Nearly 500,000 new tokens issued in a single month, Solana's Chief Strategy Officer: Issuing tokens should be as easy as posting articles

Solana Foundation's Head of Strategy, Austin Federa, expressed that token issuance on Solana should be as easy to create as content on the internet.

Solana Launches Nearly 500,000 Tokens in a Month

According to a report by The Block, Solana launched a total of 455,000 tokens in May, significantly higher than other blockchains:

• Base: 177,000

• BNB Chain: 39,000

• Arbitrum: Less than 20,000

• Optimism: Less than 20,000

Solana's Head of Strategy: Token Launches Should Be as Easy as Posting

Austin Federa, the Head of Strategy at the Solana Foundation, stated:

Solana aims to be a general-purpose L1 blockchain with fast finality, high throughput, and extremely low transaction costs. The surge in token launches on Solana is a result of these characteristics, bringing the cost of experimentation and innovation close to zero. Tokens on Solana should be as easy to create as content on the internet.

Most of the hundreds of thousands of new coins on Solana are meme coins, which can be attributed to the launch platform Pump fun. Successful past launches include political meme coins like Jeo Boden and Doland Tremp, making it easier for anyone to issue tokens. So far this year, Solana has launched a total of 110 new tokens.

However, Steven Zheng, the Director of Research at The Block Pro, pointed out:

The meme coin craze and the success of Pump.Fun have made Solana the mainstream blockchain for new coin launches. Whether Solana can gain market acceptance beyond meme coin issuance remains to be seen.

Live Shoutout Memes! Pump fun Introduces Live Streaming Feature for "Easier Meme Coin Promotion"

BNB Chain Still Dominates Coin Issuance in Bull Markets

In reality, Solana and Base are still quite competitive. Base issued 240,000 new tokens in April, slightly more than Solana's 229,000. However, both have surpassed the previous dominance of BNB Chain.

BNB Chain averaged 95,000 token launches per month in 2021 and 2022, but has been declining since May 2021.

Since 2017, a total of 7 million tokens have been issued across six blockchains, with BNB Chain leading at 3.7 million tokens, followed by Solana at 1.4 million and Ethereum mainnet with approximately 1 million tokens.

The token frenzy on Solana indeed reflects recent developments in blockchain. With ongoing competition among blockchain networks for faster speed and lower costs, similar trends are unlikely to slow down.