what's SPL Token Program?

The SPL Token Program is a core component of the Solana Program Library (SPL) that implements a standard for fungible and non-fungible tokens on the Solana blockchain. Its program ID is TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA. It allows developers to create mint accounts with configurable decimals, manage token supplies through minting and burning, handle transfers between accounts, and delegate authorities for approvals and revocations. Key features include support for multisignature (M-of-N) approvals, freezing and thawing accounts, non-fungible tokens via mints with supply of 1, and wrapping/unwrapping native SOL into spl-tokens. It integrates seamlessly with the SPL Associated Token Account program for deriving deterministic token account addresses from wallets and mints, enabling efficient token management without custom logic.

P-token launches as compute-optimized replacement, increasing mainnet capacity by 13% and DeFi composability.