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The current crypto market has expanded to over 29 million tokens. Is this number a sign of ecological prosperity or a bubble? Let's compare the data.
The distribution of blockchain ecosystems has completely changed. Solana dominates with 63.82%, followed by Base at 17.32%, BSC at 10.71%, Ethereum at only 1.79%, SUI at a negligible 0.14%, and the remaining 6.22% is split among other chains.
Looking back at the peak of the 2017 bull market, there were only 18,000 tokens in total. At that time, Ethereum and BSC almost split the market—Ethereum at 47.52%, BSC at 49.17%, and other chains together only 3.31%.
Compared to these two points in time, how dramatic is the change? The total number of tokens has increased by 1,600 times, and the landscape of blockchain ecosystems has been completely reshuffled. Solana, Base, and other newcomers have risen rapidly, while the once-dominant Ethereum has been marginalized. Is this driven by technological progress, user migration, or capital speculation? The market seems to have the answer.