儘管指標飛漲，但Solana的用戶參與度攤位是“交易集會”的出現

索拉納（Solana）是一個高速區塊鏈，通常被吹捧為以太坊最激烈的競爭對手，一直經歷著一種自相矛盾的趨勢。

Solana, the high-speed blockchain often touted as Ethereum’s fiercest competitor, has been experiencing a paradoxical trend. Key metrics like transaction volume and token prices continue to break records, yet actual user engagement and meaningful utility appear to be stagnating or even declining.

索拉納（Solana）是一個高速區塊鏈，通常被吹捧為以太坊最激烈的競爭對手，一直經歷著一種自相矛盾的趨勢。諸如交易量和代幣價格之類的關鍵指標繼續打破記錄，但是實際的用戶參與度和有意義的公用事業似乎在停滯甚至下降。

This phenomenon, which has raised concerns among investors and developers alike, may be linked to a growing issue: the existence of exclusive “trading cabals.”

這種現象引起了投資者和開發商之間的關注，可能與一個日益嚴重的問題有關：獨家“交易集會”的存在。

These groups, which have become particularly prevalent in the memecoin space, are concentrating wealth and leaving regular investors at a disadvantage, according to several analysis reports.

根據幾份分析報告，這些群體在Memecoin領域變得特別普遍，正在集中財富，並使常規投資者處於不利地位。

The Illusion of Growth On the surface, Solana’s performance in recent months appears to be nothing short of spectacular. Transaction throughput remains among the highest in the crypto space, and new projects continue to launch at a rapid pace.

表面增長的幻想，近幾個月來Solana的表現似乎是壯觀的。交易吞吐量仍然是加密貨幣領域中最高的，而新項目繼續以快速的速度推出。

Memecoins, in particular, have become a major driver of speculative activity, capturing the imagination (and wallets) of retail investors looking for quick gains. However, a closer look reveals a troubling reality. Despite the increasing number of new tokens and high trading volume, the number of genuinely engaged users—those utilizing the blockchain for applications beyond mere speculation—remains largely stagnant.

尤其是成員，已成為投機活動的主要驅動力，捕捉了尋找快速收益的散戶投資者的想像力（和錢包）。但是，仔細的外觀揭示了一個令人不安的現實。儘管新的代幣數量越來越多，但交易量的數量越來越大，但真正參與的用戶的數量（這些利用區塊鏈都用於超越猜測的應用程序）的數量在很大程度上停滯不前。

Decentralized applications (dApps) on Solana are struggling to retain users, and many projects fail to offer long-term value beyond their initial hype cycles. This dynamic is leaving investors, especially those new to the space, feeling burned and disillusioned.

Solana上的分散應用程序（DAPP）正在努力保留用戶，許多項目無法提供長期價值，而不是其最初的炒作週期。這種動態使投資者，尤其是那些剛開始的投資者，感到被燃燒和幻滅。

The Rise of Trading Cabals One of the biggest contributors to this phenomenon is the rise of closed trading groups or “cabal-style” entities that dominate the memecoin space. These groups have access to exclusive early information, allowing them to manipulate token launches and price movements to their advantage.

交易陰道的興起這一現象的最大貢獻者之一是封閉的貿易集團或主導Memecoin空間的“ Cabal風格”實體的興起。這些小組可以訪問獨家的早期信息，從而使他們能夠操縱令牌發布和價格變動，從而有利。

This dynamic leaves regular investors perpetually behind, as they enter the market only after insiders have already secured their profits. Imagine a farmers’ market where a hidden group of buyers always gets first access to the best produce. By the time the general public arrives, only the less desirable goods remain.

這種充滿活力的投資者將永遠落後，因為他們只有在內部人員已經獲得利潤後才進入市場。想像一個農貿市場，一群隱藏的買家總是可以首先獲得最佳農產品。到公眾到達時，只剩下不太理想的商品。

This is precisely how Solana’s trading environment functions for many newcomers, who find themselves buying in at inflated prices before the inevitable dump.

這正是索拉納（Solana）的交易環境對許多新移民的運作方式，他們發現自己在不可避免的垃圾場之前以高昂的價格購買。

How Trading Cabals Operate These trading cabals employ several tactics to maintain their advantage:

交易陰道如何運營這些交易集會採用多種策略來維持其優勢：

Early Access to Token Launches: They gain exclusive access to new memecoin launches, allowing them to buy tokens at the seed round or pre-sale stage at deep discounts.

儘早訪問令牌發布：他們可以獨家訪問新的Memecoin發射，使他們可以在種子回合或預售階段以深折扣購買令牌。

Private Telegram Groups: They communicate in closed groups on messaging apps like Telegram, sharing trading signals and coordinating market activity.

私人電報小組：他們在封閉的小組中進行有關電報等消息傳遞應用程序，共享交易信號和協調市場活動的溝通。

Pump-and-Dump Schemes: They use social media to hype specific tokens, aiming to increase demand and drive up prices. Once the token reaches its peak, they dump their holdings, causing the price to crash.

泵送計劃：他們使用社交媒體炒作特定令牌，旨在提高需求並提高價格。一旦令牌達到頂峰，他們就會拋棄自己的股份，導致價格崩潰。

Scab Scams: In cases where a token experiences a significant price drop, these groups often create scam tokens with similar names to steal funds from those trying to recover their losses.

scab騙局：如果代幣經歷大幅下降的情況，這些群體通常會創建名稱相似的騙局令牌，以從試圖恢復損失的人那裡竊取資金。

Impact on Solana’s Reputation While these activities generate short-term excitement, they ultimately harm Solana’s credibility as a blockchain ecosystem.

在這些活動引起短期興奮的同時，對Solana聲譽的影響最終會損害Solana作為區塊鏈生態系統的信譽。

The perception that Solana is primarily a playground for insiders and speculators discourages serious developers from building on the network. Furthermore, long-term investors may begin to see Solana as a high-risk environment where manipulation overshadows innovation.

對索拉納（Solana）的看法主要是內部人士和投機者的遊樂場，這會阻止認真的開發人員在網絡上構建。此外，長期投資者可能會開始將Solana視為一種高風險環境，使操縱掩蓋了創新。

Can Solana Overcome These Challenges? Despite these concerns, Solana still has the potential to turn things around. Several initiatives could help rebuild trust and drive genuine adoption:

Solana可以克服這些挑戰嗎？儘管有這些擔憂，但Solana仍然有可能扭轉局面。多項舉措可以幫助重建信任並推動真正的收養：

Solana’s current trajectory presents both immense opportunities and significant risks. While its blockchain remains technically impressive, the dominance of trading cabals and the focus on short-term speculation threaten its long-term sustainability.

Solana的當前軌跡既帶來了巨大的機會，也帶來了重大風險。儘管它的區塊鏈在技術上仍然令人印象深刻，但交易陰道的主導地位以及對短期投機的關注威脅到其長期的可持續性。

If Solana can shift its emphasis from price-driven hype to real-world adoption, it may yet cement its place as a leading blockchain. Otherwise, it risks becoming a cautionary tale in the crypto industry—a network of rising numbers, but falling usage.

如果Solana可以將其重點從價格驅動的炒作轉移到現實世界中的採用中，那麼它仍然可以鞏固其作為領先區塊鏈的位置。否則，它有可能成為加密貨幣行業的一個警示故事，這是一個數字上升的網絡，但使用情況下降。