A recent survey conducted by Blockworks Research has revealed some interesting insights into the views of Solana founders on various aspects of the ecosystem. The survey, which involved 42 founders, showed that approximately 76% of them described memecoins as "mostly good." This sentiment is not surprising given the surge in popularity of these coins in 2024.

Memecoins: The Good and the Bad

Memecoins have been a significant driver of growth for Solana in 2024. According to data from CoinGecko, the total market capitalization of memecoins increased from around $20 billion to more than $120 billion in 2024. This is a remarkable increase of over 500% in just one year.

However, not all memecoins are created equal. Some have been criticized for being scams or having no real-world use case. In fact, Condz, the founder of Web3 startup Acolyte AI, recently stated on X that "crypto AI agents can be a bubble if you look at just the narrative, where most are scams or will never deliver."

AI Agents: The Most Overrated Sector?

The survey also showed that 16% of Solana founders believe that AI agents are the "most overrated" sector. This is an interesting finding given the hype surrounding AI and its potential applications in the crypto space.

However, it’s worth noting that some AI-related coins have been successful in 2024. According to data from CoinGecko, tokens tied to AI agents bootstrapped approximately $16 billion in aggregate market capitalization in 2024, largely during the fourth quarter.

MEV: The Biggest Issue for Solana?

A plurality of Solana founders (more than 20%) identified MEV or sandwiching as "Solana’s biggest issue." This is a concern that needs to be addressed by the Solana community and its validators.

For those who may not know, MEV stands for Maximum Extractable Value. It refers to the practice of users paying validators tips to prioritize transactions during block building and to order certain transactions ahead of others within blocks. While this helps users ensure their transactions are properly executed, it also contributes to higher transaction costs.

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.

Alternative Blockchains

When asked about alternative blockchains they would choose to build on if not Solana, the founders had some interesting responses. Approximately 25% said they would opt for Base, Coinbase’s Ethereum layer 2, while another 20% chose Sui, a layer 1 competing with Solana.

Conclusion

The survey conducted by Blockworks Research provides valuable insights into the views of Solana founders on various aspects of the ecosystem. While memecoins have been a significant driver of growth for Solana in 2024, there are concerns about the mounting MEV problem and the overhyping of AI agents.

As the crypto space continues to evolve, it’s essential to address these concerns and ensure that the Solana community is working towards creating a more sustainable and equitable ecosystem.

Recommendations

1. Address the MEV Problem: The Solana community needs to work together to reduce MEV and make the network more efficient.
2. Promote Transparency: Developers and validators should prioritize transparency in their operations, making it easier for users to understand how transactions are being processed.
3. Foster Innovation: The Solana ecosystem should continue to foster innovation, encouraging the development of new use cases and applications that benefit the community as a whole.

Future Outlook

As we look ahead to 2025, it’s clear that the crypto space will continue to evolve at a rapid pace. While there are concerns about the MEV problem and AI agents, the survey shows that Solana founders remain optimistic about the future of the ecosystem.

With continued innovation and collaboration, Solana has the potential to become one of the leading blockchains in the world.

Sources

• Blockworks Research Survey: Solana Founders Weigh In on Memecoins, AI Agents, and MEV
• CoinGecko: Market Capitalization of Memecoins and AI Agents in 2024
• DefiLlama: Total Value Locked (TVL) on Solana in 2024
• TradingView: Solana Price Chart

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