Solana Founders Embrace Memecoins, Say AI Agents Overrated According to New Survey Results
Memecoins and AI: A Mixed Bag for Solana Founders
The founders of projects in the Solana ecosystem have expressed mixed opinions about memecoins and artificial intelligence (AI) agents, according to a recent survey conducted by Blockworks Research. The survey, which gathered responses from 42 founders on Solana, shed light on their views on various aspects of the network.
Memecoins: A Mostly Positive Reception
Approximately 76% of the surveyed founders described memecoins as "mostly good." This indicates that a significant majority of Solana project founders view memecoins positively. Memecoins have been a major driver of growth in the Solana ecosystem, with Pump.fun being a notable example. The platform’s total volume has surpassed $8.5 billion since its launch in January 2024, according to data from DefiLlama.
AI Agents: Overrated and Concerning
In contrast, the founders expressed skepticism about AI agents, with 16% saying they are "the most overrated Solana sector." This suggests that while some founders see potential in AI agents, many others are skeptical about their value. The survey results also indicate that some founders may view AI agents as a bubble, with Condz, founder of Web3 startup Acolyte AI, stating on X, "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."
Mounting MEV Concerns
The survey also revealed concerns about the maximum extractable value (MEV) problem on Solana. More than 20% of founders 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, which helps ensure transactions are properly executed but 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. The growing MEV problem is a concern for some founders, who may view it as a significant issue that needs to be addressed.
Alternative Options: Base and Sui
If they couldn’t build on Solana, 42% of founders would opt for either Base, Coinbase’s Ethereum layer 2, or Sui, a layer 1 competing with Solana. This indicates that some founders may view these alternative options as viable alternatives to Solana.
Solana’s Rise and Memecoins’ Contribution
Solana’s rise in popularity can be attributed in part to the growing interest in memecoins. In 2024, Solana’s total value locked (TVL) surged from around $1.5 billion in January to nearly $8.5 billion by December, according to data from DefiLlama. Since 2023, Solana’s SOL token has outperformed Ether (ETH) by approximately eight times, according to data from TradingView.
The total market capitalization of memecoins increased from around $20 billion in January 2024 to more than $120 billion by the end of the year, according to data from CoinGecko. Solana’s Pump.fun has been a major driver, with its total volume surpassing $8.5 billion since launching in January.
AI Agents and Social Media
Tokens tied to AI agents have bootstrapped approximately $16 billion in aggregate market capitalization in 2024, largely during the fourth quarter, according to CoinGecko. Since October, AI agents have swarmed social media platform X, pumping nearly a dozen more coins past $100-million market capitalizations on Solana.
Some of these coins include Zerebro (ZEREBRO), Fartcoin (FART), and ai16z (AI16Z). While some founders may view AI agents as overrated or concerning, others see potential in their growth. However, it’s essential to note that many AI agent tokens are scams or have yet to deliver on their promises.
Conclusion
The survey conducted by Blockworks Research provides valuable insights into the views of Solana project founders on memecoins and AI agents. While some founders view memecoins positively, others express skepticism about AI agents. The growing MEV problem is a concern for some founders, who may view it as a significant issue that needs to be addressed.
As the Solana ecosystem continues to evolve, it’s essential to monitor these trends and developments closely. With alternative options like Base and Sui on the horizon, the future of Solana remains uncertain. However, one thing is clear: the growing interest in memecoins and AI agents will continue to shape the Solana ecosystem.
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