年初Solana網絡的快速上升似乎標誌著其生態系統的新時代

在模因硬幣周圍史無前例的投機性狂潮中，區塊鏈記錄了創紀錄的收入，每周達到5530萬美元。

The rapid ascent of the Solana network at the beginning of the year seemed to herald a new era for its ecosystem. Driven by an unprecedented speculative frenzy around meme coins, the blockchain recorded record revenues, reaching $55.3 million per week. However, the party was short-lived. Within a few weeks, the excitement fizzled out, leading to a brutal collapse. Today, Solana’s weekly revenues have fallen to $4 million, a staggering drop of 93%. This sudden turnaround raises a central question: Can Solana survive the end of this euphoria and regain a sustainable growth model? On one hand, the frenzied speculation on meme coins revealed an undeniable attraction to the network, but on the other hand, its dependence on these ultra-volatile tokens undermines the entire economy.

Solana網絡在今年年初的快速上升似乎使其生態系統成為一個新時代。在模因硬幣周圍史無前例的投機性狂潮中，區塊鏈記錄了創紀錄的收入，每周達到5530萬美元。但是，該黨是短暫的。在幾週之內，興奮消失了，導致殘酷的崩潰。如今，索拉納的每週收入已降至400萬美元，下降了93％。這種突然的周轉提出了一個核心問題：索拉納能否在這種欣快感的終結中倖存下來並重新獲得可持續增長模型？一方面，對模因硬幣的瘋狂猜測揭示了對網絡的不可否認的吸引力，但另一方面，其對這些超揮發代幣的依賴會破壞整個經濟。

The collapse of the meme coin economy on Solana

模因硬幣經濟在solana上的崩潰

The current decline finds its roots in the end of the intense speculation that animated the meme coin market, largely on the Pump.fun platform. In January, this site generated 80% of Solana’s revenues alone, peaking at $15 million per day. But within a few weeks, this financial windfall evaporated. On March 7, the daily revenues of the platform barely exceeded $800,000, a drop of 93%.

當前的下降發現了它的根源，這是在巨大的猜測中，這使模因硬幣市場動畫動畫，主要是在pump.fun平台上。一月份，該網站僅產生了Solana收入的80％，每天達到1500萬美元的峰值。但是在幾週之內，這一金融意外之財蒸發了。 3月7日，該平台的每日收入幾乎不超過80萬美元，下降了93％。

This speculative frenzy reached its peak with the launch of the TRUMP and MELANIA tokens, introduced on January 18 and 20, respectively. These assets experienced a meteoric rise before collapsing just as abruptly. TRUMP lost 86% of its value since its peak, while MELANIA dropped 95% in seven weeks, falling below the $0.71 mark. According to Bobby Ong, co-founder of CoinGecko, these launches marked a turning point: “The launch of TRUMP and MELANIA absorbed liquidity and attention, signaling the end of the meme coin boom.”

由於分別於1月18日和20日推出的特朗普和梅拉尼亞代幣的推出，這種投機性的瘋狂達到了頂峰。這些資產在突然崩潰之前經歷了迅速升高。特朗普自峰值以來損失了其價值的86％，而梅拉尼亞（Melania）在七週內下降了95％，低於0.71美元。根據Coingecko的聯合創始人Bobby Ong的說法，這些推出標誌著一個轉折點：“特朗普和梅拉尼亞的發射吸收了流動性和關注，這表明了模因硬幣繁榮的終結。”

This sudden disinterest in meme coins had direct consequences for the entire Solana network. DApp activity followed the same downward trajectory, with an 86% drop in revenues generated by these applications. Thus, it fell from $238 million to only $32 million.

對模因硬幣的這種突然不感興趣對整個Solana網絡產生了直接的影響。 DAPP活動遵循相同的向下軌跡，這些應用程序產生的收入下降了86％。因此，它從2.38億美元下降到只有3200萬美元。

A blockchain under pressure: the drop in TVL and SOL

壓力下的區塊鏈：TVL和SOL的下降

While the drop in revenues is spectacular, the collapse of the total value locked (TVL) is equally critical. In January, Solana’s TVL exceeded $12 billion, driven by the rise of trading and minting platforms for meme coins. Today, it stands at around $6.4 billion, a decrease of nearly 50%. This massive retreat indicates a significant withdrawal of capital, illustrating a loss of confidence in the strength of the ecosystem.

雖然收入的下降是驚人的，但總價值鎖定（TVL）的崩潰同樣至關重要。一月份，索拉納（Solana）的TVL超過了120億美元，這是由於Meme Coins的貿易和鑄造平台的興起。如今，它約為64億美元，下降了近50％。這種大規模的撤退表明資本的大量退出，說明了對生態系統強度的信心喪失。

The SOL, the network’s native token, has also suffered the repercussions of this collapse. After reaching a peak of $293, it initiated a continuous descent, losing 58% of its value in a few weeks. Currently, SOL is trading around $122, confirming a bearish trend that concerns investors.

該網絡的本地令牌也遭受了這種崩潰的影響。在達到293美元的峰值之後，它開始了連續下降，幾週內損失了其價值的58％。目前，索爾（Sol）的交易約為122美元，證實了與投資者有關的看跌趨勢。

Beyond the mere price volatility, this drop raises a broader issue: Can Solana emerge from this dependency on speculative trends to build a more robust ecosystem?

除了價格波動之外，這種下降還提出了一個更廣泛的問題：索拉納能否從這種對投機趨勢的依賴中脫穎而出，以建立一個更強大的生態系統？

The collapse of meme coins and the decline in revenues pose a major challenge for Solana. Long touted for its speed and low fees, the blockchain has proven effective in supporting massive trading volumes. However, this strength could also be its weakness if it remains confined to a role as a playground for speculation.

模因硬幣的崩潰和收入下降對Solana構成了重大挑戰。長期以來，該區塊鏈因其速度和低費用而受到吹捧，已被證明有效地支持了大規模的交易量。但是，如果它仍然局限於作為猜測的操場，那麼這種優勢也可能是它的弱點。

In the months to come, Solana’s future will depend on its ability to diversify its economy and attract more sustainable uses, particularly in decentralized finance (DeFi) and Web3 applications. The stakes will be even higher as other blockchains, such as Ethereum and Avalanche, seek to reclaim some of the users disillusioned by the excessive volatility of the Solana ecosystem.

在接下來的幾個月中，Solana的未來將取決於其多樣化經濟和吸引更多可持續用途的能力，尤其是在分散的金融（DEFI）和Web3應用程序中。賭注將像其他區塊鏈一樣更高，例如以太坊和雪崩，試圖奪回一些因Solana生態系統過度波動而幻滅的用戶。