A Step by Step Guide to Memecoin Development

Memecoin development involves cryptocurrency development primarily based on internet memes. In this blog, we will cover its development process.

Memecoin Development

A meme coin is a type of cryptocurrency that gains its popularity primarily through internet memes and social media rather than its technological or financial merits. It often has a humorous or satirical theme and relies on viral marketing to attract investors. Memecoins are usually created quickly and may not have a well-defined purpose or a strong development team behind them.

While some memecoins have experienced significant price increases, they can also be highly volatile and risky investments. In essence, memes coins are cryptocurrencies that rely on internet culture and online trends for their value and appeal.

Technically, a meme coin is nothing but an ERC-20 token that may have some additional logic and functions according to its tokenomics.

Related Post | Memecoin Development | A Comprehensive Guide

Steps Involved in Memecoin Development

Below are the steps to create a simple meme coin smart contract:

Step 1: Solidity Version and SPDX License Identifier

The contract starts with specifying the Solidity version and SPDX License Identifier.

// SPDX-License-Identifier: MIT

pragma solidity ^0.8.9;

Step 2: Importing Required Contracts

The contract imports several contracts from the OpenZeppelin library using their specific versions.

import "@openzeppelin/[email protected]/token/ERC20/ERC20.sol";

import "@openzeppelin/[email protected]/token/ERC20/extensions/ERC20Burnable.sol";

import "@openzeppelin/[email protected]/security/Pausable.sol";

import "@openzeppelin/[email protected]/access/AccessControl.sol";

import "@openzeppelin/[email protected]/token/ERC20/extensions/draft-ERC20Permit.sol";

Step 3: Contract Definition and Inheritance

The contract is defined as MEME and inherits from several contracts: ERC20, ERC20Burnable, Pausable, AccessControl, and ERC20Permit.

contract MEME is ERC20, ERC20Burnable, Pausable, AccessControl, ERC20Permit

Step 4: Role Definitions

Two role constants, PAUSER_ROLE and MINTER_ROLE, are defined using the keccak256 function.

bytes32 public constant PAUSER_ROLE = keccak256("PAUSER_ROLE");

bytes32 public constant MINTER_ROLE = keccak256("MINTER_ROLE");

Step 5: Contract Constructor

The constructor function is defined, which is executed only once during contract deployment. It initializes the contract and assigns the roles to the contract deployer (the person who deploys the contract).

constructor() ERC20("MEME", "MEM") ERC20Permit("MEME") {

_grantRole(DEFAULT_ADMIN_ROLE, msg.sender);

_grantRole(PAUSER_ROLE, msg.sender);

_grantRole(MINTER_ROLE, msg.sender);

}

Step 6: Pause and Unpause Functions

The pause and unpause functions are defined, which can be called by accounts with the PAUSER_ROLE. These functions utilize the Pausable contract inherited from OpenZeppelin.

function pause() public onlyRole(PAUSER_ROLE) {

_pause();

}

function unpause() public onlyRole(PAUSER_ROLE) {

_unpause();

}

Step 7: Mint Function

The mint function is defined, which can be called by accounts with the MINTER_ROLE. This function allows the minter to mint tokens for any address.

function mint(address to, uint256 amount) public onlyRole(MINTER_ROLE) {

_mint(to, amount);

}

Step 8: Token Transfer Hook

The _beforeTokenTransfer function is overridden to add additional checks before transferring tokens. It ensures that the token transfers are allowed when the contract is not paused.

function _beforeTokenTransfer(address from, address to, uint256 amount)

internal

whenNotPaused

override

{

super._beforeTokenTransfer(from, to, amount);

}

Here is Our Complete Smart Contract:

Also, Check | ERC-20 Token Standard | A Compact Guide to Development

Conclusion

For successful memecoin development, professional assistance is crucial. Our team at Oodles is here to support you. Contact our crypto developers today for expert guidance.