Solana’s Meme Magic

For the world’s pre-preeminent Solana newsletter, we talk an awful lot about meme coins. Why? Well, sometimes it can be tough to separate the two.

To be clear, there’s nothing tongue-in-cheek about the Solana blockchain’s usefulness. As we’ve argued before, its lightning-fast transactions and low fees make it the ideal conduit for mass web3 adoption. But like most other components of the DeFi ecosystem, memes are a fundamental part of its genetic makeup, too.

A prime example is the “Solana Summer” of 2021, a true chicken-or-egg scenario. It was a period marked by explosive growth in the Solana ecosystem — as well as a proliferation of Solana-themed memes. Sure, the former might have come first. After all, contrary to popular belief, many crypto investors are rational actors, and Solana’s utilitarian appeal was well-documented even then. But if the accompanying memes didn’t launch the rally, they surely still played a pivotal role in building community excitement and attracting new users. In other words, the abundance of humor in the DeFi space doesn’t just mean degens are a bunch of unserious meme traders with too much “dumb money.” On Solana, memes serve as real a utility as the blockchain itself.

Solana’s meme culture fosters a sense of belonging and camaraderie among users, creating a supportive environment for both seasoned blockchain veterans and newcomers. By humanizing the often-complex world of cryptocurrencies, memes have made Solana more accessible to a wider audience. Moreover, the viral nature of memes has proven to be an effective marketing tool for Solana. As users share humorous content across social media platforms, the platform’s visibility increases, attracting potential investors and developers.

The annual Solana Breakpoint conference, kicking off in Singapore on September 20, has become a melting pot of technology and entertainment, with memes playing a prominent role. The event brings together developers, investors, and enthusiasts from around the world, creating an ideal environment for meme sharing and creation. While the conference primarily focuses on technical advancements and industry trends, the incorporation of meme-related activities, such as contests or dedicated panels, has become a tradition. This strategic move not only adds a fun element to the event but also reinforces Solana’s brand as a platform that values community and creativity.

Even the aforementioned Save (formerly Solend), which mainly focused its rebrand on providing stable and secure borrowing to Solana maxis, also rolled out dumpy.fun, a platform for shorting the meme coins that proliferate on the chain, thanks to its lightning-fast transactions. The memes aren’t just a core part of the Solana culture, but of the economy, too.

We’ve talked at some length about how to identify trustworthy crypto projects, and even how to ride meme pumps. But, as anyone who has ever spent time in an internet community knows, it’s harder to pick out the next big meme than it is to know when one has run its course. So if you want a taste of Solana’s meme magic firsthand, check out the project’s X account. Tragedy plus time equals comedy. Comedy plus Solana equals profit.

—Muhammed