Solana Founders Embrace Memecoins but Worry About AI Agents and MEV
The Solana ecosystem has been experiencing significant growth in recent years, with many founders embracing the potential of memecoins and artificial intelligence agents. However, a recent survey conducted by Blockworks Research reveals that these same founders have concerns about the network’s maximum extractable value (MEV) problem.
Memecoins: A Mixed Bag for Solana Founders
According to the survey, approximately 76% of Solana founders described memecoins as "mostly good." This suggests that many founders believe memecoins can be a valuable addition to the Solana ecosystem. Memecoins are a type of cryptocurrency that is often used for speculation and have been a major driver of growth in the Solana network.
However, not all founders are convinced about the benefits of memecoins. As we will discuss later, some founders have concerns about the impact of memecoins on the network’s MEV problem.
AI Agents: Overhyped or Undervalued?
Artificial intelligence agents have been a major focus in the Solana ecosystem in recent years. These agents use complex algorithms to make investment decisions and have bootstrapped approximately $16 billion in aggregate market capitalization in 2024, largely during the fourth quarter.
However, some founders are skeptical about the potential of AI agents. According to the survey, 16% of founders described AI agents as "the most overrated Solana sector." This suggests that not all founders believe that AI agents have the potential to deliver on their promises.
Alternative Options for Founders
If a founder couldn’t build on Solana, they would likely opt for alternative platforms such as Base, Coinbase’s Ethereum layer 2, or Sui, a layer 1 competing with Solana. This suggests that while Solana is still a popular choice for many founders, there are other options available for those who have concerns about the network.
The Rise of Memecoins
In 2024, Solana’s total value locked (TVL) had surged from around $1.5 billion in January to nearly $8.5 billion by December, according to data from DefiLlama. This represents a significant increase in TVL and suggests that the Solana network is becoming increasingly popular.
One of the main drivers of this growth has been the rise of memecoins. The total market capitalization of memecoins increased from around $20 billion to more than $120 billion in 2024, according to data from CoinGecko. This represents a significant increase and suggests that memecoins are becoming an increasingly important part of the Solana ecosystem.
The Role of Pump.Fun
Pump.Fun has been a major driver of growth in the Solana network. The memecoin platform’s total volume has surpassed $8.5 billion since launching in January, according to DefiLlama. It has periodically surpassed the Ethereum network in 24-hour revenue.
This suggests that Pump.Fun is becoming an increasingly important part of the Solana ecosystem and is helping to drive growth in the network.
The Impact of AI Agents
AI agents have also been a major focus in the Solana ecosystem in recent years. These agents use complex algorithms to make investment decisions and have bootstrapped approximately $16 billion in aggregate market capitalization in 2024, largely during the fourth quarter.
However, some founders are skeptical about the potential of AI agents. According to Condz, founder of Web3 startup Acolyte AI, "2025 will be massive for AI agents… but crypto AI agents can be a bubble if you look at just the narrative, where most are scams or will never deliver."
The MEV Problem
A plurality of Solana founders (more than 20%) identified MEV or sandwiching as "Solana’s biggest issue." This suggests that many founders have concerns about the network’s MEV problem.
MEV refers to the maximum amount of value that can be extracted from a blockchain by validators. This can include tips paid to validators to prioritize transactions during block building and to order certain transactions ahead of others within blocks.
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.
This suggests that the MEV problem is becoming increasingly pressing in the Solana ecosystem and may be a major concern for founders looking to build on the network.
Conclusion
The Solana ecosystem has been experiencing significant growth in recent years, with many founders embracing the potential of memecoins and AI agents. However, there are also concerns about the network’s MEV problem and the impact of these new technologies on the network.
As we look to the future, it will be interesting to see how these trends continue to evolve and whether they have a lasting impact on the Solana ecosystem.
Sources
- Blockworks Research survey
- DefiLlama data
- CoinGecko data
- TradingView data
- Grayscales research note
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