Solana嚴格實施的Memecoin策略

在24年內，Solana嚴格實施了由Messari制定的Memecoin策略。單鏈的交易量超過了整個以太坊生態系統

There was no consensus at the Hong Kong Consensus Conference in February 2026. There was no main thread in the crypto market in Q1 2026.

2026年2月在香港共識會議上沒有共識。在2026年第1季度的加密市場中沒有主題。

In 24 years, Solana strictly implemented the Memecoin strategy formulated by Messari. The transaction volume of the single chain surpassed the entire Ethereum ecosystem, becoming the first L1 in history to win the block space war with the Ethereum ecosystem.

在24年內，Solana嚴格實施了由Messari制定的Memecoin策略。單鏈的交易量超過了整個以太坊生態系統，成為歷史上第一個贏得與以太坊生態系統贏得空間太空戰爭的L1。

But the foundation of Solana's victory is not solid. The fundamentals of Memecoin, which consists of the trinity of attention, Fomo sentiment and liquidity, saw a sharp drop in on-chain transaction volume due to the holiday effect. The weak LP pool could not support the high FDV/LP ratio, and in February 25, it staged a retreat greater than Dunkirk.

但是索拉納勝利的基礎並不紮實。 Memecoin的基本原理包括關注，FOMO情緒和流動性的三位一體，由於假期效應，鏈上交易量的急劇下降。 LP弱池無法支持高FDV/LP比率，在2月25日，它進行了大於Dunkirk的撤退。

The old king has fallen, and the new king is still behind the scenes. Standing at the juncture of March, a month of ever-changing circumstances, we make a blind guess about the main plot of the future.

老國王倒下了，新國王仍然在幕後。站在3月的關頭，一個月不斷變化的環境，我們對未來的主要情節進行了盲目的猜測。

Among the chaotic market structures, a clue is emerging: funds are flowing from narrative-only on-chain PVP to Yield Farming supported by fundamentals.

在混亂的市場結構中，有一個線索正在出現：資金從僅敘事的鏈上PVP流動，以產生基本面支持的農業。

There are three categories of representative projects:

代表項目有三類：

--Sonic's neoclassical coins, a more powerful version of Ve (3, 3);

- Sonic的新古典硬幣，一個更強大的VE版本（3，3）；

--The new (3,3,3) model of BeraChain and Initia, and the chained version of the (3,3) mechanism of Olympus DAO;

- Berachain和Initia的新型（3,3,3）模型，以及Olympus Dao的（3,3）機制的鍊式版本；

--DePIN projects represented by Aethir, a variant of YiledFarming with real income and positive externalities.

- 由Aethir代表的Depin項目，Aethir是一種具有真實收入和積極外部性的奇特貨車的變體。

The market mindshare of Sonic, BeraChain, and Initia is quite high, while the DePIN track has been lacking in market discussion after being silent for a year.

Sonic，Berachain和Initia的市場思維率很高，而Depin Track在沉默一年後一直缺乏市場討論。

However, the most bullish track in Messari’s 25-year outlook report is DePIN, and it is recommended that Solana return its strategic focus to DePIN in 25 years.

但是，梅薩里（Messari）25年展望報告中最看漲的曲目是德國人，建議索拉納（Solana）在25年內將其戰略重點歸還給德國人。

As we all know, the trick to obtain Alpha returns is to take narrow paths and cultivate thin fields. The less interested DePIN is, the more worthy it is of our in-depth layout.

眾所周知，獲得阿爾法回報的訣竅是走狹窄的路徑並培養薄場。 depin感興趣的越小，它對我們深入的佈局的價值就越多。

The above picture shows the top DePIN project data compiled by CryptoDep. In the top 5 revenue rankings, in addition to the familiar Aethir, io.net, and Akash, there are two newcomers Braintrust and GEODNET.

