After building a chain from Substrate node template there are some initial native token balances in the predefined accounts. Can I mint the native token on a smart contract level using the
root account possibly using ink! smart contract framework?
To deploy the smart contract on substrate chain you need to integrate contract pallet and then with the help of contract you will be able to deploy the Ink smart contract on substrate chain. https://substrate-developer-hub.github.io/substrate-how-to-guides/docs/pallet-design/add-contracts-pallet/