What is an SPL Token? A Complete Guide to Tokens on Solana

An SPL token is a token on Solana. SPL stands for Solana Program Library, the shared on-chain program that runs every token on the network. It is Solana's version of Ethereum's ERC-20. USDC, most meme coins, and nearly every Solana token you have held is an SPL token.

This guide explains how SPL tokens work, how they differ from ERC-20, the control keys that decide if one is safe, and how to make your own.

How SPL tokens work on Solana

On Solana, you do not deploy a new smart contract for each token like you would on Ethereum. There is one shared Token Program, and every token on the Solana blockchain is just a new entry in it. To make a token, you create a mint account that holds its details: name, symbol, decimals, and supply.

Your balances live in separate token accounts. Each wallet gets its own account for each token it holds, called an Associated Token Account, or ATA. Your wallet finds it automatically, so you just see your balance. This split is what lets Solana move tokens fast and cheap.

Is SOL the same as an SPL token?

No, and this trips up a lot of people. SOL is Solana's native coin, the one you use to pay network fees. SPL tokens are all the other tokens built on top of the Solana blockchain, from stablecoins to meme coins. Think of SOL as the fuel, and SPL tokens as everything the Solana ecosystem runs on. Every token made on Solana, apart from SOL itself, is an SPL token.

SPL vs ERC-20: what is the difference?

SPL and ERC-20 do the same job on different chains. Both are fungible token standards with a name, symbol, decimals, and supply. The difference is how each chain stores them.

In short: an SPL token feels like an ERC-20 token to a user. It is just cheaper and faster to create and move, because Solana reuses one program instead of deploying new code every time.

Token Program vs Token-2022

Solana actually has two token programs. The classic Token Program handles basic tokens. Token-2022, also called Token Extensions, is a newer version that adds optional features you can switch on:

• Transfer fees, a built-in tax on every transfer.
• On-chain metadata, so the name and logo live on the token itself.
• Interest-bearing balances, non-transferable (soulbound) tokens, and more.

Most simple tokens still use the classic program. You only need Token-2022 if you want one of its extra features.

Mint, freeze, and update authority

Every SPL token has control keys called authorities. They decide who can change what. There are three worth knowing:

• Mint authority - can create more tokens. Revoke it to lock the supply forever.
• Freeze authority - can freeze a wallet's tokens so they cannot move. Revoke it so no one can lock holders out.
• Update authority - controls the token's name, symbol, and image (its metadata). Revoke it to make those permanent.

If a token keeps these open, the owner can still print more supply, freeze you, or change the token. That is why revoking them is a common trust step. We cover how in revoking Solana authorities.

Types of SPL tokens

SPL is one standard, but it covers many kinds of tokens:

• Stablecoins like USDC and USDT on Solana.
• Meme coins like BONK and WIF.
• DeFi and governance tokens like JUP (Jupiter) and RAY (Raydium).
• NFTs, which are just SPL tokens with a supply of 1 and 0 decimals, usually with Metaplex metadata.

You can look any of them up on Solscan by pasting the token's mint address.

How to check if an SPL token is safe

Before you buy or hold a token, look up its mint on Solscan. A few things tell you a lot:

• Mint authority - if it is still active, the owner can print more supply and dilute you.
• Freeze authority - if active, the owner can freeze your tokens in place.
• Holders - a handful of wallets holding most of the supply is a red flag.

A token with mint and freeze authority revoked, and supply spread across many holders, is a safer bet. None of this is a guarantee, so always do your own research.

How to create an SPL token

There are two ways. Developers use the spl-token command line to build one by hand. Everyone else uses a no-code tool. Tokenry's Solana token creator mints an SPL token in about a minute for 0.15 SOL, adds the metadata, and can revoke the authorities in the same flow.

For the full walkthrough, see how to create a Solana token. Once it is live, you can send it to holders with the Solana multisender.

Educational content, not financial advice. Tokenry is a self-serve, non-custodial tool, not a financial advisor. Crypto is volatile and risky - always do your own research before creating or investing in any token.