Analysts report record growth in the number of new tokens on Solana

In May, 455,000 tokens were created on the Solana blockchain, according to data collected by The Block Pro. According to analysts, the activity of developers was influenced by the reduction of barriers to entry to the market.

During the same period, 177,000 tokens were launched on the Ethereum Layer 2 Base and 39,000 tokens on the BNB Chain. Less than 20,000 tokens were created on the Ethereum mainnet and the second-level Arbitrum and Optimism networks.

«Solana is designed to be a universal layer 1, with fast finalization and high throughput at extremely low transaction fees,» said Austin Federa, Head of Strategy at Solana Foundation. «The growth of mass token creation on Solana is driven by these characteristics, which reduces the cost of experimenting and creating new ideas to almost zero. Solana tokens should be as easy to create as content on the Internet.»

Most of the Solana-based cryptocurrencies are memecoins, as they have attracted the attention of the cryptocurrency market. This trend emerged after some Solana-based memtokens, such as Dogwifhat, Bonk, and Book of Meme, experienced a rapid rise in value.

Part of this success can be attributed to Pump. fun, a website that allows you to create tokens in just a few clicks. By making it much easier for anyone to launch a token, it has spurred the creation of many more tokens over the past few months.

The token creation site has become a launching pad for political memecoins such as Jeo Boden and Doland Tremp, which have found success ahead of the upcoming US elections. Last week, political memecoins in honor of Donald Trump plummeted in value after Trump was found guilty of 34 felonies for falsifying business records. This case also led to the emergence of the Free Trump (FREE) and NEVER SURRENDER (TRUMP) tokens