What Is OpenBook Market?
Definition
OpenBook (formerly Serum v2) is an on-chain order book protocol on Solana. Creating an OpenBook market is required for Raydium AmmV4 liquidity pools.
OpenBook is Solana's decentralized order book protocol, the successor to Serum. Unlike AMM pools (which use algorithms to set prices), order books match buy and sell orders directly — similar to traditional stock exchanges.
- Lot size: Minimum tradeable quantity
- Tick size: Minimum price increment
- Vault signer nonce: Cryptographic parameter for the market's vault
Every Raydium AmmV4 liquidity pool sits on top of an OpenBook market. The market handles order matching, while Raydium's AMM provides passive liquidity on top.
For most new token launches, the Raydium CPMM v2 flow is simpler (no OpenBook market needed). If you do want an AmmV4 pool, CoinDevTools' own AmmV4 pool tool creates its market automatically as part of the same flow — you don't need to buy one here first. Use this standalone tool only if you need a market for something else (e.g. the separate Legacy AmmV4 Pool tool, which does accept an existing Market ID, or your own order-book integration).
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Create an OpenBook Market