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This Altcoin Network Created Nearly Half a Million New Altcoins in May: Founder Reveals

Almost half a million new tokens were issued on the Solana blockchain in May. This surge in token creation is attributed to low barriers to entry and a growing desire to create popular meme coins.

In May alone, 455,000 tokens were created on Solana, a number far exceeding other platforms. In comparison, the number of tokens created on Ethereum's second-layer protocol Base was 177,000, while the number of tokens created on the BNB chain was 39,000. Ethereum's mainnet and second-layer networks Arbitrum and Optimism each generated less than 20,000 tokens.

Austin Federa, the Solana Foundation’s Director of Strategy, attributes this growth to Solana’s unique features. “Solana is designed to be a high-throughput, general-purpose layer-1 blockchain with fast finality and very low transaction fees,” Federa explained, adding:

“Due to these features, the increasing token creation activity on Solana reduces the cost of experimentation and generation of new ideas to almost zero. Creating a token on Solana should be as easy as creating content on the internet.”

Interestingly, the majority of Solana tokens are meme coins, a category that has recently attracted attention in the cryptocurrency community. This trend stems from the surge in the cryptocurrency market of some Solana-based meme coins such as Dogwifhat, Bonk, and Book of Meme.