According to The Block, Chainalysis has expanded its coverage of Solana tokens to include memecoins created on Pump.fun.
The company's product director stated, "...governments can investigate scams and rug pulls."
Blockchain analytics provider Chainalysis has expanded its coverage of Solana tokens to now include memecoins created on Pump.fun, a company representative revealed.
"Today, Chainalysis has expanded our coverage of Solana to include every Solana token in KYT and Reactor," said the company's product director Matthew Wilson in a post on LinkedIn. "From the moment an SPL contract is deployed, Chainalysis provides comprehensive alerts, exposure, and tracking."
Know Your Transaction (KYT) and Reactor are compliance tools offered by Chainalysis. SPL refers to the Solana Program Library.
Wilson added, "Exchanges can list meme tokens immediately and provide full compliance coverage." He stated, "Governments can investigate scams and rug pulls... So whether you're interested in WIF, BONK, PNUT, stablecoins USDT and USDC, or Pump.fun tokens, we have the coverage you need."
As creating tokens on Solana becomes increasingly easy, memecoin trading has surged this year. According to data from Dune Analytics, over 4 million memecoins have been deployed via Pump.fun as of the beginning of this month. Data from DefiLlama shows that the platform reached a historic monthly revenue of over $93 million in November.
After its launch at the beginning of the year, Pump.fun became the fastest-growing crypto application in history. In September, blockchain researcher and Glue founder Ogle stated that nearly 95% of memecoins launched on Pump.fun are "essentially pulled within a day of launch."
