Bitrabo Editorial
Solana experienced significant volatility in early October. As of October 4, there are signs of some resilience, yet the downward trend persists. While attention is largely on its price, on-chain analytics indicate Solana remains a frontrunner compared to other blockchain platforms.
More Than 378,000 Tokens Created on Solana
This year has seen a notable rise in meme coin activity on Solana, attributed to its low on-chain fees and enhanced scalability. This has resulted in a surge in trading volume across leading decentralized exchanges such as Raydium.
On-chain metrics from September 2024 reveal that over 378,000 tokens were produced on this major smart contracts platform, with a majority categorized as meme coins. This data confirms the token boom.
Solana’s dominance in token creation comes as no surprise. After a significant uptick in the latter half of 2023, when the price of SOL surged from around $20 to over $240 early this year, many developers have gravitated towards the platform for its impressive scalability.
In contrast to Ethereum, Solana provides lower transaction fees while maintaining strong security standards. Though past issues with reliability have been noted, it has shown resilience and stability recently, avoiding any significant outages.
The rise in meme coin activity can largely be attributed to the launch of Pump.fun. According to data from Dune, over 15,300 tokens were introduced through this meme coin launchpad within a 24-hour timeframe, yet only 256 managed to be listed on Raydium, a decentralized exchange.
Given the rapid pace of token launches, the creation of over 378,000 tokens in September is hardly unexpected.
Leading in 3 Key Metrics but Behind Ethereum and Polygon in Volume
Moreover, a recent report from CoinMarketCap reveals that Solana ranks as the most active blockchain according to three key metrics. It leads with the highest number of buyers, transactions, and unique wallet addresses, although much of this activity may be influenced by bots.
Despite leading in transactions, buyers, and unique wallets, Solana falls short of Ethereum and Polygon in trading volume for this period. Ethereum remains the largest smart contracts platform by market capitalization and continues to gain momentum in decentralized finance (DeFi) activities.
Additionally, Polygon, which supports platforms like Polymarket for predictions, is picking up trading volume, especially as the U.S. prepares for important elections.