Nearly half a million tokens have been launched on the Solana blockchain closing month, which used to be extra than double the number of tokens launched on Ethereum layer 2 network Hideous.

Files from The Block reveals that 455,000 tokens have been launched on Solana one day of the month of Could, whereas 177,000 tokens have been launched on Hideous. Ethereum and authorized layer 2 networks such as Optimism and Arbitrum saw below 20,000 fresh tokens created.

Austin Federa, head of scheme on the Solana Basis, told The Block that Solana’s instant finality, high throughput and low transaction bills made the blockchain an superb station to domesticate creating these tokens in monumental portions.

“The upward thrust of mass token advent on Solana is downstream of these traits, bringing the associated price of experimentation and fresh idea advent to with regards to zero. Tokens on Solana desires to be as easy to make as assert material on the rep,”  Federa stated.

It is honest to convey that loads of these fresh tokens have been memecoins, which will most definitely be identified for being wildly volatile, somewhat illiquid and, in most instances, missing intrinsic cost. Final month, celebrities such as Caitlyn Jenner, Iggy Azalea and Rich The Child all launched tokens on Solana — every of these tokens saw an initial surge in designate before sharply dropping in cost. Pump.fun, a now not too long ago launched Solana-essentially based fully mostly memecoin deployer, makes it easy to make tokens interior about a clicks.

The benefit of making these tokens used to be the subject of debate interior the crypto community earlier this year, when an influx of offensive tokens crossed the lines into what constitutes dislike speech.

Some members of the crypto community also commented that Solana’s memecoin bid used to be paying homage to Ethereum’s 2017 ICO mania.