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Mint authority

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From Trenchwiki, the trench encyclopedia

Mint authority is the address allowed to create new units of a Solana SPL token; with the related freeze authority, it is one of two roles stored on a token's mint account.[1][2] Whether these authorities have been revoked is one of the first checks memecoin traders make, because a retained mint authority can dilute holders and a retained freeze authority can trap them.[4]

How it works[edit]

A Solana token is defined by a mint account, created with a mint authority and an optional freeze authority; the mint authority signs every instruction that mints new tokens.[1] Mint accounts store the mint and freeze authorities, while each holder's token account stores an owner and, optionally, a close authority.[2] The current authority can hand a role to another address or set it to none; setting it to none removes the role permanently, so it can never be reassigned.[2]

The freeze authority can freeze any token account of that mint. A frozen account keeps its balance but cannot send, receive or burn tokens until thawed. Only a mint that still has a freeze authority can freeze accounts; once it is revoked, they can no longer be frozen.[3]

Token metadata has a separate update authority, which can change a token's name, symbol and logo; an explorer showing it as not mutable means it has been revoked.[4]

Why revoking matters[edit]

Helius describes a retained freeze authority as a way to build a Honeypot: buyers purchase a token, then find their accounts frozen and cannot sell.[4] A retained mint authority lets its holder issue new supply. Helius suggests that tokens with a legitimate need, such as stablecoins, keep the freeze authority under a multisig.[4]

Solana's Token-2022 program adds further authorities through extensions chosen at mint creation, including a permanent delegate.[6] In September 2024 a token called RED used its permanent delegate to burn a buyer's tokens seconds after purchase; PeckShield said the feature can move or burn tokens held by any account of the mint.[5]

Launchpads[edit]

pump.fun and LetsBonk set the mint authority to null for every token they launch, so creators cannot mint more supply.[4] Revoked authorities do not prevent a Rug pull by selling, which is the usual exit on launchpads.

Checking[edit]

Helius's Orb explorer shows a token's mint, freeze and update authorities on its overview and Authority tab; a missing freeze authority row means the token has none.[4]

Timeline[edit]

  • 2024-01-24: Solana Foundation publishes its developer guide to token extensions[6]
  • 2024-09-03: RED permanent-delegate burn reported[5]

See also[edit]

References[edit]

  1. ^ Token basics, Solana documentation, n.d.
  2. ^ Set authority, Solana documentation, n.d.
  3. ^ Freeze account, Solana documentation, n.d.
  4. ^ How to Find Solana Mint, Freeze, and Update Authority, Helius, n.d.
  5. ^ Scammers have found a way to burn tokens from inside Solana wallets, Cointelegraph, 2024-09-04
  6. ^ A Developer's Guide to Token Extensions on Solana, Solana Foundation, 2024-01-24
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