Solana Mints Over 378,000 Tokens In September, Dominates 3 Core Metrics But Trails Ethereum And Polygon On Volume

Solana wasn't spared the hammering of early October. As of October 4, there are pockets of strength, but the downtrend remains.

Solana (CRYPTO: SOL) wasn't spared the hammering of early October. As of Oct. 4, there are pockets of strength, but the downtrend on higher time frames remains.

While the focus is on price, on-chain data shows that Solana is leading and dominating other blockchains in a key metric.

Over 378,000 Tokens Minted On Solana In September

Throughout 2024, the upsurge of meme coin activity, largely driven by the low on-chain fees and higher scalability, saw Solana trading volume on top decentralized exchanges, such as Raydium, soar.

Confirming this surge, on-chain data, which summarized all activities in September 2024, showed that over 378,000 tokens were minted on the third-largest smart contracts platform. A majority of these tokens were meme coins.

It comes as no surprise that Solana leads in the number of tokens generated. Since the boom of H2 2023, which saw SOL rally from around $20 to over $240 early this year, developers have flocked to the platform, taking advantage of its high scalability.

Unlike Ethereum (CRYPTO: ETH), it offers low fees without compromising security. While reliability can be a concern, especially during high-demand times, Solana has been resilient recently and hasn't faced an outage.

The on-chain data also showed that the deployment of Pump.fun could explain the surge in meme coin activity.

Data from Dune showed that over 15,300 tokens were launched via the meme coin launchpad in the past 24 hours alone. Of these, only 256 tokens graduated and were listed on Raydium, a decentralized exchange.

Considering the pace at which tokens are launched, it is no surprise that over 378,000 tokens hit the market in September alone.

Solana Dominates In 3 Core Metrics But Trails ETH, Polygon In Volume

In other news, a CoinMarketCap report noted 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. As positive as this may be, a large portion of this activity could be attributed to bots.

While the network leads in transactions, buyers, and unique wallets, it trails both Ethereum and Polygon (CRYPTO: MATIC) in trading volume during this period.

Ethereum is by far the largest smart contracts platform by market capitalization, and even looking at decentralized finance activity, it is gaining traction.

Meanwhile, Polygon, which hosts Polymarket, the predictions market, is generating volume ahead of the hotly charged general elections in the United States.

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