The Solana network is going through an unprecedented phase of expansion, driven by massive adoption of memecoins and sharply increasing speculative activity. However, this dynamic raises questions within the community of Blockchain project founders. According to a survey conducted by Blockworks Research, 76% believe memecoins play a beneficial role in the ecosystem, while 16% view artificial intelligence (AI) agents as an overrated technology. These results reflect a growing gap between two major trends: on the one hand, the craze for assets with high volatility, and on the other, skepticism towards new applications of AI in Web3.
Memecoins, a growth engine for Solana
The Solana network is going through an unprecedented phase of expansion, driven by massive adoption of memecoins and sharply increasing speculative activity. However, this dynamic triggers questions within the community of blockchain project founders. According to a survey conducted by Blockworks Research and published on (AI) as an overrated technology. These results reflect a significant gap between two major trends: on the one hand, the craze for assets with high volatility, and on the other, skepticism regarding new applications of AI in Web3.
Such a divergence of opinions comes against a backdrop of rapid growth in Solana. In 2024, the Total Value Locked (TVL) of the network increased from 1.5 billion dollars in January to 8.5 billion in December, which confirms the growing attractiveness of investors for this blockchain. Its native token, SOL, also outperformed Ether (ETH) by a factor of eight over the same period, a performance largely attributed to the explosion of the memecoin market and the rise of AI tokens.
However, this dynamic hides a deeper problem. Maximum Extractable Value (MEV), a phenomenon that allows validators to maximize their profits by manipulating the order of transactions, is triggering growing concerns. More than 20% of founders surveyed now consider this practice to be the main challenge facing Solana. In 2024, MEV revenue on Solana surpassed that of Ethereum for the first time, leading to significantly higher transaction fees. As the network attempts to consolidate its position against Ethereum, this development could slow its adoption in the long term.
In this context, Solana finds itself at a decisive crossroads. The rise of memecoins continues to attract investors, while AI tokens create doubts about their viability. At the same time, the rise of MEV calls into question the sustainability of the network's economic model. Between opportunities and risks, the Solana ecosystem must find a balance to maintain its growth momentum without compromising its stability.
AI on Solana: exaggerated enthusiasm?
If memecoins have attracted the founders of projects on Solana, tokens linked to artificial intelligence (AI) are more divisive. According to the survey conducted by Blockworks Research, 16% of the founders questioned consider this sector overestimated, and consider that the current wave around AI is based more on a marketing trend than on a real technological innovation. However, the AI token market reached $16 billion in 2024, with a marked acceleration during the fourth quarter.
This spectacular rise can be explained by the rise of autonomous AI agents, which have invaded social networks and amplified the demand for speculative tokens. Several projects, such as Zerebro (ZEREBRO) and Fartcoin (FART), have exceeded $100 million in capitalization in just a few weeks. However, behind these spectacular performances, doubts emerge about the viability of these assets. Condz, founder of Web3 startup Acolyte AI, warned of market abuses in a publication dated December 29, 2024 on X (formerly Twitter). He asserts that “the majority of AI projects are scams or will never deliver on their promises”. This observation reflects a growing concern: many AI-related tokens do not provide real added value and could collapse as the hype fades.
Beyond the uncertainties surrounding AI tokens, Solana must also face an increasingly critical structural problem: the Maximum Extractable Value (MEV). This phenomenon, which allows network validators to manipulate the order of transactions for additional fees, is seen as a major threat to the ecosystem. More than 20% of founders surveyed consider MEV to be the main challenge, due to its direct impact on transaction costs and network accessibility.
In 2024, MEV revenue on Solana exceeded that of Ethereum for the first time, which contributed to a significant increase in transaction fees. This development could slow network adoption in the long term, particularly if rising costs discourage users and developers. As Solana seeks to consolidate its position as an alternative to Ethereum, it becomes essential to provide effective solutions to mitigate the impact of MEV and preserve the attractiveness of the network.
Between uncertain adoption of AI tokens and a growing threat of MEV, Solana finds itself at a pivotal moment. Its spectacular growth in 2024 could be slowed down by these challenges, unless solutions emerge to stabilize its ecosystem and guarantee its competitiveness against competing blockchains.
Solana finds itself at a strategic crossroads, torn between the rise of memecoins, the rise of AI tokens and the structural challenges linked to MEV. On the one hand, speculative activity fuels exponential growth of the network and attracts new investors. On the other hand, the increase in transaction fees and the risk of a bubble in AI assets create concerns about the sustainability of the economic model. The year 2025 promises to be momentous. Solana will have to prove its ability to maintain its attractiveness and correct its weaknesses to consolidate its status as a major alternative to Ethereum.
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