Everything You Need to Know About the Solana In_script_ion Standard: SPL-20

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The wealth effect of inion assets is no longer limited to BRC-20 related tokens. With the increase of gas fees due to market FOMO and congestion on the BTC public chain, inion assets naturally spill over to major public chains. The effects of smart contracts and lower gas fees have also caused a new upward trend.

Among them, the inion on Solana is also a significant representative of high growth. The article will briefly describe what the SLP-20 standard is and its uniqueness.

Definition

SLP-20 is the abbreviation of Solana Program Library-20, which is a set of rules and specifications for managing token creation and operation in the Solana network, representing the standardized token format on the Solana blockchain.

Drawing inspiration from Bitcoin‘s BRC-20 standard, SPL20 inions also enable direct on-chain storage of digital art. The introduction of SLP-20, like other similar protocols, aims to simplify the issuance of tokens.

These inions are supported by LibrePlex, a collection of independent contributors and teams in the Solana eco, whose commitment to open source frameworks and zero coinage tax policies has created an accessible platform for NFTs.

According to the definition given by LibrePlex, SPL20 is an NFT with inscribed text that can be used as interchangeable memecoins. SPL20 NFT can be bridged into SPL tokens, and vice versa.

The reason why SPL20 is popular is because they are issued fairly, minted for free, without pre-sale, pre allocation, airdrop, etc. All supplies are publicly minted and inscribed, following a first come, first served principle.

How to Deploy and Inscribe SPL20?

To mint SPL tokens, code can be written from scratch, existing SPL token libraries can be modified, and there are ready-made applications to help creators mint SPL tokens without extensive coding. Tools such as Solscribe.io can also be used to quickly deploy, inscribe and mint SPL20 tokens.

In the coinage stage, it is necessary to define the core attributes of tokens. For example, to create non convertible SPL tokens, you need to set the supply to 1 and remove the decimal point function.

What is the Difference Between SPL-20?

Although we refer to various tokens issued through the BRC-20 and SPL-20 protocols collectively as inions for convenience, they are slightly different from inions as their main body is NFT.

Meanwhile, they allow for the variability of SPL-20 tokens in on-chain art to be altered, allowing for dynamic changes such as native feature exchange or implementing day night cycles in game NFTs. This flexibility has opened up new avenues for use cases in the fields of digital art and gaming.

SPL NFTs can be created on any platform, and indexing determines whether to include images or files based on their hash values. Another factor that determines the validity of SPL inions is text, embedded text. Only inions that match the hash value and embedded text are considered valid. Images are off-chain data, while text is on-chain data.

Meanwhile, LibrePlex uses a “bidirectional bridge” to complete the conversion between SPL tokens and NFTs. For example, one SOLS NFT can be bridged into 1000 SOLS tokens, while 1000 SOLS tokens can be bridged back into one SOLS NFT.

The implementation of this bidirectional bridging bridges the gap between NFT and DeFi, allowing the same assets to be traded in multiple markets; Solana itself is known for its high throughput and active community, and its native token $SOL has maintained high growth for several months. With these conditions in mind, various SPL-20 tokens represented by $SOLs and $Lamps have attracted a lot of attention and prices are also an inevitable trend.

Conclusion

The development of the SPL-20 standard is not yet mature enough. Its underlying logic is actually to store NFT images in a distributed manner through third-party means, and then store their text addresses on the chain to complete the “connection” of the asset on the chain.

To some extent, this reduces the need for SPL-20 tokens to occupy so much on-chain space, which is a good signal. However, meanwhile, the operation of inscribing on Solana is less intuitive, and the steps are more cumbersome. It is necessary to expect LibrePlex, who is expected to demonstrate an active attitude in the community, to timely and effectively solve these pain points and not let the “alternative” SPL-20 inions go silent.