Survey Reveals Mixed Views on Memecoins and AI Agents
A recent survey conducted by Blockworks Research has revealed the opinions of 42 founders in the Solana ecosystem regarding memecoins, AI agents, and the network’s maximum extractable value (MEV) problem. The results are enlightening, offering a glimpse into the thoughts and concerns of key stakeholders within the community.
Memecoins: A Mixed Bag?
The survey found that approximately 76% of founders described memecoins as "mostly good." While this figure may seem high, it’s essential to note that opinions on memecoins are divided. Some founders see them as a valuable addition to the Solana ecosystem, while others view them with skepticism.
AI Agents: The Most Overrated Sector?
In contrast, 16% of respondents deemed AI agents "the most overrated Solana sector." This skepticism is concerning, given the significant hype surrounding AI agents in recent times. While some founders see the potential benefits of AI agents, others are more cautious, echoing concerns that they may be overhyped.
Alternative Options: Base, Coinbase’s Ethereum Layer 2, and Sui
When asked where they would build their projects if they couldn’t use Solana, a significant portion of founders opted for alternative platforms. Specifically:
- 24% chose Base, Coinbase’s Ethereum layer 2
- 19% selected Sui, a competing layer 1 to Solana
- The remaining 57% expressed interest in other options
These results indicate that while Solana remains a popular choice, its founders are not oblivious to the challenges and concerns surrounding the network.
The Rise of Solana: A Perfect Storm?
Solana’s remarkable growth can be attributed to several factors. As Grayscales noted in a December research report:
"Retail traders increasingly enter the crypto market through Solana [as] speculation intensifies around Solana-based memecoins and AI agent tokens."
The surge in total value locked (TVL) on Solana, from approximately $1.5 billion in January to nearly $8.5 billion by December 2024, according to data from DefiLlama, is a testament to the network’s growing appeal.
The Memecoin Phenomenon
Memecoins have been a significant driver of Solana’s growth. With total market capitalization increasing from around $20 billion to more than $120 billion in 2024, according to CoinGecko, it’s no wonder that founders are both intrigued and cautious about this trend.
AI Agents: A Bubble Waiting to Burst?
While some founders see the potential of AI agents, others share concerns that they may be overhyped. As Condz, founder of Web3 startup Acolyte AI, noted in a December 29 post on X:
"Crypto AI agents can be a bubble if you look at just the narrative, where most are scams or will never deliver."
MEV Concerns: A Growing Problem?
A plurality of Solana founders (more than 20%) identified MEV as "Solana’s biggest issue." The issue arises from users paying validators tips to prioritize transactions during block building and order certain transactions ahead of others within blocks. This contributes to higher transaction costs, which have nearly tripled on the Solana network in 2024, according to data from Dune Analytics.
Conclusion
The survey results offer a nuanced view of the Solana ecosystem’s thoughts and concerns regarding memecoins, AI agents, and MEV. While founders are divided on these topics, they share a common concern: the growing problem of MEV. As the Solana network continues to evolve, it will be essential for its founders and users to address this issue and ensure the long-term sustainability of the ecosystem.
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