Token Factory

Token Factory

This tokenfactory module allows any account to create a new token with the name factory/{creator address}/{subdenom}. Because tokens are namespaced by creator address, this allows token minting to be permissionless, due to not needing to resolve name collisions.

Note: If you want your denom to be visible on products like Helix, Hub, Explorer, etc, it's important to add token metadata information using the MsgSetDenomMetadata message as explained below.

Note #2: It's recommended to change your admin to the zero address for safety and preventing supply manipulation.

Messages

Let's explore (and provide examples) the Messages that the TokenFactory module exports and we can use to interact with the Injective chain.

MsgCreateDenom

Creates a denom of factory/{creator address}/{subdenom} given the denom creator address and the subdenom. Subdenoms can contain [a-zA-Z0-9./]. Keep in mind that there is a creation fee which you need to cover when creating a new token.

Keep in mind that that the admin of the token can change the supply (mint or burn new tokens). Its recommended that the admin is unset using the MsgChangeAdmin, as explained below.

import {
  MsgCreateDenom,
} from "@injectivelabs/sdk-ts";
import { BigNumberInBase } from "@injectivelabs/utils";
import { Network } from "@injectivelabs/networks";

const injectiveAddress = "inj1...";
const privateKey = "0x...";
const subdenom = "inj-test";

const msg = MsgCreateDenom.fromJSON({
  subdenom,
  symbol: 'InjTest',
  name: 'Inj Testing',
  sender: injectiveAddress,
});

const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  network: Network.Testnet
}).broadcast({
  msgs: msg
});

console.log(txHash);

MsgMint

Minting of a specific denom is only allowed for the current admin. Note, the current admin is defaulted to the creator of the denom.

import {
  MsgMint,
} from "@injectivelabs/sdk-ts";
import { BigNumberInBase } from "@injectivelabs/utils";
import { Network } from "@injectivelabs/networks";

const injectiveAddress = "inj1...";
const privateKey = "0x...";
const subdenom = "inj-test";
const amountToMint = 1_000_000_000

const msg = MsgMint.fromJSON({
  sender: injectiveAddress,
  amount: {
    denom: `factory/${injectiveAddress}/${subdenom}`,
    amount: amountToMint
  }
});

const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  network: Network.Testnet
}).broadcast({
  msgs: msg
});

console.log(txHash);

MsgBurn

Burning of a specific denom is only allowed for the current admin. Note, the current admin is defaulted to the creator of the denom.

import {
  MsgBurn,
} from "@injectivelabs/sdk-ts";
import { BigNumberInBase } from "@injectivelabs/utils";
import { Network } from "@injectivelabs/networks";

const injectiveAddress = "inj1...";
const privateKey = "0x...";
const subdenom = "inj-test";
const amountToBurn = 1_000_000_000

const msg = MsgBurn.fromJSON({
  sender: injectiveAddress,
  amount: {
    denom: `factory/${injectiveAddress}/${subdenom}`,
    amount: amountToBurn
  }
});

const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  network: Network.Testnet
}).broadcast({
  msgs: msg
});

console.log(txHash);

MsgSetDenomMetadata

Setting of metadata for a specific denom is only allowed for the admin of the denom. It allows the overwriting of the denom metadata in the bank module.

import {
  MsgSetDenomMetadata,
} from "@injectivelabs/sdk-ts";
import { BigNumberInBase } from "@injectivelabs/utils";
import { Network } from "@injectivelabs/networks";

const injectiveAddress = "inj1...";
const privateKey = "0x...";
const subdenom = 'inj-test'
const denom = `factory/${injectiveAddress}/${subdenom}`;

const denomUnitsIfTokenHas0Decimals = [
  {
    denom: denom,
    exponent: 0,
    aliases: [subdenom]
  },
]
const denomUnitsIfTokenHas6Decimals = [
  {
    denom: denom, /** we use the whole denom here */
    exponent: 0,
    aliases: [`micro${subdenom}`]
  },
  {
    denom: subdenom,
    exponent: 6, /** we use the subdenom only here (if you want your token to have 6 decimals) */
    aliases: [subdenom]
  },
]

