Are there any rules as for what derived path can look like?

Question

For my application I need to generate new addresses constanly. I want to do it via mnemonic phrases because it'll allow me to restore a private key of an address if I lose it. I need to generate addresses for SOL, as well as for tokens.

There're multiple patterns I've encountered so far:

1) "m/44'/501'/" + index +"'/0'"

2) "m/44'/60'/0'/0/" + i

3) "m/44'/61'/0'/0/" + i

4) "m/44'/0'/0'/0/" + i

Can a derivation path be anything? Is there any difference between them?

If I create a completely random derivation path, store it somewhere, of course, and then use it in my application, will it work fine regardless of the fact how much random it may be?

 "m/123'/45'/999'/73/" + i

Answer 1

Technically, it could be anything, but it probably won't be supported by any wallets or tools.

The derivation path like m/44'/501'/0'/0" defines a tree to follow from a seed to the actual key, so typically you use one master key and then derive a child key by following the path. In the case of Solana, 44' means BIP-44, and 501' looks like SOL, so it's meant to look like the Solana "domain".

Each derivation path will generate a different key in the end. You probably want to stay with 44' to start, and then feel free to experiment!

There's some nice reading about hierarchical derivation at https://learnmeabitcoin.com/technical/hd-wallets