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how-to-create-send-burn-fungible-tokens.md

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How to create fungible tokens

Native tokens on cardano are executed directly on-chain,
unlike the ERC-20 tokens for example, which are executed by means of smart contracts on the Ethereum blockchain.

Fungible token property:

  • Numerous quantity
  • Equivalent to each other
  • No distinction between each other

1) Defines the token architecture

Token name: MARS
Token supply: 1 000 000 000
Token time constraint: No time constraint
Who can mint: One address

2) Create a verification key and signing key for mint and burn the token

cardano-cli address key-gen \
--verification-key-file priv/MARS/marsToken.vkey \
--signing-key-file priv/MARS/marsToken.skey

3) Create the monetary policy script

MARS_VKEY=$(cardano-cli address key-hash --payment-verification-key-file priv/MARS/marsToken.vkey)
SCRIPT_PATH=policy/marsToken.script

# Monetary script
echo "{" >> $SCRIPT_PATH
echo "  \"type\": \"all\"," >> $SCRIPT_PATH
echo "  \"scripts\":" >> $SCRIPT_PATH
echo "  [" >> $SCRIPT_PATH
echo "    {" >> $SCRIPT_PATH
echo "      \"type\": \"sig\"," >> $SCRIPT_PATH
echo "      \"keyHash\": \"$MARS_VKEY\"" >> $SCRIPT_PATH
echo "    }" >> $SCRIPT_PATH
echo "  ]" >> $SCRIPT_PATH
echo "}" >> $SCRIPT_PATH

cat policy/marsToken.script

4) Create the policy ID

The policy ID is the hash of the policy script.

cardano-cli transaction policyid \
--script-file policy/marsToken.script \
> policy/mars.policyid

cat policy/mars.policyid

5) Mint the token

  • 5.1 Get the UTXO from the address you want to mint the token

MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)

cardano-cli query utxo \
--address $MINT_ADDR \
--testnet-magic 1

  • 5.2 Mint the token

# Encoded the token name in hex format
ASSET_NAME=$(echo -n "MARS" | xxd -ps | tr -d '\n')
TOKEN_SUPPLY=1000000000
POLICY_ID=$(cat policy/mars.policyid)
MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)
UTXO_IN=0be38e65bec5eebde5ca3308a75e5c8adcd1b184534b445c984185d7d6f9aee5#1
UTXO_IN_AMOUNT=100000000
# The tokens need to have a minimum value
# I set it to 2 ADA but it depend of bundle inside the txout (bundle = "AMOUNT of token policyID.AssetName")
MIN_ADA_VALUE=2000000

# Build the transaction 
cardano-cli transaction build \
--tx-in $UTXO_IN \
--tx-out $MINT_ADDR+$MIN_ADA_VALUE+"$TOKEN_SUPPLY $POLICY_ID.$ASSET_NAME" \
--change-address $MINT_ADDR \
--mint "$TOKEN_SUPPLY $POLICY_ID.$ASSET_NAME" \
--mint-script-file policy/marsToken.script \
--testnet-magic 1 \
--witness-override 2 \
--out-file tx-files/mintTX.raw

cardano-cli transaction sign \
--tx-body-file tx-files/mintTX.raw \
--signing-key-file priv/MARS/marsToken.skey \
--signing-key-file /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr.skey \
--out-file tx-files/mintTX.signed

Submint the transaction

cardano-cli transaction submit \
--tx-file tx-files/mintTX.signed \
--testnet-magic 1

Check UTXOs from the address

MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)

cardano-cli query utxo \
--address $MINT_ADDR \
--testnet-magic 1

How to send fungible token

# Encoded the token name in hex format
ASSET_NAME=$(echo -n "MARS" | xxd -ps | tr -d '\n')
TOKEN_SUPPLY=1000000000
POLICY_ID=$(cat policy/mars.policyid)
SENDER_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)
RECEIVER_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Djessy/djessy.addr)
UTXO_IN_1=37906b562ec69696d58e57eaa06b73ef32a5a427d3f60a2389379e27585de5f9#1
UTXO_IN_2=8d4f02739f9f921e7d50cd7765527242a1ca5bd37dc479a550af99463290d89f#1
AMOUNT_TOKEN_TO_SEND=50000000
CHANGE_TOKEN=$((1000000000 - $AMOUNT_TOKEN_TO_SEND))
MIN_ADA_VALUE=2000000

