Solana（Sol）令牌（曾經被視為高速，低成本的以太殺手）在十字路口

Solana（Sol）令牌（曾經被視為高速，低成本的以太殺手）處於十字路口。

Solana (SOL) has seen better days. The network, once touted for its high-speed transactions and low fees as a potential ‘Ethereum killer,’ is now at a crossroads.

Solana（Sol）已經過了更好的日子。該網絡曾經因其高速交易而被吹捧為潛在的“以太坊殺手”，現在正處於十字路口。

Solana is also experiencing a large retracement after several weeks of incredible growth fueled by DeFi innovation and the suddenly enormous popularity of memecoins. The cryptocurrency is now settling almost 52% below its all-time high.

經過數週的令人難以置信的增長，由於Defi Innovation和Memecoins突然流行了幾週，Solana也經歷了巨大的迴避。現在，加密貨幣降低了其歷史最高水平的近52％。

While the network has seen better days, it’s still too early to count out Solana completely.

儘管該網絡已經過了更好的日子，但現在還為時過早了，還為時過早。

One of the most concerning developments is the sharp decrease in Solana’s Total Value Locked (TVL). The TVL within Solana’s DeFi protocols—the aggregate value and sum of assets that are locked within protocols on the network—has collapsed by a staggering 39.2% over the past 30 days.

最令人關注的發展之一是Solana的總價值鎖定（TVL）急劇下降。 SOLANA DEFI協議中的TVL（鎖定在網絡上的協議中的總價值和資產總和）在過去30天中倒塌了39.2％。

For some context, this is Solana’s largest month-over-month loss since FTX’s spectacular collapse in November 2022 rocked the entire crypto ecosystem to its very foundations.

在某些情況下，這是索拉納（Solana）自2022年11月FTX壯觀崩潰以來的一個月損失，這使整個加密生態系統震撼了其基礎。

Key Takeaways:

關鍵要點：

Solana (SOL) token has seen a 52% decline from its all-time high as the network faces difficulties.

隨著網絡面臨困難，Solana（Sol）令牌的歷史高度下降了52％。

Solana's TVL has plummeted by 39.2% in the last 30 days, which is the largest such loss since the FTX crisis.

在過去的30天中，索拉納（Solana）的TVL暴跌了39.2％，這是自FTX危機以來最大的損失。

Solana's on-chain trading volumes have also decreased sixfold since January.

自1月以來，索拉納（Solana）的鏈交易量也減少了六倍。

The DeFi dip has hit Raydium the hardest, with a 53% TVL decrease, while Jupiter DEX and Jito have seen outflows.

Defi Dip擊中了Raydium最難的，TVL下降了53％，而Jupiter Dex和Jito看到了外流。

Solana memecoins are also going through a painful correction, with some tokens down 90% from their all-time highs.

Solana Memecoins也經歷了痛苦的校正，其中一些令牌比其歷史最高點下降了90％。

At the height of Solana’s success (notably #2 in TVL) on January 24th of this year, its TVL was over $12.1 billion, while it is (again) currently at $7.4 billion.

在今年1月24日的Solana成功（尤其是在TVL中排名第二）的高峰期，其TVL超過121億美元，而目前（再次）為74億美元。

This drop is particularly concerning because TVL is often seen as a barometer of a blockchain’s health. In general, a growing TVL indicates greater user adoption, developer activity, and overall confidence in the ecosystem.

這種下降特別令人擔憂，因為TVL通常被視為區塊鏈健康的晴雨表。通常，越來越多的TVL表明用戶採用，開發人員活動和對生態系統的整體信心。

On the other hand, a falling TVL may be seen as a sign that investors are losing confidence and withdrawing funds from the network, which can create a self-perpetuating cycle of collapsing liquidity and price erosion.

另一方面，TVL下降可能被視為投資者失去信心並從網絡中撤回資金的標誌，這可能會產生自我衰落的流動性和價格侵蝕的自我持續週期。

Solana's on-chain volumes and TVL. Source: DefiLlama

Solana的鏈捲和TVL。資料來源：Defillama

The TVL drop has not been consistent across all Solana-native DeFi protocols. However, some platforms were hit harder than the others, data from DefiLlama reveals.

在所有SOLANA-NENATITED DEFI協議中，TVL下降並不一致。但是，DeFillama的數據顯示，有些平台的打擊比其他平台的打擊要嚴重。

The most impacted was Raydium—a popular automated market maker (AMM) on the Solana network—which has seen its total value locked (TVL) plunge 53% in the last 30 days.

影響最大的是Raydium是索拉納網絡上流行的自動化做市商（AMM），在過去30天內，其總價值鎖定了53％。

On the other hand, more robust dApps such as Jupiter DEX (the top swap aggregator), Jito (liquid staking protocol), and Solend (lending platform) also faced significant outflows, seeing their TVL decrease by 25% to 42%.

另一方面，更強大的DAPP，例如木星dex（最高交換匯總器），JITO（液體含量協議）和Solend（Lending Platform）也面臨著大量的外流，看到它們的TVL降低了25％至42％。

This activity decline is clearly visible in Solana’s on-chain volumes. Trading volumes that once hit a healthy $97 billion a week in mid-January are now at just $11 billion a week. This sharp drop in transaction volume signals a slowdown of the Solana network which naturally puts downward pressure on the SOL price.

在Solana的鍊鍊體積中，這種活動的下降清晰可見。 1月中旬，曾經每週賺取970億美元健康的交易量現在僅為每週110億美元。交易量的急劇下降標誌著Solana網絡的放緩，這自然會對SOL價格下降。

The million-dollar question is: Is Solana’s star going dim, or is this just a temporary pause on the way to becoming a significant player in the crypto world?

百萬美元的問題是：Solana的明星會變得昏暗嗎？還是這只是成為加密世界中重要參與者的途中的臨時停頓？