Solana may underperform Ethereum as memecoin demand declines

Layer-1 blockchain Solana may be evolving into a “one-trick pony” for memecoin generation and trading, according to a recent Standard Chartered report.

According to a May 27 Standard Chartered research report shared with Cointelegraph, Solana “dominates in areas that demand high-volume, low-transaction-cost solutions” due to its design prioritizing fast and cheap transaction confirmation. The report suggested this has had an unintended consequence:

“So far, this has been mostly in memecoin trading, which accounts for the majority of activity…