Solana Founders Bet Big on Memecoins, Dismiss 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.

According to a survey conducted by Blockworks Research, 76% of the 42 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).

Source: Jack Kubinec via X

In 2024, Solana’s TVL skyrocketed from $1.5 billion to $8.5 billion, driven by retail traders flocking to Solana-based memecoins. Platforms like Pump.fun have played a pivotal role, generating over $8.5 billion in transaction volume since their inception and occasionally surpassing Ethereum in 24-hour revenue, according to DeFiLlama.

The broader meme coin market has seen tremendous growth, with market capitalization soaring from $20 billion to over $120 billion in 2024, reflecting its increasing prominence in the crypto industry.

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

Source: X

Tokens tied to AI agents amassed a combined market capitalization of $16 billion in 2024, primarily in the fourth quarter, according to CoinGecko. Some, like Zerebro (ZEREBRO) and Fartcoin (FART), gained significant traction. However, concerns linger about the sector’s potential to deliver on its promises. Condz, founder of Web3 startup Acolyte AI, warned on X, “Most crypto AI agents are either scams or fail to meet expectations.”

The survey also highlighted concerns over Maximum Extractable Value (MEV), with more than 20% of respondents identifying it as Solana’s most pressing issue. MEV arises when users tip validators to prioritize transactions, inadvertently increasing transaction costs and exposing the network to sandwich attacks.

Solana founders are worried about sandwich attacks. Source: X

In 2024, Solana validators earned more from MEV than their Ethereum counterparts, coinciding with a near-tripling of transaction fees, as reported by Dune Analytics. These dynamics underscore the need for solutions to maintain the platform’s competitive edge.

When asked about alternatives, a majority of Solana founders expressed a preference for Base, Coinbase’s Ethereum layer-2 solution, or Sui, a rival layer-1 blockchain. Both platforms have garnered attention for their innovative technology and user growth, further intensifying competition within the blockchain sector.

Solana remains a powerhouse in the blockchain ecosystem, navigating the challenges of emerging technologies and market dynamics. While memecoins continue to enhance their appeal, skepticism around AI agents and MEV issues highlights areas for improvement. As the platform evolves, addressing these concerns will be key to sustaining its growth and reputation in the crypto space.

By embracing both innovation and pragmatism, Solana aims to remain at the forefront of blockchain technology, setting a benchmark for other networks in the process. Solana itself is expected to have a positive 2025, with price predictions for Solana expecting new all-time highs in Q1 of this year once Trump takes office.