The Solana blockchain has quickly emerged as the platform of choice for new projects about to launch. Data shows a significant increase in tokens created on the network this week.
Developers are flocking to deploy new tokens on the Solana network, seemingly attracted by the blockchain’s many unique benefits.
106,000 new Solana-based altcoins launched
According to data from portfolio platform Step Finance, more than 106,000 new tokens appeared on the Solana blockchain this week. Some altcoins, including MW, have been lug pulls, while others can be used for swap trading. It is worth noting that these numbers exclude non-fungible tokens (NFTs) based on Solana.
Solana’s high-speed, low-cost trading makes it an attractive platform for developers looking to launch new tokens quickly and efficiently. The network's capacity to process thousands of transactions per second provides an ideal environment for token creation and trading.
“Solana is a chain of people. Once you understand that, you’ll be okay,” says Jakey, creator of CUBE.
Read more: 6 Best Platforms to Buy Solana (SOL) in 2024
Solana's surge in new tokens has seen the network's total deposited volume (TVL) increase by $166 million in the past 24 hours. Increasing TVL means that more users are entering the DeFi space, which could increase demand for services.
This is despite speculation that Solana is under investigation . The rumor, spread by influencer Crypto Bitlord, generated more engagement as analysts attacked Solana.
“We are witnessing Solana’s death. The Solana Foundation, under pressure from the Federal Reserve, was unable to implement an algorithmic trading strategy to defend this diagonal level. We are witnessing history,” said cryptocurrency analyst Evanss6.