# Build the transaction 
cardano-cli transaction build \
--tx-in $UTXO_IN_1 \
--tx-in $UTXO_IN_2 \
--tx-out $RECEIVER_ADDR+$MIN_ADA_VALUE+"$AMOUNT_TOKEN_TO_SEND $POLICY_ID.$ASSET_NAME" \
--tx-out $SENDER_ADDR+$MIN_ADA_VALUE+"$CHANGE_TOKEN $POLICY_ID.$ASSET_NAME" \
--change-address $SENDER_ADDR \
--testnet-magic 1 \
--out-file tx-files/sendToken.raw

# Sign the transaction
cardano-cli transaction sign \
--tx-body-file tx-files/sendToken.raw \
--signing-key-file /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr.skey \
--out-file tx-files/sendToken.signed

# Submit the transaction
cardano-cli transaction submit \
--tx-file tx-files/sendToken.signed \
--testnet-magic 1

Check UTXOs from the address

MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Djessy/djessy.addr)

cardano-cli query utxo \
--address $MINT_ADDR \
--testnet-magic 1

How to burn fungible token

To burn tokens, you have to provide the signing key of the address where the tokens is locked,
and the corresponding signing key from the policy script.

1) Get the address with the token is locked

MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)

cardano-cli query utxo \
--address $MINT_ADDR \
--testnet-magic 1

2) Burn the tokens at the address

# Encoded the token name in hex format
ASSET_NAME=$(echo -n "MARS" | xxd -ps | tr -d '\n')
TOKEN_SUPPLY=1000000000
POLICY_ID=$(cat policy/mars.policyid)
ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)
UTXO_IN_1=ca367e87ed8750475279267363192e8e55ec3febb6b54e7c8ec2b96e296155f2#2
UTXO_IN_2=ca367e87ed8750475279267363192e8e55ec3febb6b54e7c8ec2b96e296155f2#0
AMOUNT_TOKEN_TO_BURN=900000000
AMOUNT_TOKEN=950000000
OUTPUT=$(($AMOUNT_TOKEN - $AMOUNT_TOKEN_TO_BURN))
# The token need to have a minimum value to be mint and sent
MIN_ADA_VALUE=2000000

# Build the transaction 
cardano-cli transaction build \
--tx-in $UTXO_IN_1 \
--tx-in $UTXO_IN_2 \
--tx-out $ADDR+$MIN_ADA_VALUE+"$OUTPUT $POLICY_ID.$ASSET_NAME" \
--change-address $ADDR \
--mint "-$AMOUNT_TOKEN_TO_BURN $POLICY_ID.$ASSET_NAME" \
--mint-script-file policy/marsToken.script \
--testnet-magic 1 \
--witness-override 2 \
--out-file tx-files/burnToken.raw

# Sign the transaction
cardano-cli transaction sign \
--tx-body-file tx-files/burnToken.raw \
--signing-key-file /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr.skey \
--signing-key-file priv/MARS/marsToken.skey \
--testnet-magic 1 \
--out-file tx-files/burnToken.signed

# Submit the transaction
cardano-cli transaction submit \
--tx-file tx-files/burnToken.signed \
--testnet-magic 1

Check UTXOs from the address

MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)

cardano-cli query utxo \
--address $MINT_ADDR \
--testnet-magic 1
!jupytext --to markdown how-to-create-send-burn-fungible-tokens.ipynb
# Encoded the token name in hex format
ASSET_NAME=$(echo -n "MARS" | xxd -ps | tr -d '\n')
TOKEN_SUPPLY=1000000000
POLICY_ID=$(cat policy/mars.policyid)
MINT_ADDR=$(cat /users/$(whoami)/testnet/priv/wallet/Drake/drake.addr)
UTXO_IN=0be38e65bec5eebde5ca3308a75e5c8adcd1b184534b445c984185d7d6f9aee5#1
UTXO_IN_AMOUNT=100000000
# The tokens need to have a minimum value
# I set it to 2 ADA but it depend of bundle inside the txout (bundle = "AMOUNT of token policyID.AssetName")
MIN_ADA_VALUE=2000000



cardano-cli transaction calculate-min-required-utxo \
--babbage-era \
--protocol-params-file tx-files/protocol-params.json \
--tx-out $MINT_ADDR+"$TOKEN_SUPPLY $POLICY_ID.$ASSET_NAME" 
!man cardano-cli