Solana may be a memecoin ‘one-trick pony’

Standard Chartered's May 27 research report says Solana may be becoming a "one-trick pony" for memecoin generation and trading. The report states that memecoin trading accounts for most Solana activity, measured by application revenue, and that Solana-based memecoin activity has passed its peak. It says Solana should expand into high-throughput financial apps and consumer apps such as social media, though scaling those may take years. The bank expects Solana to underperform Ethereum over the next two to three years, and notes that Ethereum layer-2 platforms have caught up with Solana on average transaction cost since the Dencun upgrade in March 2024.