Memecoins seamlessly attract users, says Solana co-founder
During the Consensus conference, Raj Gokal, one of the co-founders of Solana, explained that the popularity of memecoins is driven by user demand and offers a fun way to attract new participants.
Solana (SOL) has emerged as the preferred blockchain for speculating on memecoins. This surge in on-chain activity has not only been beneficial for SOL prices but has also sparked discussions about the position of the chain in the blockchain ecosystem.
According to CoinGecko, Solana is the fastest blockchain, processing thousands to millions of memecoin transactions.
On the flip side, developers have taken advantage of SOL memecoins, and even celebrities are now endorsing memetic projects, further fueling the craze. Gokal mentioned during Consensus 2024, “We didn’t do anything to make that happen. It’s just something people want to do.”
In addition, Gokal highlighted that the rise of mobile crypto apps like StepN in 2021/2021 paved the way for the Saga Mobile device. By putting blockchain functionality and crypto utility in the hands of users, it provided a new avenue for mass adoption.
Although Saga Mobile initially had lackluster sales, the resurgence of crypto last year and the ongoing memecoin frenzy boosted sales to over 150,000 units. Gokal revealed that the next device is currently being developed and is expected to launch next year.
Furthermore, Gokal announced the development of a second validator client set called Fire Dancer, which aims to increase Solana’s transaction throughput by up to 1,000 times. This will significantly improve speeds, allowing for 5,000 – 10,000 transactions per second (TPS).
Presently, Solana already boasts a high TPS of up to 1,053, but with scaling and upgrades, its theoretical speed could reach 65,000 TPS. Additionally, the team behind the staking protocol Jito is working on a third validator set focused on Maximal Extractable Value (MEV).
Looking ahead, a Bloomberg analyst predicts that a Solana ETF may follow Ethereum’s approval, signaling further growth and recognition for the blockchain platform.
