Memecoins: The Good, the Bad, and the Ugly
A recent survey conducted by Blockworks Research has shed light on the opinions of 42 founders within the Solana ecosystem regarding memecoins. The results are fascinating, with approximately 76% describing memecoins as ‘mostly good.’ However, it’s essential to note that a significant percentage of respondents expressed skepticism about AI agents, which we’ll delve into later.
AI Agents: The Hype and the Reality
While AI agents have been gaining popularity in recent times, particularly on social media platform X, Condz, founder of Web3 startup Acolyte AI, has raised concerns about their narrative. In a Dec. 29 post on X, he stated, "2025 will be massive for AI agents […] crypto AI agents can be a bubble if you look at just the narrative, where most are scams or will never deliver." This sentiment is echoed by some Solana founders, with 16% describing AI agents as ‘the most overrated Solana sector.’
The Rise of Memecoins and AI Agents
Solana’s total value locked (TVL) has seen a significant surge in 2024, from around $1.5 billion in January to nearly $8.5 billion by December, according to data from DefiLlama. This growth can be attributed in part to the increasing popularity of memecoins and AI agent tokens. In fact, Solana’s Pump.fun has been a major driver of this trend, with its total volume surpassing $8.5 billion since launching in January.
The Impact on Market Capitalization
The total market capitalization of memecoins increased from around $20 billion to more than $120 billion in 2024, according to data from CoinGecko. Meanwhile, tokens tied to AI agents bootstrapped approximately $16 billion in aggregate market capitalization in 2024, largely during the fourth quarter.
The MEV Problem: A Growing Concern
A plurality of Solana founders (more than 20%) identified MEV or sandwiching as ‘Solana’s biggest issue.’ Users pay validators tips to prioritize transactions during block building and to order certain transactions ahead of others within blocks. This helps users ensure transactions are properly executed but also contributes to higher transaction costs.
The Rise of Validators’ Earnings
In 2024, Solana’s validators earned more from MEV than Ethereum’s for the first time. This coincided with transaction fees on the Solana network nearly tripling, according to data from Dune Analytics.
Competing Networks: A Threat to Solana?
The survey also revealed that if founders couldn’t build on Solana, they would opt for either Base, Coinbase’s Ethereum layer 2, or Sui, a layer 1 competing with Solana. This raises concerns about the long-term viability of the Solana network and its ability to maintain its market share.
Conclusion
The survey results provide valuable insights into the opinions and concerns of Solana ecosystem founders regarding memecoins, AI agents, and MEV. While memecoins have been a major driver of growth in 2024, AI agents are being met with skepticism by some. Meanwhile, the mounting MEV problem is a growing concern for many founders.
Recommendations for Solana
Based on the survey results, it’s clear that the Solana ecosystem needs to address its MEV concerns and explore solutions to reduce transaction costs. Additionally, it would be beneficial for the network to provide more support for AI agent development and adoption, as this sector is expected to grow significantly in 2025.
Recommendations for Founders
Founders looking to build on Solana should carefully consider the MEV problem and its potential impact on their projects. Additionally, they may want to explore alternative networks such as Base or Sui, which offer competitive advantages in terms of transaction costs and scalability.
Appendix
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Survey Methodology: The survey was conducted by Blockworks Research among 42 founders within the Solana ecosystem.
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Data Sources: DefiLlama, CoinGecko, TradingView, Dune Analytics
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Additional Resources:
