隨著10億美元的固定資金逃離，Solana生態系統在六個月內經歷了最嚴重的測試

在一個星期內，耗資10億美元的投資基金逃離了，日常活躍的用戶下降了近60％ - Solana生態系統正在接受其最嚴重的測試

Author: Frank, PANews

作者：弗蘭克，潘尤斯

In a single week, $1 billion in staked funds has fled, and daily active users have plummetered by nearly 60%—the Solana ecosystem is undergoing its most severe test in the past six months.

在一個星期內，耗資10億美元的基金逃離了，日常活躍的用戶暴跌了近60％ - 在過去六個月中，Solana生態系統正在接受其最嚴重的測試。

With platforms like Pump.fun dumping over $600 million in tokens and major validators losing confidence in staking due to the SIMD proposal, combined with the vacuum left by the retreat of the MEME craze, the SOL token has plunged 57% in 40 days, leading the mainstream coins.

諸如Pump.Fun之類的平台將超過6億美元的代幣傾倒，而主要驗證者由於SIMD提案而失去了對堆放的信心，再加上模因熱潮的撤退留下的真空，Sol Soldsken在40天內跌落了57％，並帶領了主流硬幣。

As on-chain data anomalies intersect with a market sell-off, how will this public chain giant, once seen as the "Ethereum killer," navigate survival amid the dual strangulation of ecological reconstruction and capital flight?

隨著鍊鍊數據異常與市場拋售相交，這家公共連鎖店巨頭曾經被視為“以太坊殺手”，在生態重建和資本飛行的雙重扼殺中導航生存？

Accelerated Staking Withdrawal: $1 Billion in Funds Flee in a Single Week

加速放棄戒斷：一周內逃跑了10億美元的資金

In the past week, the amount of staked tokens on the Solana chain decreased by 5.97 million, with a reduction of 3.61 million over the past month. This indicates that many large stakers have begun withdrawing SOL funds to avoid the risk of decline. The weekly decline rate is approximately 1.5%, with about $1 billion in staked funds reduced.

在過去的一周中，Solana鏈上的固定令牌數量減少了597萬，在過去一個月中減少了361萬。這表明許多大型Stakers已經開始撤回SOL資金，以避免降低的風險。每週下降速度約為1.5％，大約有10億美元的固定資金降低。

From the changes in the Solana network, on February 23, there was a drastic change in the Solana network, with daily active users and new wallet numbers dropping by about 90% on that day before returning to normal levels. This sharp fluctuation was likely caused by a collective failure or shutdown of certain trading bots on the chain, which also exposed the issue of an excessively high proportion of bots in the Solana network.

從2月23日的Solana網絡的變化中，Solana網絡發生了巨大變化，每天活躍的用戶和新的錢包數字在那天恢復到正常水平之前下降了約90％。這種急劇的波動很可能是由於鏈條上某些交易機器人的集體故障或關閉而引起的，這也暴露了Solana網絡中機器人比例過高的問題。

As of February 28, data shows that the current level of active users has also significantly decreased from the peak in October last year. On October 22, the number of daily active addresses reached a high of 8.78 million, while the data on February 27 dropped to 3.71 million, a decline of about 58%.

截至2月28日，數據顯示，當前活躍用戶的水平也比去年10月的峰值大大下降。 10月22日，每日活動地址的數量達到878萬，而2月27日的數據下降到371萬，下降了約58％。

5 Major Whales Concentrated Selling: $317 Million in Tokens Impacting the Market

5個主要鯨魚集中銷售：3.17億美元的代幣影響市場

Recently, several large SOL holders have chosen to sell tokens or unstake. According to incomplete statistics based on information exposed on social media by PANews, five whales sold approximately 2.09 million SOL in a short period, valued at about $317 million, with an average selling price of around $151.

最近，一些大型溶膠持有人選擇出售令牌或取消銷售。根據Panews在社交媒體上揭示的信息的不完整統計數據，五隻鯨魚在短時間內售出了約209萬輛溶膠，價值約3.17億美元，平均售價約為151美元。

Among them, the address AMekyY73RJBd4urgZ2HvWV8yFzvk4nRsGmahuJcWiQri unstaked a total of 236,000 SOL, and so far has only sold 60,000; it remains uncertain whether the remaining tokens will continue to be sold in the future.

其中，地址為Amekyy73rjbd4urgz2HVWV8YFZVK4NRSGMAHUJCWIQRI，總共銷售了236,000索爾，到目前為止，僅售出了60,000個；尚不確定將來剩餘的令牌是否會繼續出售。

In addition, Pump.fun has also been a major force in selling on-chain. As of February 28, Pump.fun has sold approximately 3.02 million SOL tokens, cashing out a total of about $610 million. In the past month, Pump.fun sold a total of 440,000 SOL, valued at about $7.839 million. This has further exacerbated the already panicked market.

此外，Pump.Fun也是銷售鍊鍊的主要力量。截至2月28日，Pump.Fun已售出了約302萬個Sol代幣，總共兌現了約6.1億美元。在過去的一個月中，Pump.Fun總共出售了440,000輛，價值約783.9萬美元。這進一步加劇了已經驚慌的市場。

However, with the decline in MEME popularity, various metrics for Pump have also been continuously declining. On February 23, the number of active users on Pump.fun dropped to a low of 41,000, recovering to around 180,000 the next day. Overall data has decreased by more than half in the past month.

但是，隨著模因受歡迎程度的下降，泵的各種指標也一直在下降。 2月23日，泵的活躍用戶數量下降到41,000的低點，第二天恢復到約180,000。在過去一個月中，總體數據減少了一半以上。

Cryptocurrency brokerage service FalconX has also been an important channel for large holders to flee. According to PANews statistics, in February, the amount of SOL tokens transferred from FalconX to Binance reached 386,700, valued at about $6.6 million. However, further research reveals that large holders seem to have started fleeing as early as January, with the amount of SOL transferred from FalconX to Binance in January reaching 1.37 million, valued at $315 million, with an average transfer price of about $229. This figure is significantly higher than in other months.

加密貨幣經紀服務Falconx也是大型持有人逃離的重要渠道。根據Panews統計數據，2月，從Falconx到Binance轉移的SOL代幣數量達到386,700，價值約為660萬美元。但是，進一步的研究表明，大型持有人似乎早在1月就開始逃離，而SOL的數量從Falconx轉移到1月份的Binance，達到137萬美元，價值3.15億美元，平均轉讓價格約為229美元。這個數字明顯高於其他幾個月。

Of course, while some are leaving, others are rushing in. On February 27 and 28, a large holder with the address EhuKBFXyUYgwc4nUMJMQHjY4A7w5nTTrMtY6z4TtZSFK bought 83,000 SOL tokens, spending a total of $10.88 million, with an average entry price of about $134.

當然，有些人要離開時，有些人正在湧入。2月27日至28日，一個大型持有人，地址為ehukbfxyuygwc4numjmqhjy4a7wnumjmqhjy4a7wnttrtrmty6z4ttzsfk，購買了83,000輛索爾克斯（Sol Solkens），總計為1080萬美元，價格為138億美元，平均價格為134美元。

SIMD Proposal Impact: Shrinking Staking Rewards Triggers Validator Panic

Simd提案影響：縮小訂婚獎勵觸發驗證者恐慌

Overall, however, the incoming funds are still

總的來說，即將到來的資金仍然是