Survey Reveals Concerns About MEV and the Role of AI in the Solana Ecosystem
A recent survey conducted by Blockworks Research has provided valuable insights into the perspectives of 42 founders within the Solana ecosystem. The results reveal a mixed bag of opinions regarding memecoins, artificial intelligence (AI) agents, and the network’s maximum extractable value (MEV) problem.
Memecoins: A Mixed Bag
According to the survey, approximately 76% of the founders described memecoins as "mostly good." This is an interesting finding, given the surge in popularity of memecoins on the Solana network in 2024. Memecoins have been a major driver of the Solana ecosystem’s growth, with Pump.fun being one of the key contributors to this trend.
The Rise of Memecoins
In 2024, the total value locked (TVL) on Solana increased from around $1.5 billion in January to nearly $8.5 billion by December, according to data from DefiLlama. This significant growth can be attributed to the influx of retail traders entering the crypto market through Solana-based memecoins and AI agent tokens.
AI Agents: The Overhyped Sector?
In contrast, 16% of the founders surveyed described AI agents as "the most overrated Solana sector." While AI agents have bootstrapped approximately $16 billion in aggregate market capitalization in 2024, largely during the fourth quarter, according to CoinGecko, there are concerns about their legitimacy and potential for scams.
The AI Agent Bubble?
Condz, founder of Web3 startup Acolyte AI, has expressed his skepticism about the AI agent narrative. In a December 29 post on X, he stated that "2025 will be massive for AI agents" but also warned that "crypto AI agents can be a bubble if you look at just the narrative, where most are scams or will never deliver."
The MEV Problem: A Growing Concern
A plurality of Solana founders (more than 20%) identified MEV or sandwiching as "Solana’s biggest issue." This is a significant concern, given that users pay validators tips to prioritize transactions during block building and order certain transactions ahead of others within blocks. While this helps ensure proper transaction execution, it also contributes to higher transaction costs.
The Rise of MEV Earnings
In 2024, Solana’s validators earned more from MEV than Ethereum’s for the first time. This coincided with transaction fees on the Solana network nearly tripling, according to data from Dune Analytics.
Alternative Options: Base, Coinbase’s Ethereum Layer 2, or Sui?
If the founders couldn’t build on Solana, they would opt for either Base, Coinbase’s Ethereum layer 2, or Sui, a layer 1 competing with Solana. This is an interesting finding, given the growing competition in the blockchain space.
Conclusion
The survey results provide valuable insights into the perspectives of Solana founders regarding memecoins, AI agents, and the network’s MEV problem. While memecoins have been a major driver of growth for the Solana ecosystem, there are concerns about the legitimacy and potential for scams among AI agent tokens. The growing MEV problem is also a significant concern, with more than 20% of founders identifying it as "Solana’s biggest issue."
References
- Blockworks Research survey
- DefiLlama data on Solana TVL
- TradingView data on SOL and ETH performance
- Grayscale research note on Solana
- CoinGecko data on memecoin market capitalization
- Dune Analytics data on MEV earnings
- Condz’s X post on AI agents
