Smart Contracts & Token Authorities
Self-executing code, mint/freeze authority, token accounts and rent.
1Code that executes itself
A smart contract is an agreement written directly on-chain that executes automatically when its condition is met — no middleman. Example: 'send B $10 automatically if BTC crosses $100k.' Ethereum made this practical at scale; Solana made it fast and cheap. Every meme coin, pool and launchpad is smart contract code.
2The authorities that matter
A token's contract defines dangerous powers. Verify all three before trusting a coin:
- Mint authority — if enabled, the creator can print infinite tokens and drain the pool.
- Freeze authority — if enabled, your tokens can be frozen so you can never sell (honeypot).
- LP keys — if not burned, the creator can pull all the SOL from the pool at any moment.
3Token accounts & rent
Every new token you buy opens a token account holding a small SOL rent deposit — and selling everything doesn't close it automatically. After months of trading you may have dozens of empty accounts with SOL stuck inside. Tools like Sol Incinerator (find the official site via their X account, never via ads) close them and refund the rent.
Learning material summarized from the free "A Complete (Meme)Coin Guide" by @spyzer — shared with full credit.