Alchemy: Create Your Own ERC20 Cryptocurrency

Learn how to create your own ERC20 Cryptocurrency.

What is ERC20?

ERC20 is a token contract that keeps track of fungible tokens, such as exchange currency, staking, or other things with an exact value. ERC20 tokens do not have special rights or behaviors associated with them like non-fungible tokens (NFTs) do.

An example of ERC20 tokens are Shiba Inu (SHIB), Chainlink (LINK), and Wrapped Bitcoin (WBTC).

Read below to learn how to create your own ERC20 Cryptocurrency.

Prerequisites:

A cryptowallet, such as .
Configure your cryptowallet to use the .
.
Download and install an IDE of your choice, such as .
for a free Filebase account.
Have your Filebase Access and Secret Keys. Learn how to view your access keys .
Create a Filebase Bucket. Learn how to create a bucket .

1. First, S3FS-FUSE on your local environment.

This tool is available on a Linux or macOS system.

2. Set up an Access Key file for use with S3FS-FUSE.

Set up a credentials file for S3FS at ${HOME}/.passwd-s3fs. You will need to save your Filebase Access and Secret keys to this file and give it owner permissions. You can do so with the following commands:

echo ACCESS_KEY_ID:SECRET_ACCESS_KEY > ${HOME}/.passwd-s3fs

chmod 600 ${HOME}/.passwd-s3fs

3. Mount your bucket.

You can mount a Filebase IPFS bucket with the command:

s3fs mybucket /path/to/mountpoint -o passwd_file=${HOME}/.passwd-s3fs -o url=https://s3.filebase.com

mybucket: name of your Filebase bucket
/path/to/mountpoint

4. Now, navigate into the mounted Filebase bucket.

Create a new folder for your project:

mkdir myFirstToken

5. Install Hardhat with the following command:

yarn add hardhat @nomiclabs/hardhat-waffle @nomiclabs/hardhat-ethers ethers ethereum-waffle

6. Initialize the Hardhat setup prompt with the command:

npx hardhat

Select ‘Create a Basic Sample Project’ > ‘Leave Default Root’ > ‘Add a .gitignore’.

8. From the Alchemy dashboard, we need to create an app.

Select the ‘Create App’ button to get started.

9. Create a new app. For our example, we called our app Token.

Set the chain to ‘Polygon’, and the network to ‘Mumbai’.

10. Then, from our App’s page, select ‘View Key’:

11. Copy your app’s HTTP Key:

12. Next, open the hardhat.config.js file in your project’s directory.

Add the following code into the module.exports section:

module.exports = {
  solidity: "0.8.4",
  networks:{
    mumbai:{
      url: 'ALCHEMY_HTTP_URL',
    }
  }
};

Replace ALCHEMY_HTTP_URL with your Alchemy HTTP key we previously copied.

13. Next, install dotenv:

yarn add dotenv

14. Then, copy your cryptowallet’s private key.

15. Create a new file called `.env`.

This will house your wallet’s private key. If you plan to upload your project files to GitHub, we recommend adding this file to your .gitignore, which will prevent this file from being pushed to GitHub where your wallet’s private key will be accessible by others.

16. In your `.env` file, input the following variable:

PRIVATE_KEY=”CRYPTO WALLET PRIVATE KEY”

Replace the value with your wallet’s private key.

17. In your hardhat.config.js file, insert the following line at the top of the file:

require('dotenv').config()

Then in the module.exports section, add the following accounts: line:

module.exports = {
  solidity: "0.8.4",
  networks:{
    mumbai:{
      url: 'YOUR ALCHEMY POLYGON MUMBAI ENDPOINT',
      accounts: [`0x${process.env.PRIVATE_KEY}`]
    }
  }
};

Overall, your hardhat.config.js file should resemble the following:

require("@nomiclabs/hardhat-waffle");
require('dotenv').config()

task("accounts", "Prints the list of accounts", async (taskArgs, hre) => {
  const accounts = await hre.ethers.getSigners();

  for (const account of accounts) {
    console.log(account.address);
  }
});

module.exports = {
  solidity: "0.8.4",
  networks:{
    mumbai:{
      url: 'YOUR ALCHEMY POLYGON MUMBAI ENDPOINT',
      accounts: [`0x${process.env.PRIVATE_KEY}`]
    }
  }
};

18. Create a new file called `Token.sol`. Input the following content into this new file:

// SPDX-License-Identifier: GPL-3.0

pragma solidity ^0.8.0;

import "@openzeppelin/contracts/token/ERC20/ERC20.sol";

contract TokenName is ERC20{
    constructor(uint256 totalSupply) ERC20("TokenName", "TKN"){
        _mint(msg.sender, totalSupply);
    }
}

Replace the values to match your desired configuration:

TokenName: Token Name
TKN: Token Symbol

This contract uses a fixed supply of tokens, meaning the total amount of tokens available to be minted and traded is a fixed value.