const msg = MsgSetDenomMetadata.fromJSON({
  sender: injectiveAddress,
  metadata: {
    base: denom, /** the base denom */
    description: '', /** description of your token */
    display: subdenom, /** the display alias of your token on UIs (it's the denom of the unit with highest decimals) */
    name: '', /** the name of your token */
    symbol: '', /** the symbol of your token */
    uri: '' /** the logo of your token, should be hosted on IPFS and should be a small webp image */
    denomUnits: denomUnitsIfTokenHas6Decimals  /** choose if you want to have 6 or 0 decimals for the token */
  }
});

const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  network: Network.Testnet
}).broadcast({
  msgs: msg
});

console.log(txHash);

MsgChangeAdmin

The admin of the denom can mint new supply or burn existing one. It's recommended to change the admin to the zero address as to not allow changing the token's supply.

import { MsgChangeAdmin } from '@injectivelabs/sdk-ts'
import { BigNumberInBase } from '@injectivelabs/utils'
import { Network } from '@injectivelabs/networks'

const injectiveAddress = 'inj1...'
const privateKey = '0x...'
const subdenom = 'inj-test'
const denom = `factory/${injectiveAddress}/${subdenom}`

const msg = MsgChangeAdmin.fromJSON({
  denom,
  sender: injectiveAddress,
  newAdmin: 'inj1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqe2hm49' /** SET TO ZERO ADDRESS */,
})

const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  network: Network.Testnet,
}).broadcast({
  msgs: msg,
})

console.log(txHash)

Full Example

Here is a full example on how to create a new token, mint new tokens and set token metadata on Injective.

import {
  MsgSetDenomMetadata,
} from "@injectivelabs/sdk-ts";
import { BigNumberInBase } from "@injectivelabs/utils";
import { Network } from "@injectivelabs/networks";

const injectiveAddress = "inj1...";
const privateKey = "0x...";
const subdenom = 'inj-test'
const denom = `factory/${injectiveAddress}/${subdenom}`;
const amount = 1_000_000_000

const msgCreateDenom = MsgCreateDenom.fromJSON({
  subdenom,
  sender: injectiveAddress,
});
const msgMint = MsgMint.fromJSON({
  sender: injectiveAddress,
  amount: {
    denom: `factory/${injectiveAddress}/${subdenom}`,
    amount: amount
  }
});
const msgChangeAdmin = MsgChangeAdmin.fromJSON({
  denom: `factory/${injectiveAddress}/${subdenom}`,
  sender: injectiveAddress,
  newAdmin: 'inj1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqe2hm49' /** SET TO ZERO ADDRESS */
});
const msgSetDenomMetadata = MsgSetDenomMetadata.fromJSON({
  sender: injectiveAddress,
  metadata: {
    base: denom, /** the base denom */
    description: '', /** description of your token */
    display: '', /** the displayed name of your token on UIs */,
    name: '', /** the name of your token */,
    symbol: '' /** the symbol of your token */,
    uri: '' /** the logo of your token, should be hosted on IPFS and should be a small webp image */
    denomUnits: [
      {
        denom: `factory/${injectiveAddress}/u${subdenom}`, /** notice the u */
        exponent: 0,
        aliases: [`micro${subdenom}`]
      },
      {
        denom: denom,
        exponent: 6, /** if you want your token to have 6 decimals */
        aliases: [subdenom]
      },
    ]
  }
});

const txHash = await new MsgBroadcasterWithPk({
  privateKey,
  network: Network.Testnet
}).broadcast({
  msgs: [msgCreateDenom, msgMint, msgSetDenomMetadata, msgChangeAdmin]
});

console.log(txHash);