The world of decentralized finance (DeFi) has seen continuous innovation, and SRC-20 tokens are a prime example. Developed as a protocol succeeding BRC-20, SRC-20 has gained popularity for its unique features. In this tutorial, we will guide you through the process of minting SRC-20 tokens.
What is SRC-20?
SRC-20 is a protocol that emerged after the success of BRC-20 in early 2023. Building upon the foundation laid by its predecessor, SRC-20 brings enhanced functionalities to the world of tokenization and decentralized finance.
Read more about the divergence between BRC-20 and SRC-20.
Prerequisites
Before you begin minting SRC-20 tokens, make sure you have the following:
- A SRC-20 wallet
- Sufficient Bitcoin (BTC) for the minting process
Steps to Mint SRC-20 Tokens
1. Choose Your Token and Confirm the Price
- Open OpenStamps and navigate to the token minting section.
- Select the metrics you want for the SRC-20 token that you want to mint.
- If you are satisfied with the metrics, you will be directed to a mint screen.
2. Make Payment with Bitcoin
- On the mint Confirmation screen, you will be provided with a BTC address.
- Send the required amount of Bitcoin to the provided address to initiate the minting process.
3. Monitor the Mempool
- Once the payment is made, you can monitor the progress of your order in the mempool. The mempool is where transactions are temporarily held before being confirmed on the blockchain.
4. Check SRC-20 Balances
- After processing, connect your wallet to apps like OpenStamp or StampScan.
- Although SRC-20 assets may not display natively within your wallet, you can view your balances through connected apps.
5. Storing SRC-20 Tokens
- While SRC-20 assets may not be visible within your wallet natively, rest assured they are securely stored. Just like with BRC-20 wallets, SRC-20 wallets are still upcoming and more storage options will be developed in the near future.
- Download an SRC-20 wallet for free if you haven't already.
Conclusion
Minting SRC-20 tokens is a straightforward process that allows you to participate in the exciting world of decentralized finance. Keep an eye on updates from in Bitcoin token protocols, as native support for SRC-20 and other Bitcoin tokens is in development.
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