Nearly half a million tokens were launched on the Solana blockchain in May, driven by low entry barriers and the growing allure of creating the next viral memecoin.
Nearly half a million tokens were launched on the Solana blockchain in May, driven by low entry barriers and the growing allure of creating the next viral memecoin. According to The Block Pro, 455,000 tokens were created on Solana last month, dwarfing the 177,000 tokens on Ethereum Layer 2 Base and the 39,000 on BNB Chain. The Ethereum mainnet and Layer 2 networks Arbitrum and Optimism each saw fewer than 20,000 new tokens during the same period.
The surge in token creation is predominantly fueled by memecoins, which have captivated the crypto community. Solana-based memecoins like Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) are now in the top 100 crypto based on CoinMarketCap rankings. The trend has also attracted celebrities. Iggy Azalea’s MOTHER token, which was launched recently on May 29, is currently valued at $103 million.
A significant factor in this token boom is Pump.fun, a user-friendly website that enables anyone to create tokens with just a few clicks. This ease of use has led to a record 1.1 million new tokens launched on Solana so far this year. Notably, Pump.fun has been the launchpad for political memecoins such as Jeo Boden and Doland Tremp, which gained popularity ahead of the upcoming U.S. elections.
Austin Federa, head of strategy at the Solana Foundation, attributes this rapid growth to Solana's design as a general-purpose layer 1 blockchain. "Solana offers fast finality, high throughput, and extremely low transaction fees, which significantly reduce the cost of experimentation and innovation," said Federa. "Creating tokens on Solana should be as straightforward as publishing content on the internet."
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