The Solana blockchain has witnessed a massive influx of over 106,000 new altcoins this week, due in part to its high scalability, low transaction costs, and quick confirmation times. Such appealing characteristics are proving irresistible to developers seeking to create and manage new tokens efficiently. It should be stated that the impressive figure of 106,000 doesn’t even include the non-fungible tokens (NFTs) built on Solana.
Portfolio platform StepFinance data points to this significant rise in tokens hailing from Solana’s network this past week. Some of these, such as MW, ended up as rug pulls. Nevertheless, a multitude remain accessible for swap transactions. The high-speed nature of Solana, combined with its affordability, provide an ideal breeding ground for the swift launch and trading of new tokens.
In addition to the swarm of new tokens, Solana’s Total Value Locked (TVL) has climbed by $166 million in the last day. This spike suggests a growing interest in the DeFi landscape, and could consequently boost the demand for its services. This growth prevails despite circulating rumors of an investigation into Solana, fueled primarily by notable influencer Crypto Bitlord. Critics, however, are quick to debunk these speculations and dismiss such claims.