Solana Founders View Memecoins as a Positive Force, AI Agents as Overrated: Survey

Released on January 3 by Blockworks Research, the survey polled 42 project leaders, shedding light on trends and challenges shaping the blockchain network’s future.

A recent survey by Blockworks Research has revealed that a majority of Solana founders view memecoins positively, while skepticism persists towards AI agents and concerns remain over Maximum Extractable Value (MEV) in the Solana ecosystem.

Conducted on January 3, the survey polled 42 project leaders, shedding light on trends and challenges shaping the blockchain network’s future.

Solana Founders Bullish on Memecoins

According to the survey, 76% of the Solana founders polled view memecoins as “mostly good” for the ecosystem. These digital assets, often characterized by their humor-driven branding and speculative appeal, have contributed significantly to Solana's surge in activity and total value locked (TVL).

Rising to prominence in 2024, Solana-based memecoins attracted retail traders en masse, driving Solana's TVL from $1.5 billion to $8.5 billion in a remarkable upsurge, as reported by Blockworks. Platforms like Pump.fun played a pivotal role, generating over $8.5 billion in transaction volume since their inception and occasionally even surpassing Ethereum in 24-hour revenue, according to DeFiLlama.

In the broader meme coin market, CoinMarketCap data indicates a substantial increase, with market capitalization soaring from $20 billion to over $120 billion in 2024, highlighting its increasing prominence in the crypto industry.

Solana Founders Skeptical of AI Agents

In contrast, Solana founders remain skeptical about AI agents, with 16% labeling them as the “most overrated” sector within the ecosystem. Designed to execute complex tasks autonomously, AI agents have seen mixed reception despite their rising popularity.

In 2024, tokens linked to AI agents, largely emerging in the fourth quarter, collectively amassed a combined market capitalization of $16 billion, according to CoinGecko. Some, like Zerebro (ZEREBRO) and Fartcoin (FART), gained significant traction. However, concerns arise over the potential of this sector to deliver on its promises.

As reported by Blockworks on December 14, Condz, founder of Web3 startup Acolyte AI, highlighted these disparities, stating on X, “Most crypto AI agents are either scams or fail to meet expectations.”

Solana Founders Express Concerns Over MEV

The survey also highlighted concerns over MEV, with more than 20% of respondents identifying it as Solana's most pressing issue. Arising when users tip validators to prioritize transactions, MEV can lead to higher transaction costs and increased vulnerability to sandwich attacks.

Solana encountered this issue in 2024, with validators earning more from MEV than their Ethereum counterparts, coinciding with a near-tripling of transaction fees, as reported by Dune Analytics. These dynamics highlight the need for solutions to maintain the platform's competitive edge.

When asked about alternatives, a majority of Solana founders expressed a preference for either Base, Coinbase's Ethereum layer-2 solution, or Sui, a rival layer-1 blockchain, both garnering attention for their technology and user growth.

Solana Set for a Balanced Future

Despite the challenges and shifting trends, Solana remains a formidable presence in the blockchain ecosystem. With its strengths and weaknesses, the platform continues to serve as a hub for innovation and a benchmark for other networks.

Solana is set to navigate the upcoming year with promising price predictions, with some expecting new all-time highs in Q1 of this year once Trump takes office, according to Blockworks on January 24.