Solana Sees Record Token Issuance as Launchpads Fuel Memecoin Boom
The Solana network has reached an all-time high in daily token issuance, surpassing the peak of the memecoin cycle in late 2024. On Wednesday, a record 263,000 new Solana Program Library (SPL) tokens were minted on the blockchain.
This milestone is attributed to the popularity of launchpads, which enable creators to design, launch, and trade memecoins without requiring extensive technical skills. Pump.fun, a leading Solana-native protocol, accounted for 34,184 coins out of the total 40,360 tokens issued through launchpads.
Pump.fun has emerged as the top revenue-generating platform on Solana, with $1.8 million generated in the past 24 hours, according to DefiLlama. This is a significant increase from last Friday when Pump.fun's daily revenue was briefly overtaken by trading app Fomo.