Solana 的 Memecoin 熱潮：能持續嗎？

Solana 的 memecoin 熱潮以其高交易吞吐量和低費用將其區塊鏈推向了新的高度。然而，這種狂熱的可持續性受到質疑，因為網路費用在短短一個月內增加了兩倍，達到 5000 萬美元，引發了人們對 Solana 經濟可行性的擔憂。儘管使用量和關注度激增，Solana 仍在努力應對長期獲利的挑戰。

Is Solana's Memecoin Frenzy Sustainable?

Solana 的 Memecoin 狂熱是否可持續？

Solana's blockchain has seen a surge in usage lately, thanks to a wave of memecoin activity. This has put the spotlight on its high transaction throughput and low fees, attracting attention and users.

由於 memecoin 活動的浪潮，Solana 的區塊鏈最近使用量激增。這使其高交易吞吐量和低費用成為人們關注的焦點，吸引了關注和用戶。

Is Solana Profitable?

Solana 盈利嗎？

In the past month, Solana's network fees have almost tripled to around $50 million, according to Token Terminal. That's more than the entire year of 2023 combined. But despite this surge, Solana is still far from economically sustainable.

據 Token Terminal 稱，過去一個月，Solana 的網路費用幾乎增加了兩倍，達到 5,000 萬美元左右。這比 2023 年全年的總和還要多。但儘管如此，索拉納在經濟上仍遠未達到永續發展的地步。

Why Not?

為什麼不？

The problem lies in the balance between network fees and token incentives. Maintaining and securing the network costs have skyrocketed to $371.9 million from just $37.7 million in September 2023. This is mainly due to the increase in the value of SOL.

問題在於網路費用和代幣激勵之間的平衡。維護和保護網路的成本已從 2023 年 9 月的 3,770 萬美元猛增至 3.719 億美元。這主要是由於 SOL 價值的增加。

Most of these costs are token incentives for validators. Validators are crucial to the blockchain, ensuring its integrity and security by validating or rejecting transactions. They get paid in token incentives, which is essential to Solana's Proof of Stake (PoS) model.

這些成本大部分是對驗證者的代幣激勵。驗證器對於區塊鏈至關重要，透過驗證或拒絕交易來確保其完整性和安全性。他們透過代幣激勵獲得報酬，這對於 Solana 的權益證明 (PoS) 模型至關重要。

Is SOL Sustainable?

SOL 永續發展嗎？

The huge amount paid in token incentives raises questions about SOL's economic sustainability. Validators need to be compensated, but the gap between revenue from transaction fees and costs from token incentives is significant.

巨額代幣誘因引發了人們對 SOL 經濟可持續性的質疑。驗證者需要得到補償，但交易費用收入和代幣激勵成本之間的差距很大。

Memecoins and Sustainability

模因幣和可持續性

Memecoins can drive up network usage and fees, but they don't always provide a stable basis for growth. Ethereum, on the other hand, is one of the few profitable blockchains. Its profitability comes from high transaction fees and lower token incentives, especially after its transition to PoS.

Memecoin 可以提高網路使用率和費用，但它們並不總是為成長提供穩定的基礎。另一方面，以太坊是少數幾個獲利的區塊鏈之一。它的盈利能力來自於高交易費用和較低的代幣激勵，尤其是在轉向 PoS 之後。

Solana's Silver Lining

Solana 的一線希望

Data shows that SOL is improving. Its price-to-fees (P/F) ratio, which compares market cap to annualized fees, has dropped from 375x to 123x. This shows that Solana is generating more fee revenue relative to its market value.

數據顯示 SOL 正在改進。其價格與費用 (P/F) 比率（將市值與年化費用進行比較）已從 375 倍下降至 123 倍。這表明 Solana 相對於其市場價值產生了更多的費用收入。

Solana's Roadmap

Solana 的路線圖

Solana plans to reduce token issuance, with its current annual inflation rate of 5.394% set to decrease by 15% each epoch-year. This would reduce inflation and reward SOL stakers, ensuring network security. Solana also uses a transaction fee model where half of every fee is burned, reducing supply and rewarding validators.

Solana 計畫減少代幣發行，目前的年通膨率為 5.394%，每個紀元年將下降 15%。這將減少通貨膨脹並獎勵 SOL 質押者，確保網路安全。 Solana 還使用交易費用模型，其中每筆費用的一半都會被銷毀，從而減少供應並獎勵驗證者。

Optimistic, but...

樂觀，但是…

This approach, along with expected increases in transaction volumes, could potentially offset inflationary pressures and achieve economic stability for Solana. But as of now, that might be a bit too optimistic.

這種方法加上交易量的預期成長，可能會抵消通膨壓力並實現 Solana 的經濟穩定。但就目前而言，這可能有點過於樂觀。