「現在還為時過早」：Solana 如何與以太坊爭奪機構利益

Solana 享有迷因幣中心的聲譽，但金融機構正在尋求在該網路上開展業務。

While BlackRock CEO Larry Fink has touted tokenization on Ethereum — his firm even launching a tokenized fund, BUIDL, on that blockchain — Solana has often made headlines this year thanks to the success of pump.fun, a protocol that allows users to create memecoins in minutes.

儘管BlackRock 執行長Larry Fink 大力宣傳以太坊代幣化，他的公司甚至在該區塊鏈上推出了代幣化基金BUIDL，但由於Pump.fun 的成功，Solana 今年經常成為頭條新聞，該協議允許用戶在以太坊上創建模因幣。

But that doesn’t mean Ethereum has a monopoly on institutional interest, according to Hadley Stern, chief commercial officer at Marinade Finance, a Solana-based DeFi protocol that provides staking services for that blockchain's (SOL) token.

但這並不意味著以太坊壟斷了機構利益，Marinade Finance 首席商務官 Hadley Stern 表示，Marinade Finance 是一個基於 Solana 的 DeFi 協議，為該區塊鏈 (SOL) 代幣提供質押服務。

“On the institutional side, it's so early,” Stern, who was the founding president of Fidelity Digital Assets and global head of digital asset custody at BNY Mellon, told CoinDesk in an interview. “We could probably count on one hand the amount of TradFi products that are being built or have been built on Ethereum and Solana.”

「在機構方面，現在還為時過早，」富達數位資產創始總裁兼紐約梅隆銀行數位資產託管全球主管斯特恩在接受 CoinDesk 採訪時表示。 “我們一隻手就能數出正在以太坊和 Solana 上構建或已經構建的 TradFi 產品數量。”

“I was brought on [Marinade] because there’s a lot of product discovery around strong interest from institutions,” Stern said. “Asset managers, high net worth holders, individual holders, hedge funds … are interested in [staking on Solana].”

「我被帶去[Marinade]，因為機構對許多產品的強烈興趣都有發現，」斯特恩說。 “資產管理公司、高淨值持有者、個人持有者、對沖基金…都對 [在 Solana 上進行質押] 感興趣。”

Launched in March 2020, Solana and SOL exploded on the crypto scene during the 2021 bull market partially thanks to support from FTX CEO Sam Bankman-Fried. SOL cratered when FTX collapsed, but staged a comeback in 2023 and, at $79 billion, is now the fifth largest cryptocurrency by market capitalization.

Solana 和 SOL 於 2020 年 3 月推出，在 2021 年牛市期間在加密貨幣領域取得了爆炸性的增長，部分原因是 FTX 首席執行官 Sam Bankman-Fried 的支持。 SOL 在 FTX 崩潰時陷入困境，但在 2023 年捲土重來，目前市值達 790 億美元，成為按市值計算第五大加密貨幣。

Stern’s assessment comes as financial giants such as Franklin Templeton, Citibank and Société Générale all announced new Solana-based projects last September during Breakpoint, the network’s biggest yearly conference. And he wasn’t the only one electrified by such institutional enthusiasm.

史特恩做出這項評估之際，富蘭克林鄧普頓、花旗銀行和法國興業銀行等金融巨頭去年 9 月在該網絡最大的年度會議 Breakpoint 期間宣布了基於 Solana 的新項目。他並不是唯一一個被機構的這種熱情所震撼的人。

“At Breakpoint, it was eye-opening to see how many people are now building on Solana,” Tristan Frizza, founder of Solana-based decentralized derivatives exchange Zeta Markets, told CoinDesk in an interview. “Institutions are doing pretty crazy stuff.”

總部位於 Solana 的去中心化衍生品交易所 Zeta Markets 的創始人 Tristan Frizza 在接受 CoinDesk 採訪時表示：“在 Breakpoint，看到現在有多少人在 Solana 上進行開發，真是令人大開眼界。” “機構正在做非常瘋狂的事情。”

Solana vs Ethereum

Solana 與以太坊

At first view, building on Ethereum can seem like a no-brainer for financial institutions. After all, it’s the oldest and largest smart contract blockchain, it has the largest number of developers in the crypto ecosystem, it settles the majority of stablecoin transactions and it’s the birthplace of DeFi. “If you work at a large bank and you're trying to tokenize an asset, you're not going to get fired for putting it on Ethereum,” Bitwise Chief Investment Officer Matt Hougan recently told CoinDesk.

