Chainalysis Expands Solana Token Coverage

Blockchain analytics provider Chainalysis has expanded its coverage of Solana tokens to include memecoins created on Pump.fun, according to a company representative.

> "Today Chainalysis extended our Solana coverage to include every Solana token in KYT and Reactor," said Matthew Wilson, the company's director of product, in a post on LinkedIn. "From the moment a SPL contract is deployed, Chainalysis offers complete alerting, exposure and tracing."

Know Your Transaction (KYT) and Reactor are compliance tools offered by Chainalysis. SPL refers to the Solana Program Library.

> "Exchanges can list memes immediately and with full compliance coverage," Wilson added. "And governments can look into the scams and rugpulls… so no matter if you're into WIF, BONK, PNUT, stables USDT and USDC, or Pump.fun coins, we have you covered."

Memecoin trading exploded this year partly due to the ease of creating tokens on Solana. As of earlier this month, over 4 million memecoins had been deployed via Pump.fun, according to data from Dune Analytics. The memecoin generation and trading platform also reached an all-time high of over $93 million in monthly revenue in November, according to DefiLlama data.

After launching at the beginning of the year, Pump.fun became the fastest-growing crypto app of all time. In September, crypto researcher and Glue founder Ogle stated that nearly 95% of memecoins launched on Pump.fun "end up effectively rugged within a day of launching."