Solana’s journey from a memecoin hub to a serious blockchain contender hinges on the approval of a Solana ETF, which would bring institutional trust and unlock its potential for large-scale financial applications like payments and trading.
Opinion by: Chris Chung, CEO of Titan
When Solana launched in 2020, co-founder Anatoly Yakovenko had the grand vision of becoming the Nasdaq on the blockchain — the home for onchain financial markets. Five years later, the memecoin trading activity we’re seeing on Solana is more akin to penny stocks than the tech giants that make up the Nasdaq index, like Apple or Nvidia. There are definitely “blue-chip” tokens like Jupiter (JUP) or Drift (DRIFT), but the attention has been focused on memecoins.
Indeed, memecoins have become so synonymous with Solana that some in the industry see it as purely a “meme chain.” This isn’t exactly a surprise: Solana’s Pump.fun memecoin launchpad has seen over 7.5 million tokens created since its inception, resulting in more than $550 million in revenue.
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