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500,000 new tokens launched on Solana in May
In May, developers released around 500,000 tokens on the Solana blockchain in response to lower barriers to entry and growing ambition to produce a popular memecoin.
Block Pro’s analysis shows that 455,000 tokens were produced on Solana in May. In contrast, there are 39,000 tokens on the BNB chain and 177,000 on the Ethereum Layer 2 base. Fewer than 20,000 coins have been produced on the Ethereum mainnet and the Arbitrum and Optimism Layer 2 networks combined.
Pump.fun, a website for creating tokens with just a few clicks, has contributed significantly to Solana’s success. It streamlined the token launch, leading to 1.1 million new tokens on Solana this year.
Most Solana tokens are memecoins, which have gained popularity in the crypto community. This trend follows the rapid rise of Solana-based memecoins such as Dogwifhat, Bonk, and Book of Meme in the cryptocurrency market.
Political memecoins such as Jeo Boden and Doland Tremp, which have gained popularity ahead of the upcoming US elections, were introduced on the token creation platform for the first time. After Trump was found guilty of 34 felonies for misrepresenting corporate documents, political memecoins saw a sharp rise last week.
Celebrities who have a significant following, such as Caitlyn Jenner and Iggy Azalea, recently introduced Solana-based coins, taking advantage of the ease with which the value of these tokens increases.
According to Austin Federa, chief strategy officer at the Solana Foundation, Solana’s architecture as a general-purpose tier 1 with fast finality, high throughput and low transaction fees makes bulk token production simple and cost-effective, encouraging experimentation and innovation.
Read also: CME abandons Solana’s future plans amid network criticism