Tracking Newly Created Tokens on Solana

Introduction

In this tutorial, we'll learn how to track newly created tokens on the Solana blockchain. Solana uses the SPL Token Program for its token operations, which allows developers to create, transfer, and manage tokens efficiently. We will explore how to interact with Solana's RPC API and the Solana Web3.js library to monitor new token creation events.

Prerequisites

• Node.js and npm installed on your system.
• Basic knowledge of JavaScript and Solana.
• A Solana Devnet account (you can create one using the Solana CLI or a wallet like Phantom).

Step 1: Set Up Your Project

1. Create a new project directory:

   mkdir solana-token-tracker
   cd solana-token-tracker

1. Initialize a new Node.js project:

   npm init -y

1. Install the Solana Web3.js library:

   npm install @solana/web3.js

Step 2: Connect to the Solana Network

Create a new file called index.js and add the following code to connect to the Solana blockchain:

const solanaWeb3 = require('@solana/web3.js');

// Connect to the Solana Devnet
const connection = new solanaWeb3.Connection(
  solanaWeb3.clusterApiUrl('devnet'),
  'confirmed'
);

console.log('Connected to Solana Devnet');

This code establishes a connection to the Solana Devnet, allowing us to interact with the network for development purposes.

Step 3: Fetch New Token Creation Transactions

Solana tokens are created using the SPL Token Program, so we'll track transactions involving this program to identify new tokens. Add the following function to your index.js file:

async function getNewTokens(startSlot) {
  try {
    const currentSlot = await connection.getSlot();
    const signatures = await connection.getConfirmedSignaturesForAddress2(
      new solanaWeb3.PublicKey(solanaWeb3.TOKEN_PROGRAM_ID),
      { startSlot, limit: 100 }
    );

    console.log('Newly Created Tokens:');
    for (const signatureInfo of signatures) {
      const transaction = await connection.getConfirmedTransaction(signatureInfo.signature);
      const transactionInstructions = transaction.transaction.message.instructions;

      transactionInstructions.forEach((instruction) => {
        if (instruction.programId.equals(solanaWeb3.TOKEN_PROGRAM_ID)) {
          const data = Buffer.from(instruction.data);
          const command = data.readUInt8(0);

          // Command 1 represents the Token Mint To instruction
          if (command === 1) {
            const mintAccount = instruction.keys[0].pubkey.toBase58();
            console.log(`- New Token Mint: ${mintAccount}`);
          }
        }
      });
    }
  } catch (error) {
    console.error('Error fetching new tokens:', error);
  }
}

// Replace with the starting slot number
const startSlot = 1000000;
getNewTokens(startSlot);

Explanation

• Token Program ID: The TOKEN_PROGRAM_ID is used to filter transactions that involve token operations. We're interested in the Mint To instruction, which indicates new token creation.
• Fetch Signatures: We fetch the confirmed signatures for transactions involving the SPL Token Program starting from a specified slot.
• Process Instructions: We inspect the transaction instructions to identify those that correspond to the Mint To operation, which indicates token creation.

Step 4: Monitor for New Tokens

You can run this script periodically to monitor for new token creation events. Consider setting up a cron job or a scheduled task to execute the script at regular intervals.

node index.js

Conclusion

In this tutorial, we explored how to track newly created tokens on the Solana blockchain using the Solana Web3.js library. By monitoring transactions involving the SPL Token Program, we can identify new token minting events. This approach provides a powerful way to stay updated with new token launches on Solana.