Create a market

Create an unverified market

Requirements for listing:

  • Market admin must hold at least 50k veHONEY

  • NFT collection must use metaplex standard

  • Collection must have a Switchboard oracle or create one

Step 1 - Create a market

This will act as the name for your market.

It can be changed at a later date by creating a pull request on github and pinging the Honey Labs team in our discord's builders channel.

Step 2 - Setup an oracle

Oracles are programs which value the collateral used in the market.

Honey Labs recommends using two separate oracles per market, a price oracle, and a TWAP oracle to average the price.

Step 1 - Switchboard

Navigate to and select the NFT Floor Price (SOL) card in the popular collections list.

Step 2 - Pick template

Select any pre-made option. For this example, we will use the Solana Monkey Business Floor Price template which you can find here.

Select the template by clicking the Add to Cart button followed by the Configure feed button in your cart.

Step 3 - Configure your template

Start by naming your new price feed. Get this out of the way right now so you don't forget to do it later:

For this example, we'll create a price feed for the Anon Club NFT collection, and will thus name our new price feed Anon Club Floor Price.

We now need to edit our feed to track Anon Club instead of SMBs.

Click on the three dots menu item, and this time navigate to theView Details button. You'll notice that this template is fetching the SMB floor from 3 different sources (SMB marketplace, SolanaFloor, and Magic Eden).

Select the correct sources for your price feed. - Make sure to source your floor price from marketplaces with high enough volume. Low volume marketplaces can have their floor prices be more easily manipulated. - Sourcing from aggregators is a good idea.

Step 4 - Edit price feeds

Once you are on the View Details modal of your price oracle, you should see an option to Edit Feed at the bottom right corner.

This will allow us to input the sources which will inform the oracle about the collection's floor price.

In our case, most of the volume for the Anon Club collection goes through Magic Eden, so we will get rid of the SMB marketplace price feed and the SolanaFloor price feed.

We're now left with our Magic Eden price feed. If you click Test you'll see the floor price of SMB in SOL. To change this, swap the names of the Magic Eden collection:

Becomes:<YOUR_COLLECTION_NAME>/stats Check Magic Eden's link for your NFT collection, and use the same suffix. In our Anon Club example, Magic Eden uses the link: so we replace <YOUR_COLLECTION_NAME> with 888_anon_club. Now if we click Test, we should get the floor price of Anon Club.

By picking the SMB template, we already have a 3rd step in our ME price feed which divides the received value by the needed decimals using DivideTask and Scalar.

Step 5 - Checkout

Once you are done configuring your price feeds, add it to your cart, and proceed to checkout.

Before you fund the oracle, you will need to tell Switchboard how long you want to fund it for, and how frequently you want it to update. The more often the oracle updates, the more expensive it will be.

Lowering values such as Batch size will lower the cost of the oracle, as well as it's security.

You can decide how frequently you want your oracle to update it's price. This is up to you and should be a function of your collection's volatility, but we generally recommend keeping it under 1 hour.

You're all set ! You can now proceed checkout and fund the oracle with your phantom wallet.

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