In the third quarter of 2024, the cryptocurrency landscape is undergoing a pivotal transformation, with Solana emerging as the undisputed leader in the market. The blockchain has recorded impressive figures, with 96,010 new tokens launched out of a total of 110,180, representing 87% of all new tokens on DEXs. This dominance is also reflected in the user base, with a record 86.36 million active addresses in September, marking a 228% increase compared to the previous month.
Solana’s growth is not an isolated phenomenon but is part of a broader evolution within the crypto market. While the blockchain competes with Base for the top spot in token launches, together accounting for over 80% of new issuances, Bitcoin faces different challenges. The leading cryptocurrency reached a cumulative energy consumption of 615 TWh in September 2024, equivalent to the annual energy needs of Germany or France, raising important questions about the sustainability of mining.
The landscape is further animated by the upcoming US presidential elections, which have focused attention on Polymarket. The platform recorded unprecedented numbers, with over 90,000 active traders and a volume exceeding $533 million in September, highlighting how political events can significantly influence the crypto prediction market.
Meanwhile, EigenLayer is experiencing a phase of adjustment following the launch of the EIGEN token. The protocol saw a 12% drop in total value locked (TVL) in one week, losing around $1.29 billion. This decline may be attributed to the behaviour of airdrop speculators seeking more attractive yield opportunities.
The popularity of memecoins on Solana, facilitated by platforms like pump.fun, has significantly contributed to the explosion of new tokens. However, cases like MOODENG serve as a cautionary tale about the volatility and inherent risks in this sector. For those unaware: Vitalik Buterin, Ethereum co-founder, sold 10 billion MOODENG tokens on Solana, earning about $762,000, of which $640,000 was donated to his biotech fund Kanro. The project, launched on Solana, reached a market cap of over $100 million and boasts more than 18,000 holders.
Looking ahead, the crypto sector seems to be at a turning point. The energy sustainability of Bitcoin, the continued dominance of Solana, and the impact of the US elections on platforms like Polymarket will be key factors in the market’s evolution. The real challenge will be maintaining this momentum beyond current catalytic events, balancing innovation, sustainability, and mainstream adoption.