The development trend on-chain of Solana(SOL) is remarkable. Although SOL itself performs strongly, its ecosystem still seems to be searching for new breakthroughs. PUMP, as a meme coin launch platform on the SOL chain, has once become a focal point, reflecting on-chain users' enthusiasm for emerging projects.

At the beginning of 2024, the Solana ecosystem experienced a frenzy of meme coins, with projects like BONK, WIF, and BOME rising successively to become the phenomenon of the year. Subsequently, PNUT and PENGU also joined this trend. However, as we entered 2025, this enthusiasm seems to have waned. This change may stem from the lowered entry barriers for meme coin issuance, leading to market saturation and making it difficult to form new consensus.

Currently, the Solana ecosystem is in a relatively stable state, lacking obvious breakthrough points. However, this stability may be a precursor to a new round of development. Market observers believe that when SOL approaches historical highs, it may trigger a new wave of ecosystem prosperity.

It is worth noting that, in addition to meme coins, there are also some potential projects in the Solana ecosystem, such as RAY, W, JUP, JTO, and TNSR. These projects may become key forces driving the further development of the Solana ecosystem in the future.

Overall, the Solana ecosystem is at a turning point. From the initial meme coin craze to the current stabilization phase, this process reflects the maturity and changes in the cryptocurrency market. In the future, whether Solana can find new growth points and balance innovation with stability will be a key factor in determining its long-term development.