Coinbase-backed L2 network Base has surpassed Solana in the number of tokens created in a day. This milestone occurred for the first time on July 27, according to The Block. At that time, Base added 54,341 new coins, while Solana added 25,460. Over the past month, the number of daily launches on the Base second-layer network grew from 6,649 to over 50,000. The main driver of this growth was the integration of decentralized networks Zora and Farcaster into the Base App.
Zora turns each Farcaster post into an ERC-20 token with liquidity on Uniswap. Authors receive 1% of trading fees in ZORA. Farcaster, the Web3 social network, increases user engagement by distributing tokenized content.
As of August 2, Zora accounted for 64.6% of the total launches on the Base and Solana networks. On that day, Zora created 39,778 new coins, while Pump.fun and LetsBonk created only 15,132.
Activity on Solana has decreased
Trading activity on leading platforms in the Solana ecosystem has been declining since early August. Pump.fun had 346,000 users trading in July, with a volume of $337 million. By the time of writing, these figures had dropped to 129,000 users and $150 million, respectively.
The LetsBonk platform showed similar dynamics. The number of active traders increased from 208,000 to 260,000, while the trading volume fell from $518 million to $242 million.
According to DeFi Llama, Pump.fun also saw revenue decline. The platform's revenue in July was $24.96 million, down 80% from its January peak of $130 million.
This decline in activity is due to a downturn in the overall meme coin market. According to CoinMarketCap, its capitalization has declined by 15% in the last week alone, to $70.8 billion. Over the same period, trading volume in the sector has declined by 53%, to $5.4 billion.
