Ethereum

Solana

2024

April

Million

<p>The cryptocurrency market has been hit with a wave of token creation, with more than a million new<a href="https://www.cryptopolitan.com/crypto-traders-unimpressed-by-roaring-kitty/" rel="noopener noreferrer nofollow"> tokens</a> launched since April 1st, which is a historic event in the changing world of digital assets. This surge has been mainly driven by the frenzy for memecoins and has been facilitated by the Ethereum and Solana networks, which have focused attention on the growing ecosystem of decentralized finance (DeFi) and non-fungible tokens (NFTs).</p>
<h2 class="wp-block-heading" id="ethereum-and-solana-lead-in-token-creation">Ethereum and Solana lead in token creation</h2>
<p>The creation of 372,642 new tokens by the end of April signifies the beginning of a large increase in the token generation activity in Ethereum. Significantly, 88% of the new tokens, 327,553, were launched on Coinbase’s layer-2 blockchain Base. Thus, it shows that many users are now using the low-cost infrastructure of this network to introduce new memecoins and other tokenized assets. This increase in token creation on Ethereum has reached a new high, as Conor Grogan, the Director of Coinbase, <a href="https://twitter.com/jconorgrogan/status/1790385292446400623" rel="noopener noreferrer nofollow" target="_blank">points</a> out that the current number of tokens is twice the total number of Ethereum tokens created from 2015 to 2023, which is eight years.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">There were nearly 1 million new crypto tokens created in the last month, a number that is 2x the total number ever made on Ethereum from 2015-2023 <a href="https://t.co/Dg7On7Muny" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/Dg7On7Muny</a></p>— Conor (@jconorgrogan) <a href="https://twitter.com/jconorgrogan/status/1790385292446400623?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 14, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Apart from that, Solana is also a key player in the token creation spree, which has seen a large number of new tokens come up on the network in the same period. Moreover, almost half of these tokens were memecoins, thus indicating that Solana was becoming a platform for fast token deployment and experimentation. The Solana network’s scalability and low transaction fees have attracted many developers and enthusiasts. Thus, the network is becoming increasingly popular in the crypto sphere.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/lobk1l4T4T48ETRfCiNKypp3zgN6A-uUj6V4Tpq22oAIn9EiD0U27bbKtqqdmzoeHLLX0kjx28GaQBqmF2l8gZRxFOV_yIleoxJMId9Vjxzm9NjvIh4dnviXbXFEMprn1f79esWxz-SsWj1UpxWVouI" alt="">
</figure>
<p>Source: step.finance</p>
<h2 class="wp-block-heading" id="total-value-locked-tvl-surge-amid-token-surge">&nbsp;Total Value Locked (TVL) surge amid token surge</h2>
<p>&nbsp;The huge increase in the number of tokens produced has been matched by the drastic rise of the Total Value Locked (TVL) on Base, which has increased by 630% since the start of this year, as the data from L2beat proves.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/os4m2RhCdoK4rXEQWnzne82gphJFboWJMO7R7fyEbcZvX_gXoa98sVPQxp6g1QjkQlAtxmMvYXuPcNjC4xT352Tz36a1x5KAI26OF11XcQuIe61_ewmaUKgpIMNNUj-HUBgZB32IvcUENpD_LLLIz5o" alt="">
</figure>
<p>Source:l2beat</p>
<p>The exponential increase in TVL indicates a much larger frenzy for memecoins and decentralized finance (DeFi) protocols, as users stick to the burgeoning crypto economy to make a buck. Base’s liquidity boost thus makes it a worthy top contender in the hierarchy of Ethereum Layer-2 solutions.</p>

Historic Milestone As One Million New Tokens Flood the Crypto Market

Table of Contents

Cryptopolitan_News

Other articles published on May 15, 2024

BONK and Dogwifhat Considered, But Algotech Presale Emerges as Top Investment Choice

Bitget Wallet Unveils $10M Fund for Onchain Layer Development

Cosmos Hub Approves $1 Million Grant to Dora Factory for Quadratic Funding Initiative (15 May)

Andrew Tate Invests $6M In GameStop (GME) To Challenge Hedge Funds

Trader Nets $46 Million from Pepe as It Hits New Highs

Solana DEX Developer Admits To Stealing And Gambling Away $300M Meant For Hack Victims: 'I F***ed...

Join our free newsletter for daily crypto updates!