乍一看，對於金融機構來說，建立以太坊似乎是理所當然的。畢竟，它是最古老、最大的智慧合約區塊鏈，它擁有加密生態系統中最多的開發者，它解決了大部分穩定幣交易，它是 DeFi 的發源地。 Bitwise 首席投資長 Matt Hougan 最近告訴 CoinDesk：“如果你在一家大型銀行工作，並且試圖將一項資產代幣化，那麼你不會因為將其放到以太坊上而被解僱。”

But Ethereum isn’t risk-free, according to Leah Wald, CEO of Sol Strategies, a crypto holding company that also runs a large Solana validator.

但據 Sol Strategies 執行長 Leah Wald 表示，以太坊並非沒有風險。

“The uncertainty that continues around transaction fees certainly doesn't make anyone comfortable,” Wald told CoinDesk in an interview. “If you're going to be if you're an institution, and you're thinking 10 years out, you can't be building on a blockchain that you're concerned about.”

「圍繞交易費用持續存在的不確定性肯定不會讓任何人感到舒服，」沃爾德在接受 CoinDesk 採訪時表示。 「如果你打算成為一家機構，並且考慮 10 年後，你就無法在你所關心的區塊鏈上進行構建。”

“BlackRock’s BUIDL is based on Ethereum, and for what they're trying to build, I think that's perfectly fine,” Wald added, but any kind of projects with high-volume transactions, like real-time payments or trading, might struggle. “If we’re talking about a more sophisticated on-chain fund, or a financial platform, then there's a real opportunity for Solana.”

「貝萊德的BUIDL 基於以太坊，對於他們想要建造的東西，我認為這完全沒問題，」沃爾德補充道，但任何類型的大交易量項目，例如實時支付或交易，可能會遇到困難。 “如果我們談論的是更複雜的鏈上基金或金融平台，那麼 Solana 就有真正的機會。”

In other words, nothing currently guarantees that Ethereum’s scalability strategy, which hinges on layer 2 blockchains, will pay off, and the transformations the network has undergone in the last few years — like its monetary policy change, or its transition from Proof-of-Work to Proof-of-Stake — show that Ethereum is still figuring itself out.

換句話說，目前沒有任何東西可以保證以太坊的可擴展性策略（取決於第2 層區塊鏈）會得到回報，以及網路在過去幾年中經歷的轉變——例如貨幣政策的變化，或者從證明的轉變——權益證明工作——顯示以太​​坊仍在摸索自己的道路。

Solana’s cheap transactions and low throughput, by contrast, don’t hinge on the accomplishment of a complex and technical roadmap. And that can make all the difference.

相比之下，Solana 的廉價交易和低吞吐量並不取決於複雜的技術路線圖的完成。這會讓一切變得不同。

Wald noted, however, that in the U.S., Ethereum benefits from more regulatory clarity than Solana. The fact that the Securities and Exchange Commission approved spot ether exchange-traded funds this summer is likely a reassurance for institutions, even as inflows into those new funds have been disappointing. A spot SOL ETF might be years away, depending on the outcome of today's presidential election.

然而 Wald 指出，在美國，以太坊受益於比 Solana 更明確的監管。美國證券交易委員會今年夏天批准了以太幣現貨交易所交易基金，這一事實可能會為機構帶來一顆定心丸，儘管這些新基金的資金流入情況令人失望。現貨 SOL ETF 可能還需要數年時間才能問世，具體取決於今天總統選舉的結果。

A different mindset

不同的心態

Another point where Solana tends to be underestimated, Frizza said, is in terms of technical innovations. While Ethereum is famous for its army of developers, builders on Solana tend to fly under the radar, even when they come up with new tools and products that can have an impact on crypto ecosystems beyond their own.

Frizza 說，Solana 容易被低估的另一點是技術創新。雖然以太坊以其開發者大軍而聞名，但 Solana 的開發者往往會受到人們的關注，即使他們推出了可能對自身以外的加密生態系統產生影響的新工具和產品。

“People underrate what Solana enables from a structural perspective — and also the mindset that Solana builders have,” Frizza said. “They really care about users, the product, building things that scale and that address user needs.”

「人們從結構角度低估了 Solana 的功能，也低估了 Solana 建造者的心態，」Frizza 說。 “他們真正關心用戶、產品、建立可擴展並滿足用戶需求的東西。”

To Frizza, that attitude means that, if another crypto mania occurs again

對 Frizza 來說，這種態度意味著，如果另一場加密貨幣狂熱再次發生