There is an interesting tension within Solana’s leadership here. The foundation’s chairman believes memecoins can be useful as a stress test for the network. The co-founders think they’re trash. Both run on the same blockchain.
In a discussion with Fundstrat’s Sean Farrell, Solana Foundation President Lily Liu said memecoins should be understood as a “live test” of the network’s performance, rather than as a defining feature of the ecosystem. According to her framework, every Degen-fueled trading frenzy is actually a training exercise for Solana’s infrastructure.
Reframing needed for Solana
Liu explained that meme coins are part of a broader set of assets on Solana that range from pure speculation on one end to true utility on the other. She is not endorsing meme coins as valuable financial products. She says that even if the tokens themselves are economically empty, they serve a mechanical purpose for the network.
Meme coins accounted for approximately 62% of Solana’s dApp revenue as of June 2025. This is an incredible concentration of assets with no fundamental value proposition other than vibe and momentum.
Rather than denying that reality, Liu tries to capture it with a different story. Meme coins are not products. Solana’s ability to process them at scale is the product.
“Digital Slop” Counterpoint
Not everyone at Solana headquarters is so diplomatic on the subject. Blockchain co-founder Anatoly Yakovenko calls NFTs and meme coins “digital slop” with no intrinsic value. While Mr. Liu sees a useful testing ground, Mr. Yakovenko apparently sees a landfill.
Solana’s meme coin moment didn’t come out of nowhere. Donald Trump’s $TRUMP meme token was launched on Solana on January 18, catapulting the network into mainstream political discussion. Melania Trump meme tokens followed soon after, quickly increasing to a total value of around $1.6 billion. These were not obscure tokens traded for thousands of degen. They were top news and all ran on Solana’s rails.
Beyond meme coins: a long-term infrastructure initiative
The Solana Foundation is deploying post-quantum digital signatures on its testnet in an effort aimed at future-proofing networks against quantum computing threats.
What this means for investors
For those holding SOL or building Solana, memecoin concentration is worth monitoring closely. A 62% revenue share from meme coins means that the network’s financial health is closely tied to the speculation cycle. If memecoin trading cools down, Solana’s revenue metrics could plummet.
