The number of negotiable crypto tokens has become parabolic since 2022, CoinmarketCap now following approximately 18.9 million digital assets, compared to just over 20,000 in 2022.
In January of the same year, around 20,000 workers were listed among the main trackers. In mid-2025, this universe increased to around 18.9 million, an astonishing increase of 945X in just three and a half years.
The overvoltage is not uniformly distributed, because three broadband networks are responsible for around 90% of the new offer: Solana, Base and BNB, driven by low costs, turnkey pavers and a rapid experimental culture.
The three kings
Solana is the epicenter. In the past year only, the chain has seen the order of 18 million new tokens struck like same factories and code -free transmitters lowered the barrier to the creation to money.
Pump.fun produced around 11.4 million SPP tokens at the end of July 2025, according to the dashboard of the Older user, which follows the mints on the application chain. This is up compared to around 8.7 million in March 2025, adding almost 2.7 million in four months, up 31%.
The number exceeds the new combined number of tokens on the basis, BSC, Tron, Polygon, Optimism, Arbitrum and Ethereum during the same period.
The result is a torrent of micro-capitaine active ingredients, most launched for pleasure, virality or speculation, and many never progressing beyond a few wallets and a pool of shallow liquidity.
The base has become the fastest follower. In just a year, the developers and the creators have deployed more than 8.4 million fungible tokens on the network.
The tooling of creative coins linked to Zora has ignited a quick mint cycle on the Coinbase L2. A dashboard of the Seecolanch user reported more than 1.5 million designer parts struck in 2025, as the model has spread, with a large part of this activity centered on the basis after its integration into the basic application.
At the end of July, the base briefly exceeded Solana by the daily number of tokens like “content pieces” transformed social publications into a large-scale micro-tokens.
Binance Smart Chain (BSC), which was the Pioneer of Boom in Token Cheap in 2021, continues to contribute considerably to the new launches of tokens.
The BSCSCAN token tracker lists nearly 4.7 million BEP-20 tokens contracts on the BNB channel, the ecosystem of which BSC is a part. This highlights its role as a mass location for fungible assets.
Although its share of the new program has faded compared to Solana and the base, BSC remains a place of choice for fast and low cost launches.
Liquidity by shrinking token
The capture of this Cambrian explosion is liquidity. Capital simply did not follow the pace of the supply. The average liquidity of the token squap collapsed from around 1.8 million dollars in 2021 to around $ 5,500 at the start of 2025.
In practical terms, most of the 18.9 million tokens are illiquid, barely negotiated and very sensitive to manipulation. Prices can go bankrupt or crater over a few hundred dollars in flow, and ruptures remain a risk wherever the low effort is prosperous.
This imbalance reshapes the structure of the market. Despite the proliferation of assets, the value continues to focus on a few hundred names, with the climbing of the domination of Bitcoin and Ethereum while the capital is consolidated in proven networks while the long tail languishes.
For teams, the existence of a token no longer gives value. Protocols must prove lasting demand by showing users, costs, cash flows or convincing usefulness to attract liquidity in a saturated field.
The networks are faced with their own compromises. High flow and low costs allow creativity without authorization but also invite spam and baratting.
