This month, over 2.5 million new Tokens have been created on major Blockchain networks like Ethereum, Solana, and Base, reflecting a boom in the development of the cryptocurrency ecosystem. However, the rapid increase in Tokens does not necessarily mean that sustainable value is maintained across all chains. This article will analyze the latest data to help you understand which cryptocurrency networks are truly developing in terms of value, as well as why Ethereum continues to hold its leading position despite creating fewer Tokens than other chains. Along with that is an in-depth look at the factors affecting capital efficiency per Token, helping you make more accurate and effective investment decisions and market monitoring in the cryptocurrency space.
Token creation trends on Ethereum, Solana, and Base
The demand for new Token issuance on major Blockchain networks has undergone significant changes in the past month. Ethereum has maintained stability with a modest number of new Tokens but with high market capitalization. Meanwhile, Solana has seen a noticeable slowdown in new Token issuance activities. In contrast, the Base network has emerged with a rapid Token creation pace and a dramatic increase in the number of Tokens, thanks to the rise of new platforms.
Through On-chain analysis and market reports, one can see a clear difference between ecosystems in terms of the quality and quantity of issued Tokens. These figures also reflect the concentration level and attractiveness of each chain to developers and investors.
Why are Pump.fun on Solana and Virtuals.io on Base important?
Pump.fun is a platform on Solana specializing in supporting rapid Token issuance, often used by meme coin projects. The decrease in Pump.fun's activity signals that speculative Token creation momentum has diminished on Solana, reflecting a more cautious trend within the community.
Virtuals.io is a rapidly developing protocol that combines AI and Blockchain on Base, reflecting the growing interest in projects that integrate artificial intelligence into the decentralized ecosystem. This is the main highlight that has led to a surge in new Tokens on Base recently.
In addition, SonicLabs and Avalanche have also emerged as notable Token development hubs thanks to effective developer tools and support programs, fostering stable growth.
TVL value per Token – An important measure to assess quality
The Total Value Locked (TVL) per Token is a measure of efficiency that reflects the actual amount of capital supported for each Token in the ecosystem. Through a simple formula of dividing TVL by the total number of Tokens, one can compare the sustainability and market strength of cryptocurrency chains.
Ethereum leads with an average value of about $53,700 in locked capital per Token, significantly outperforming other networks like TronDAO with $24,000 and SonicLabs at $15,000 per Token. This shows that despite issuing fewer new Tokens, Ethereum still maintains a very high capital attractiveness.
The strength of Ethereum comes from Lido Finance.
The key factor helping Ethereum maintain its top position is Lido Finance, the largest liquidity staking protocol currently. Users lock ETH and receive stETH, maintaining liquidity while benefiting from staking rewards, creating a substantial amount of capital continuously locked in Ethereum.
This system contributes to strengthening Ethereum's Token economy to be more sustainable compared to chains that only focus on the quantity of new Tokens without corresponding supporting capital, thus enhancing market stability and quality.
Solana and Base: Focusing on quantity over quality?
Data shows that while Solana and Base are the two networks issuing the most Tokens, the TVL value per Token is significantly lower than that of Ethereum. This indicates that the Token market of these chains is becoming diluted, leading to poor capital allocation.
The trend of mass Token creation without sustainable capital could lead to only a few Tokens having truly long-lasting value, while the majority face the risk of market decline or being forgotten.
Source: https://tintucbitcoin.com/25-trieu-token-moi-ra-mat-that-vong/
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