Statemine

Statemine is a generic assets parachain that provides functionality for deploying and transferring assets — both Fungible and Non-Fungible Tokens (NFTs). It is a system parachain on Kusama (not to be confused with Statemint, which is a parachain on Polkadot). The native token of Statemine is KSM. Balance transfers and the Existential Deposit (ED) of KSM on Statemine are about 1/10th of the values on the Relay chain. For example, the Existential Deposit of a Statemine account is , when compared to on Kusama. Apart from the core protocol token KSM, the assets held on Statemine can be broadly categorized as

• Assets backed by an on-chain protocol’s utility
• Assets with off-chain backing
• Assets without any backing

For additional background on Statemint and Statemine checkout this support article.

Creating Assets on Statemine

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Before minting assets on Statemine, we recommend that you try out this tutorial on Westmint, which is a parachain on Westend. The WND tokens (Westies) are free and are available through a faucet.

To create an asset on Statemine, you need a deposit of and around for the metadata. Before you create an asset on Statemine, ensure that your Statemine account balance is a bit more than the sum of those two deposits, which should seamlessly account for the required deposits and transaction fees. You can send KSM from a Kusama account to a Statemine account using the teleport functionality. For instructions on teleporting KSM, check this tutorial on Teleports.

Assuming you have the required KSM balance on your Statemine account, the following instructions should let you successfully create an asset on Statemine

• Access Statemine through Polkdot-JS UI.
• Navigate to Network > Assets.

• Click on the create button and you will be presented with a pop-up window. Choose the creator account, name of the asset to be displayed on Statemine, the asset's symbol, number of decimals for the asset, the minimum balance required to hold this asset on a Statemine account and the most important field of your asset - the unique asset ID. The UI would not let you enter an ID that has already been taken. After all the details are entered, click on the next button.

• Choose the admin, issuer and the freezer accounts for your asset and click on the create button.

• Sign and submit the transaction. (If you like to verify the transaction details before signing, you can click on the dropdown button pointed by the arrow in the snapshot below)

If the transaction is successful, you should see the asset and its details displayed in the Network > Assets page on Statemine.

Transferring Assets on Statemine

Checkout this support article, for a step by step guide covering how to make a transfer on the Statemine and the risks associated.