19. In your project’s `scripts` directory, rename the file `sample-script.js` to `deploy.js`, and replace the existing content with the following:

const hre = require("hardhat");

async function main() {
  const TokenName = await hre.ethers.getContractFactory("TokenName");
  const tokenName = await TokenName.deploy("1000000000000000000000000000");

  await tokenName.deployed();

  console.log("Token deployed to:", devToken.address);
}

main()
  .then(() => process.exit(0))
  .catch((error) => {
    console.error(error);
    process.exit(1);
  });

Replace TokenName and tokenName with the name of the token you configured in Token.sol.

20. Now we’re ready to compile and deploy our token on the Polygon Mumbai network.

Use the following command to compile:

npx hardhat compile

21. We’ll need some test MATIC to cover the gas fees of our transaction.

22. After you have MATIC in your wallet, deploy your token on the Mumbai network:

npx hardhat run ./scripts/deploy.js --network mumbai

Take note of the contract address that gets returned.

23. Now you can add your token to your Crypto Wallet.

This tutorial uses Metamask. If you are using another wallet provider, the workflow will differ.

24. Click on the Metamask browser extension.

Make sure you are on the Mumbai network, then scroll down to ‘Import Tokens’.

25. Enter your Token’s contract address that was returned when you deployed it and your Token’s symbol:

Then select ‘Add Custom Token’.

Congratulations! You’ve created your own Cryptocurrency!

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What is ERC20?

Prerequisites:

1. First, S3FS-FUSE on your local environment.

2. Set up an Access Key file for use with S3FS-FUSE.

3. Mount your bucket.

4. Now, navigate into the mounted Filebase bucket.

5. Install Hardhat with the following command:

6. Initialize the Hardhat setup prompt with the command:

8. From the Alchemy dashboard, we need to create an app.

9. Create a new app. For our example, we called our app Token.

10. Then, from our App’s page, select ‘View Key’:

11. Copy your app’s HTTP Key:

12. Next, open the hardhat.config.js file in your project’s directory.

13. Next, install dotenv:

14. Then, copy your cryptowallet’s private key.

15. Create a new file called .env.

16. In your .env file, input the following variable:

17. In your hardhat.config.js file, insert the following line at the top of the file:

18. Create a new file called Token.sol. Input the following content into this new file:

19. In your project’s scripts directory, rename the file sample-script.js to deploy.js, and replace the existing content with the following:

20. Now we’re ready to compile and deploy our token on the Polygon Mumbai network.

21. We’ll need some test MATIC to cover the gas fees of our transaction.

22. After you have MATIC in your wallet, deploy your token on the Mumbai network:

23. Now you can add your token to your Crypto Wallet.

24. Click on the Metamask browser extension.

25. Enter your Token’s contract address that was returned when you deployed it and your Token’s symbol:

What is ERC20?

Prerequisites:

1. First, S3FS-FUSE on your local environment.

2. Set up an Access Key file for use with S3FS-FUSE.

3. Mount your bucket.

4. Now, navigate into the mounted Filebase bucket.

5. Install Hardhat with the following command:

6. Initialize the Hardhat setup prompt with the command:

7. Now, let’s head over to Alchemy and either for an account or .

8. From the Alchemy dashboard, we need to create an app.

9. Create a new app. For our example, we called our app Token.

10. Then, from our App’s page, select ‘View Key’:

11. Copy your app’s HTTP Key:

12. Next, open the hardhat.config.js file in your project’s directory.

13. Next, install dotenv:

14. Then, copy your cryptowallet’s private key.

15. Create a new file called .env.

16. In your .env file, input the following variable:

17. In your hardhat.config.js file, insert the following line at the top of the file:

18. Create a new file called Token.sol. Input the following content into this new file:

19. In your project’s scripts directory, rename the file sample-script.js to deploy.js, and replace the existing content with the following:

20. Now we’re ready to compile and deploy our token on the Polygon Mumbai network.

21. We’ll need some test MATIC to cover the gas fees of our transaction.

22. After you have MATIC in your wallet, deploy your token on the Mumbai network:

23. Now you can add your token to your Crypto Wallet.

24. Click on the Metamask browser extension.

25. Enter your Token’s contract address that was returned when you deployed it and your Token’s symbol:

7. Now, let’s head over to Alchemy and either for an account or .

15. Create a new file called `.env`.

16. In your `.env` file, input the following variable:

18. Create a new file called `Token.sol`. Input the following content into this new file:

19. In your project’s `scripts` directory, rename the file `sample-script.js` to `deploy.js`, and replace the existing content with the following:

15. Create a new file called `.env`.

16. In your `.env` file, input the following variable:

18. Create a new file called `Token.sol`. Input the following content into this new file:

19. In your project’s `scripts` directory, rename the file `sample-script.js` to `deploy.js`, and replace the existing content with the following: