of tokens for which an order will be accepted, and a minimum price change (Price Change), which determines the smallest unit the price can be adjusted by.

Step 4: Advanced Options

If you have enough knowledge about how the market works, you can set the duration of the market in the "Advanced Options". If you are not familiar with it, it is recommended to skip this step.

Step 5: Create a Marketplace

Once all settings are completed, click the "Create Market" button. You will be asked to confirm the information and place the transaction.

Step 6: Wait for the market to be ready

Once you have completed your trade, the system will process your request to create the market. You will need to wait a few minutes until the market is fully created and ready.

Detailed operation instructions
1. Link wallet
Open the webpage https://slerf.tools/lp/openbook, link the wallet, Phantom Wallet is recommended.
2. Fill in the parameters

Fill in the parameters page

3. Create an OpenBook Market ID
After filling in all the parameters, click the Create Market button. After the wallet confirms the transaction, wait a while for the on-chain transaction to be confirmed, and the market ID will appear at the bottom of the webpage.
Enter the Market ID on Raydium's official liquidity creation page to find out the information indicating successful creation https://raydium.io/liquidity/create/
After success, you can create liquidity in Raydium

4. Configuration parameter recommendations
Minimum order size and increments can be configured based on token supply, here are the recommended values:

Token Supply Minimum Order Size Change Unit

FAQ
1. Is it safe to create an OpenBook ID on SlerfTools?

  • A: SlerfTools has thousands of active users per month. Also, while the tool creates your market ID, it does not have access to anything. That is, it is only responsible for calling the protocol to create the OpenBook Market. Also, the tool never asks for access to private keys, NFTs, or tokens within our wallets. In other words, all our assets will be safe.

2. What should I do if the successfully created OpenBook ID is not saved in time?

  • A: If the creation is successful, the created market ID information is all on the chain. If the page does not save the market ID in time, you can contact the administrator to help you find it on the chain. If the payment has been successful, if you have any questions, you can join the Telegram group and contact the administrator to help you retrieve the ID.