Since April, more than a million new tokens have been created, including 370,000 on Ethereum, thanks to activity on Coinbase's Layer 2 network, Base. Most of them are meme coins. Solana leads the way with over 640,000 new tokens created.

According to Coinbase director Conor Grogan, since April 1, 372,642 new tokens have been launched on the Ethereum network, 88% of which are on Coinbase’s Layer 2 blockchain, Base.

Base has picked up its pace this quarter. This is supported by a recent report from Franklin Templeton, which noted that blockchain has attracted significant attention from cryptocurrency-based social apps such as Friend.Tech.

Base processes about 46% of all SocialFi transactions, making the sector important to the network's adoption and growth, according to statistics from the management company.

The majority of the 643,227 new tokens created on Solana during the same period were meme coins. Some of them that have shown significant growth are dogwifhat (WIF), Bonk (BONK) and Slerf (SLERF).