上圖顯示了CryptoDep編制的頂級DEPIN項目數據。除了熟悉的Aethir，io.net和Akash之外，在排名前5的收入排名中，還有兩個新手Brain Traintrust和Geodnet。

Among them, Aethir topped the DePIN project list with $10M in 30-day revenue. I checked Aethir's GPU Dashboard and found that the project has achieved an annual recurring revenue (ARR) of $105 million, provided 487 million hours of computing power, distributed more than 3.6 billion ATH token rewards, and had nearly 1 million on-chain transactions.

其中，Aethir在30天的收入中以1000萬美元的價格排在Depin項目列表中。我檢查了Aethir的GPU儀表板，發現該項目的年度經常性收入（ARR）為1.05億美元，提供了4.87億小時的計算能力，分配了超過36億ATH代肯的獎勵，並且具有近100萬次的鏈交易。

I originally thought that it would take years for real income model pricing to be recognized in the crypto market, but looking at Aethir’s growth trajectory, perhaps that day will come sooner than we thought.

我最初認為，在加密市場中認可實際收入模型的價格需要數年的時間，但是看看Aethir的增長軌跡，也許那天會比我們想像的要早。

Aethir is so successful, on the one hand, because of its differentiated competitive strategy. It did not follow the route of other DePIN projects that focused on edge device networks + long-tail market demand, but chose to use NVIDIA high-performance GPUs (such as NVIDIA H100) to build a decentralized cloud computing platform to provide enterprise-level GPU computing power for AI and game developers around the world; on the other hand, the Aethir team seized the AI x Crypto trend in Q1 24 and successfully raised funds to purchase a large number of high-end GPUs, which created Aethir's moat and helped Aethir achieve network effects as soon as possible. And Aethir's network effect has attracted more enterprise-level GPU computing power suppliers to join.

一方面，艾西爾（Aethir）非常成功，因為它具有差異化的競爭策略。它沒有遵循其他集中在Edge設備網絡 +長尾市場需求的DEPIN項目的途徑，而是選擇使用NVIDIA高性能GPU（例如NVIDIA H100）來建立一個分散的雲計算平台，以為全球的AI和GAM GPU計算能力提供企業級的GPU計算能力；另一方面，Aethir團隊在第1季度24中奪取了AI X Crypto趨勢，並成功籌集了資金來購買大量的高端GPU，該GPU創造了Aethir的護城河，並幫助Aethir盡快實現了網絡效果。 Aethir的網絡效應吸引了更多的企業級GPU計算電源供應商加入。

Recently, there has been a view in the market that open source low-cost models such as DeepSeek will reduce the demand for NVIDIA's high-end graphics cards. This has caused many investors to feel anxious about the sustainability of Aethir's revenue. However, this view is actually market noise deliberately created by financial market manipulators some time ago, and it is a bit unfounded to feel anxious about it.

最近，市場上有一種看法，例如DeepSeek之類的開源低成本模型將減少對Nvidia高端圖形卡的需求。這使許多投資者對Aethir收入的可持續性感到焦慮。但是，這種觀點實際上是一段時間以前由金融市場操縱者故意產生的市場噪聲，對此感到焦慮是有些毫無根據的。

Nvidia's "leather jacket yellow" has already publicly refuted this view, and there is also the "Jevons effect" at work. Simply put, open source models such as DeepSeek will not reduce the demand for high-end GPUs, but will stimulate demand growth. After DeepSeek became popular, the scale of the domestic Maas (model as a service) reasoning market has surged, saving many computing centers that were almost dead.

NVIDIA的“皮夾克黃色”已經公開駁斥了這種觀點，並且還有“ Jevons效果”。簡而言之，諸如DeepSeek之類的開源模型不會降低對高端GPU的需求，但會刺激需求增長。在DeepSeek變得流行之後，國內MAA（作為服務）推理市場的規模激增，節省了許多幾乎已經死亡的計算中心。

Moreover, paradigm innovation in the field of AI is in the ascendant. In addition to LLM, embodied AI has become a hot spot for capital. Embodied AI will become the engine to ignite Aethir'

此外，AI領域的範式創新正在上升。除LLM外，體現的AI已成為資本的熱點。體現的AI將成為發動機，以點燃Aethir'