Token Standards on Solana

Supported Token Standards on Solana

• SPL404

• MPL404

• Hybrid DeFi

Token Standard on Solana

SPL404

Combination

Fungible token+NFTs+ NFT/Token

Conversation Escrow Contract

NFT Metadata Re-roll Feature

Yes,when NFTs are withdrawn from the escrow contract, the metadata will be randomly assigned.

Metadata Type

Token2022 /Token Program/Metaplex Core

Rarity based conversion ratio tiers

No, all the NFTs are with same conversion ratio with Tokens

Leading Project

Mutantmon

Launchpad

Mutant labs

Token Standard on Solana

MPL404

Combination

Fungible token+NFTs+ NFT/Token

Conversation Escrow Contract

NFT Metadata Re-roll Feature

Yes,when NFTs are withdrawn from the escrow contract, the metadata will be randomly assigned..

Metadata Type

Metaplex Core only

Rarity based conversion ratio tiers

Not yet in the standard contracts for now. But it is achievable with additional configuration

Leading Project

Monkey Pox Hakoiri

Launchpad

Metaplex Mutant Labs

Token Standard on Solana

Hybrid DeFi (SPL20/SPL22)

Combination

Fungible token+NFTs+ NFT/Token

Conversation Escrow Contract

NFT Metadata Re-roll Feature

No, when NFTs are deposited into the Escrow Contract, the metadata of NFTs will not be burned.

Metadata Type

Token2022 /Token Program/Metaplex Core

Rarity based conversion ratio tiers

Yes, like 1 Rare NFT=10K Tokens

1 common NFT=5K Tokens

Leading Project

DeGods

Bozo

Gh0stc0in

Launchpad

T22 Hybrid Tech Sniper

Comparison of Solana Hybrids

To help Scatters better understand the different features of Solana hybrids, we’ve created a simple comparison infographic below.

On Solana, there are three main categories based on concept and token design features: MPL404 (the Metaplex version of SPL404), SPL404, and Hybrid DeFi (SPL20/SPL22).

Metaplex and the Mutantmon team also contributed to this infographic. Thanks to them for their kind feedback.

Let’s start with the history first.

The Hybrid DeFi concept was the earliest hybrid token type on Solana, pioneered by projects like, SOLs, Bozo, and Libreplex. There’s a helpful recap article of this history from GH0STC0IN: https://medium.com/@aklo/the-origins-of-hybrid-defi-b8e6362e573d and a thread from Sniper’s founder Maz: https://x.com/0xmaz_/status/1788340399729410138.

Many great hybrids come from this category, including DeGods, Bozo, and Ghostcoin.

Then ERC404 and DN404 emerged on EVM. The team from Mutant Labs developed the SPL404 concept, introducing the innovative re-roll feature for NFT metadata, which Hybrid DeFi tokens didn’t have.

The leading projects in the SPL404 category are Mutantmon and Abble.

Next, Mutant Labs( the team behind Mutantmon) worked with Metaplex, a widely adopted dev platform for managing SPL tokens metadata on Solana, to introduce MPL404 to boost the adoption of solana hybrids, MPL 404’s core token design is very similar with the SPL404 but using the metaplex core as the NFT metadata type, which you can think of as the Metaplex version of SPL404.

The leading projects in the MPL404 category are Hack and Pox.

Key Features of These 3 Standards

Let’s break down the key features of these three standards in simple terms that non-developers can understand:

1. Three Main Components:

All of them have three main components: a fungible token contract, an NFT contract, and an escrow contract to manage the conversion between NFTs and tokens.

The escrow contract acts like a bank—users can deposit tokens to receive NFTs from this “bank,” or deposit NFTs to receive tokens.

Of course, the escrow contract needs to have NFTs or tokens deposited. If it doesn’t, the conversion between tokens and NFTs won’t be supported.

2. NFT Metadata Re-roll:

The metadata re-roll feature is a core aspect of ERC404 and DN404 collections, and currently, only SPL404 and MPL404 hybrids support this feature. However, this is an optional feature, and you can choose not to enable it in SPL404 and MPL404 contracts.

Hybrid DeFi generally doesn’t have this feature.

While the re-roll feature isn’t highly advanced, it offers unique functionality. Hybrid DeFi could potentially adopt this feature in the future.

3. Metadata Type:

This part is simple: if you choose MPL404, you can only use Metaplex Core, which makes managing the metadata accounts of your NFTs easier.

However, this aspect is best left to the developers, not general creators.

4. Rarity-Based Conversion Ratio Tiers:

Currently, this feature is primarily supported by Hybrid DeFi contracts, which allow for different conversion ratios based on NFT rarity. For example, a common NFT may require 5K tokens to swap, while a rare NFT may require 10K tokens.

Standard SPL404 and MPL404 contracts don’t have this feature by default, but it can be implemented with additional configuration.

Launchpad

You might be wondering which launchpads you can use to launch these three types of hybrids on Solana.

We’ve listed some launchpads in the infographic for your reference:

Mutant Labs: Primarily for SPL404 and MPL404 hybrids. You’ll need to apply for permission to launch with their help.

Hybrid DeFi: Platforms like T22/Hybrid Tech are permissionless, allowing anyone to launch their own Hybrid DeFi collection.

Sniper: An NFT marketplace on Solana that also helps Hybrids launch on their platform through an application process.