The Solana (SOL) ecosystem has managed to achieve remarkable dominance compared to other blockchains.
As of September 30, the Solana network has become a prominent force among all blockchains. Of the 11,180 new tokens produced on platforms like Ethereum, Bitcoin, and Avalanche, 96,010, or more than 87%, were released on Solana.
This highlights Solana’s growing influence in the decentralized exchange (DEX) space, with the charts showing Solana’s surge from near-zero levels at the beginning of 2024 to over 100,000 new tokens launched each month by mid-year.
Coinbase’s Base Network Also Sees High Interest
Alongside Solana, Base has also been showing significant activity. The two blockchains have been competing since April over which platform can issue more tokens, accounting for more than 80% of new token launches combined. This reflects the shift in preferences of token creators and investors.
The explosion of new tokens, especially on Solana, can be attributed to the rise in popularity of memecoins. Platforms like pump.fun have made it easier than ever for users to create and launch their own tokens, increasing speculative activity. However, most of the new tokens fall into the memecoin category, which brings with it hype and social media influence.
Still, the memecoin craze is full of cautionary tales. MOODENG, launched on Solana, has highlighted the volatility and risks in this space. Vitalik Buterin’s recent MOODENG sell-off has been a notable influence on this point.
