2.5M Crypto Tokens Launched in June, But…

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This month alone, over 2.5 million new tokens have been created across major blockchains, including Ethereum, Solana, and Base, according to new data. But despite the volume, only a few networks show signs of sustainable value.

A crypto expert recently broke down which chains offer the highest capital per token, revealing surprising insights about which ecosystems are thriving—and which are overloaded.

Token Creation Trends: Ethereum Steady, Solana Slows, Base Surges

According to reports and on-chain analysis, massive token creation is spreading across popular chains. The key observations:

• Solana is witnessing a slowdown in new token launches.
  
• Base is experiencing a sharp rise, driven by new platforms.
  
• Ethereum remains dominant in value despite fewer new tokens.
  

Monthly number of unique crypto tokens created among the popular chains continues to maintain at ~2.5m in June.

> @solana slowed down as @pumpdotfun slowly dies.
> @base soared likely due to @virtuals_io.
> @SonicLabs & @avax are starting to make a presence.

A short : pic.twitter.com/v9JHU2Lk1N

— (@bandaoppa) June 29, 2025

In a post on X, the expert highlighted that Pump.fun is responsible for most of Solana’s earlier surge but is now seeing reduced activity. On the other hand, Virtuals.io is driving Base’s uptick, marking a rise in AI-based Web3 projects.

Why Are Pump.fun and Virtuals.io Important?

Pump.fun: A Solana-based platform known for enabling quick and easy token launches, often used for memecoins. Its decline signals a drop in speculative token creation.

Virtuals.io: A protocol merging AI and blockchain, currently booming on the Base network. This indicates rising interest in integrating AI agents into decentralized ecosystems.

Additionally, SonicLabs and Avalanche are emerging as growing hubs for token creation, thanks to their performance, developer tools, and incentives.

TVL Per Token: The Key Metric to Watch

The expert introduced a simple but insightful analysis:

Total Value Locked (TVL) divided by the number of tokens gives a snapshot of how much capital backs each token.

Top blockchains by TVL per token:

• Ethereum: $53,700 per token
  
• TronDAO: $24,000 per token
  
• SonicLabs: $15,000 per token
  

This suggests that Ethereum, despite not having the highest number of new tokens, maintains significantly higher capital per token.

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Ethereum’s Strength Lies in Lido Finance

The expert attributes Ethereum’s high capital efficiency to Lido Finance, a dominant liquid staking protocol. Users lock ETH and receive stETH, retaining liquidity while earning staking rewards.

This structure locks in massive value across Ethereum’s ecosystem, making its token economy far more robust than chains that focus on sheer quantity of new launches.

Solana and Base: Quantity Over Quality?

The data reveals that Solana and Base have lower TVL per token, indicating oversaturation. While they may lead in token creation volume, the financial support per token is weaker.

This trend suggests that only a very small percentage of tokens on these chains will hold any lasting value or achieve price growth.

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