Solana Dominates
In 3
Core Metrics, Over
378,000 Tokens Minted
In September Alone
Solana Dominates In 3 Core Metrics, Over 378,000 Tokens Minted In September
Alone
by Dalmas Ngetich
3 mins ago
in Solana
0
Solana wasn t spared the hammering of early October. As of October 4,
there are pockets of strength, but the downtrend remains. While the focus is
on price, on-chain data shows that Solana is leading and dominating other
blockchains.
Over 378,000 Tokens Minted On Solana
For the better part of the year, the upsurge of meme coin activity, drawn
mainly by the low on-chain fees and higher scalability, has seen Solana
trading volume across top decentralized exchanges like Raydium soar.
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Massive Profits
Confirming this surge, on-chain data, which summarized all activities in
September 2024, shows that over 378,000 tokens were minted on the
third-largest smart contracts platform. A majority of these tokens were meme
coins. Over 378,000 tokens minted | Source: @SolanaFloor via X
It is no surprise that Solana leads in the number of tokens generated. Since
the boom of H2 2023, which lifted SOL from around $20 to over $240 early this
year, developers have poured into the platform, taking advantage of its high
scalability.
Unlike Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, it offers low fees without comprising security. Although
reliability can be a concern, especially during high-demand times, Solana has
been resilient recently and has not faced an outage.
Solana price trending sideways on the daily chart | Source: SOLUSDT on
Binance, TradingView
The deployment of Pump.fun can explain the surge in meme coin activity. Data
from Dune reveals that over 15,300 tokens were launched via the meme coin
launchpad in the past 24 hours alone. Only 256 tokens graduated and were
listed on Raydium, a DEX.
Considering the pace at which tokens are launched, it is no surprise that over
378,000 tokens hit the market in September alone.
Dominance In 3 Core Metrics But Trails Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum And Polygon On Volume
Additionally, a CoinMarketCap report notes that the modern chain ranks as the
most active network in three core metrics. According to the coin tracker,
Solana boasts the highest number of buyers, transactions, and unique wallet
addresses. Positive as this may be, a big portion of this can be attributed to
bot activity. Solana leads in three core metrics | Source: @SolanaFloor via X
Although the network leads in transactions, buyers, and unique wallets, it
trails Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and Polygon in trading volume during this period. Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is
by far the largest smart contracts platform by market cap, and even looking at
DeFi activity, it is gaining traction.
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Appeal Vs. Ripple
Meanwhile, Polygon, which hosts Polymarket, the predictions market, is
generating volume ahead of the hotly charged general elections in the United
States.
Feature image from Canva, chart from TradingView