加密市場正在將牙齒沉入Solana（Sol），而且不漂亮

本周是加密貨幣行業的許多承諾的高潮。特朗普總統通過過去幾年採取的執法行動結束了一些加密法規，證券交易委員會（SEC）退回了SAB 122，這使銀行無法為客戶提供加密貨幣。

This week was supposed to be the culmination of a lot of promises years coming in the crypto industry. President Trump ended some of the crypto regulation by enforcement actions taken over the last few years, and the Securities and Exchange Commission (SEC) pulled back SAB 122, which kept banks from holding crypto for customers. But these moves didn't help the market, and many altcoins fell double digits on the week.

本周本週應該是加密貨幣行業的許多諾言的結晶。特朗普總統通過過去幾年採取的執法行動結束了一些加密法規，證券交易委員會（SEC）退回了SAB 122，這使銀行無法為客戶提供加密貨幣。但是這些舉動對市場沒有幫助，許多山寨幣在本週下降了兩位數。

According to data provided by S&P Global Market Intelligence, Cardano (ADA) was one of the biggest losers, falling 13.6% over the past week, Polkadot (DOT) fell 14.4%, and Uniswap (UNI) fell 15.4%.

根據S＆P全球市場情報提供的數據，Cardano（ADA）是最大的失敗者之一，過去一周下降了13.6％，Polkadot（DOT）下降了14.4％，Uniswap（Unii）（UNI）下降了15.4％。

Crypto regulations don't cause a buying frenzy

加密法規不會導致購買瘋狂

This week seemed more like "sell the news" in crypto because it was a lot of news the industry was looking for, but buyers didn't show up. In fact, whale investors sold 180 million Cardano tokens this week despite the potentially better market conditions.

本週似乎更像是在加密貨幣中的“出售新聞”，因為這是該行業正在尋找的很多新聞，但買家沒有出現。實際上，儘管市場狀況更好，但本週鯨魚投資者本週出售了1.8億Cardano代幣。

I've been saying for months that better market conditions for crypto from a regulatory perspective wouldn't necessarily lead to higher prices for all cryptocurrencies. Tokens need to have demand to move higher, and companies building innovative products on the blockchain doesn't necessarily lead to higher demand for the tokens themselves.

我一直在說幾個月來，從監管角度來看，加密貨幣的更好的市場條件並不一定會導致所有加密貨幣的價格更高。代幣需要需要提高需求，而公司在區塊鏈上建造創新產品並不一定會導致對代幣本身的需求更高。

The Trump meme coin undermines the bull case for some cryptocurrencies

特朗普模因硬幣破壞了一些加密貨幣的牛案

The other big news item of the week was the launch of the Trump meme token last weekend, which wasn't launched on the traditionally popular Ethereum (ETH) Layer-2 solutions like Polkadot; it was launched on Solana (SOL). As a result, it's also not using common Ethereum swapping tools like Uniswap; it's using Solana's native token exchanges and wallets to an incredibly effective scale.

本週的另一個重大新聞是上週末推出了特朗普模因象徵，該象徵不是在傳統上流行的以太坊（ETH）等第2層解決方案（如Polkadot）上推出的；它是在Solana（Sol）上推出的。結果，它也不使用諸如uniswap之類的常見以太坊交換工具。它使用Solana的本地令牌交換和錢包達到了令人難以置信的有效規模。

Solana has completed nearly 300 million transactions in the past month and has held up well under the stress of the new meme coin. And if it can handle this, why use slower and more expensive Layer-2 solutions?

索拉納（Solana）在過去一個月完成了將近3億次交易，並在新的模因硬幣的壓力下保持了良好的狀態。如果可以處理這一點，為什麼要使用較慢，更昂貴的第2層解決方案？

Uniswap is also losing market share on a volume basis and would be threatened if crypto activity moved to Solana, where smaller transactions make more sense because of much lower fees than most competing blockchains.

UNISWAP也將在數量的基礎上損失市場份額，如果加密活動轉移到Solana，則會受到威脅，因為與大多數競爭的區塊鏈相比，較小的交易更有意義。

In short, Solana has sucked the air out of the room for competitors from Polkadot to Cardano, and it's not surprising to see them fall this week.

簡而言之，索拉納（Solana）為從波爾卡多（Polkadot）到卡達諾（Cardano）的競爭對手吮吸了房間，這並不奇怪，本週他們跌倒了。

Now, the rubber hits the road

現在，橡膠撞到了道路

What's clear now is that crypto has momentum, and there will likely be a lot of innovation on the blockchain, particularly as advisor David Sacks said today that meme coins and non-fungible tokens (NFTs) are collectibles. But what does that mean for native blockchain tokens?

現在很明顯的是，加密貨幣有動力，區塊鏈可能會有很多創新，尤其是正如顧問戴維·薩克斯（David Sacks）今天說，模因硬幣和不可殺死的代幣（NFTS）是收藏品。但是這對本地區塊鏈令牌意味著什麼？

It's not clear that all blockchains will get traction, and even if they do, the value may not be in the token but rather what's built on top of the blockchain. I wouldn't be surprised to see the market sink even lower as some of the election and meme coin euphoria wears off, and builders start to build real businesses. But that could take years to materialize, and that's not the kind of patience the crypto market usually has.

目前尚不清楚所有區塊鏈都會獲得吸引力，即使它們這樣做，該值也可能不在令牌中，而是在區塊鏈頂部構建的東西。隨著一些選舉和模因硬幣欣快的衰退，市場下沉甚至降低，我不會感到驚訝，建築商開始建立真實的業務。但這可能需要數年的時間才能實現，這不是加密市場通常具有的耐心。