Record May: 450,000 Tokens Created on Solana Network
Date: 2024-06-04 Author: Henry Casey Categories: BLOCKCHAIN
In May 2024, the Solana network witnessed an unprecedented event: developers created 450,000 new tokens. This figure is almost double the results of April and has no analogues in other blockchains. Data on such significant growth were published in a report by The Block Pro.
In comparison, other networks lag significantly behind in the number of tokens created over the same period. There were 177,000 tokens launched on the Base network, 39,000 on the BNB Chain, and less than 20,000 assets on the Ethereum and L2 networks Arbitrum and Optimism.
Reasons for Solana's Success
Austin Federa, head of strategy at the Solana Foundation, explained that the key factors behind this growth were the high throughput, fast transaction processing and low fees on the Solana network. He emphasized that these characteristics make the network ideal for experimentation and innovation, allowing developers to create tokens at minimal cost.
“Solana is designed as an L1 network with fast transaction processing and high throughput with extremely low fees. Mass creation of tokens on the blockchain occurs due to these characteristics, which reduces the cost of experimentation and new ideas to almost zero,” Federa noted.
Ease of Creating Tokens
Federa also added that tokens on Solana should be created as easily as content on the Internet. This makes the network attractive to developers and entrepreneurs looking to quickly implement their ideas.
According to The Block, a significant portion of the tokens created are memcoins. The Pump.fun platform played an important role in their launch, which allows you to create a token in just a few clicks.
“The memecoin mania plus the success of Pump.Fun has made Solana the leading blockchain for new token launches,” said Stephen Zheng, director of research at The Block Pro.
Impact on the Market
The significant increase in the number of tokens on the Solana network also demonstrates the growing interest in blockchain experimentation and innovation. Platforms like Pump.fun contribute to the development of the ecosystem by making the process of creating tokens accessible and simple.
Successful Cases
It was previously reported that one of the traders turned $861 into $650,000 in just five hours thanks to memcoin on the Solana network. This case highlights the network's potential for high profits and is attracting more participants.
The record growth in the number of tokens on the Solana network in May 2024 demonstrates the unique capabilities of this blockchain platform. High speed, throughput and low fees make Solana attractive to developers looking to implement their ideas at minimal cost. Experts predict that such dynamics will contribute to the further development of the network and attract new users.
