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The number of tradable crypto tokens has surged from approximately 20,000 in early 2022 to over 18.9 million by mid-2025, according to CoinMarketCap data. This staggering 945x growth is largely attributed to the rise of low-cost, high-throughput blockchain networks such as Solana, Base, and Binance Smart Chain (BSC), which have enabled mass token creation through no-code launchpads and rapid experimentation cycles [1].
Solana has become the epicenter of this token explosion, with more than 18 million new tokens minted in the past year alone. The Pump.fun platform alone reported the creation of 11.4 million SPL tokens by late July 2025, with a 31% increase in the number of tokens issued in just four months (from 8.7 million in March 2025) [1]. This level of activity on Solana surpasses the combined token creation on other major chains like Base, BSC,
, Polygon, Optimism, Arbitrum, and Ethereum during the same period.Base has also seen a dramatic increase in token issuance, with over 8.4 million fungible tokens deployed on the network in under a year. The growth has been accelerated by tools like Zora, which enabled the creation of over 1.5 million "creator coins" in 2025. These tools, integrated into platforms such as the Base App, have streamlined the minting process and encouraged a wave of user-generated tokens [1].
BSC, which pioneered the low-cost token boom in 2021, remains a significant contributor, with BscScan reporting nearly 4.7 million BEP-20 token contracts on the BNB Chain. Despite the rise of Solana and Base, BSC continues to serve as a go-to platform for fast and inexpensive token issuance [1].
The rapid growth in token supply, however, has led to a critical issue: liquidity per token has sharply declined. In early 2025, the average stablecoin liquidity per token was around $5,500, down from $1.8 million in 2021. Most of these 18.9 million tokens are thinly traded, illiquid, and highly susceptible to price manipulation. This imbalance has led to market concentration, with value increasingly consolidating into a small number of high-cap assets like Bitcoin and Ethereum [1].
For protocols and teams, simply launching a token no longer guarantees value. To attract liquidity in a saturated market, projects must demonstrate real user demand, consistent cash flows, and functional utility. The networks themselves also face trade-offs—high throughput and low fees promote innovation but also attract spam and short-lived tokens [1].
Source: [1]https://cryptoslate.com/crypto-tokens-explode-from-20k-in-2022-to-18-9m-following-launchpad-frenzy-on-solana-base-bsc/
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