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.
According to reports and on-chain analysis, massive token creation is spreading across popular chains. The key observations:
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.
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.
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:
This suggests that Ethereum, despite not having the highest number of new tokens, maintains significantly higher capital per token.
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.
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.
Millions of new tokens are being created due to low barriers to entry and the ease of launching on platforms like Pump.fun (Solana) and Virtuals.io (Base). The surge on Base, in particular, is driven by new platforms and increasing interest in integrating AI agents into Web3 projects.
Only a very small percentage of newly created tokens gain lasting value. Success is determined by factors like strong utility, clear use cases, robust tokenomics, engaged community, transparent team, and sustained development, not just initial hype or volume of creation. In 2025 alone, over 1.82 million tokens have already stopped trading, indicating high failure rates.
The trend of mass token creation presents a dual edge: it can foster innovation by lowering entry barriers for legitimate projects, but it also creates fertile ground for scams, “rug pulls,” and the proliferation of low-value, speculative projects. The sheer volume makes it harder for valuable projects to stand out amidst the noise.
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