SolScan Reports: '547,000 New Tokens Issued on Solana in May'
CryptoNewsTerminal Staff04 Jun, 2024
SolScan Reports: '547,000 New Tokens Issued on Solana in May'
Solana (SOL) blockchain explorer SolScan reported via Twitter that "547,000 new tokens were issued on Solana in May." The issuance of new tokens surged in mid-May, with 23,036 new tokens issued on the 17th alone. The average daily issuance of tokens in May was 17,700. Earlier, crypto media outlet The Block reported that "over 455,000 tokens were launched on Solana (SOL) in May." The surge in token issuance on Solana is a sign of the growing popularity of the blockchain. Solana is a high-performance blockchain that is capable of processing thousands of transactions per second. This makes it an ideal platform for launching new tokens and projects. The issuance of new tokens on Solana is also a sign of the growing interest in decentralized finance (DeFi). DeFi is a new financial system that is built on blockchain technology. DeFi applications allow users to lend, borrow, and trade cryptocurrencies without the need for a traditional financial institution. The growth of DeFi on Solana is driving the demand for new tokens. As more DeFi projects launch on Solana, the demand for tokens that can be used to access these projects will increase. ---
