Solana 交易生態系統賺錢的獨特方式

Solana 上的交易工具利潤豐厚。事實上，它們往往可以與 Maker、Aave 或 Lido 等 DeFi 藍籌股相媲美或超過。

The way Solana's on-chain trading ecosystem is set up is making a lot of money. In fact, these trading tools tend to rival or even beat out DeFi blue chips like Maker, Aave or Lido.

Solana 鏈上交易生態系統的建立方式正在賺大錢。事實上，這些交易工具往往可以與 Maker、Aave 或 Lido 等 DeFi 藍籌股相媲美甚至擊敗。

There's a lot of money to be made in providing infrastructure for Solana on-chain markets.

為 Solana 鏈上市場提供基礎設施可以賺很多錢。

That's according to David Duong and David Han, head of institutional research and institutional research analyst at crypto exchange Coinbase, respectively, who made the case in a Friday report that, if one looks at Solana's on-chain trading ecosystem as a financial sector in its own right, it's the third-most-profitable category in crypto — right behind stablecoins and layer 1s.

加密貨幣交易所 Coinbase 的機構研究主管和機構研究分析師 David Duong 和 David Han 分別在周五的報告中表示，如果人們將 Solana 的鏈上交易生態系統視為其金融部門，就其本身而言，它是加密貨幣領域第三大最賺錢的類別——僅次於穩定幣和Layer 1。

"Solana's trading-linked activity regularly accounts for 75-90% of [Solana] transaction fees, substantially higher than that of Ethereum and other networks like Base and Arbitrum," Duong told CoinDesk. "While layer 2 solutions have also shown growth and innovation, they face different scalability challenges and user fragmentation issues compared to Solana," Duong added. "Solana's approach, especially its fee dynamics and user activity patterns, remains distinct."

「Solana 的交易相關活動通常佔 [Solana] 交易費用的 75-90%，遠高於以太坊以及 Base 和 Arbitrum 等其他網絡，」Duong 告訴 CoinDesk。 「雖然第 2 層解決方案也顯示出了成長和創新，但與 Solana 相比，它們面臨著不同的可擴展性挑戰和用戶碎片化問題，」Duong 補充道。 “Solana 的方法，尤其是其費用動態和用戶活動模式，仍然是獨特的。”

Coinbase put its money where its mouth is this week, announcing cbBTC, which brings the ability to trade, lend and borrow bitcoin (BTC) on Solana — a crucial functionality likely needed for decentralized finance, or DeFi, to take off in that ecosystem.

Coinbase 本週言出必行，宣布推出cbBTC，它帶來了在Solana 上交易、借出和借入比特幣(BTC) 的能力——這是去中心化金融(DeFi) 在該生態系統中騰飛所需的一項關鍵功能。

Read more: Coinbase Brings Bitcoin to Solana, Spurring High Hopes for DeFi Surge

閱讀更多：Coinbase 將比特幣引入 Solana，激發 DeFi 浪潮的厚望

By the numbers: Tether's USDT and Circle's USDC stablecoins have produced $93 million and $28 million in revenue, respectively, in the last seven days, according to DefiLlama data, while the Ethereum, Tron and Solana networks saw $19 million, $11 million and $9.6 million. Solana-based protocols and trading bots, meanwhile, are right behind. Trading bot platform Photon and memecoin powerhouse pump.fun have both generated over $6 million in the last seven days, exceeding Ethereum-based decentralized finance, or DeFi, heavyweights such as Maker, Lido or Aave in terms of revenue.

從數據來看：根據DefiLlama 的數據，Tether 的USDT 和Circle 的USDC 穩定幣在過去7 天內分別產生了9,300 萬美元和2,800 萬美元的收入，而以太坊、Tron 和Solana 網路的收入分別為1,900 萬美元、1100 萬美元和960 萬美元。與此同時，基於 Solana 的協議和交易機器人緊隨其後。交易機器人平台Photon 和memecoin 巨頭Pump.fun 在過去7 天內都產生了超過600 萬美元的收入，在收入方面超過了基於以太坊的去中心化金融（或DeFi）、Maker、Lido 或Aave 等重量級公司。

Most of this is thanks to memecoins — joke cryptocurrencies that don't pretend to have any utility and tend to be very volatile. Pump.fun, a Solana-based protocol that allows users to easily create new tokens, has made the network a central hub for memecoin trading activity. Over 3 million coins have been launched on pump.fun since the protocol went live in January s according to Coinbase.

這大部分要歸功於迷因幣——開玩笑的加密貨幣，它們不假裝有任何效用，而且往往非常不穩定。 Pump.fun 是一種基於 Solana 的協議，允許用戶輕鬆創建新代幣，使該網路成為 memecoin 交易活動的中心樞紐。據 Coinbase 稱，自 1 月協議上線以來，已經在 Pump.fun 上發行了超過 300 萬枚代幣。

That's where Telegram trading bots — which help users buy and sell memecoins even faster — step in. "The magnitude of revenue generated by Telegram trading bots is surprising, even exceeding that of pump.fun," the Coinbase analysts wrote. The most profitable bots, like Photon, Bankbot and Trojan, are all exclusively based on Solana, the report noted. "This suggests that a large number of traders on Solana are less sensitive to execution fees, perhaps due to the higher volatility (and also lower liquidity) of the underlying assets," the analysts wrote.

這就是 Telegram 交易機器人介入的地方——它可以幫助用戶更快地買賣模因幣。報告指出，最賺錢的機器人程序，如 Photon、Bankbot 和 Trojan，都完全基於 Solana。分析師寫道：“這表明 Solana 上的大量交易者對執行費用不太敏感，這可能是由於基礎資產的波動性較高（以及流動性較低）所致。”

"What we've also uncovered in our research is that Solana's fee spending generally peaks later in the day, coinciding with the U.S. West Coast hours, which suggests a distinct cohort of active users there," Duong told CoinDesk.

Duong 告訴 CoinDesk：“我們在研究中還發現，Solana 的費用支出通常在當天晚些時候達到峰值，與美國西海岸的時間一致，這表明那裡有一個獨特的活躍用戶群體。”

Tailoring an on-chain ecosystem to users

為使用者量身訂做鏈上生態系統

Solana builders are aware that the network's on-chain environment has produced unique dynamics — and some of them are trying to take advantage of that to the fullest. For example, Zeta Markets, a decentralized exchange, or DEX, that offers perpetual contracts, wants its users to be able to buy their memecoins and take on leverage without needing to use multiple wallets.

Solana 建構者意識到網路的鏈上環境產生了獨特的動態 - 其中一些建構者正在嘗試充分利用這一點。例如，提供永續合約的去中心化交易所（DEX）Zeta Markets 希望其用戶能夠購買他們的 memecoin 並承擔槓桿作用，而無需使用多個錢包。

"Traders are like, 'Why would I go trade on a centralized exchange [CEX]?' They have all their funds already on the Solana chain," Zeta Markets Founder Tristan Frizza told CoinDesk in an interview. "If you already have your Phantom wallet with all your memecoins, then you might want to hedge it out using perpetual futures. That's like one click away [with DEXs]."

「交易者會問，『我為什麼要在中心化交易所 [CEX] 上進行交易？’他們所有的資金都已經在 Solana 鏈上，」Zeta Markets 創始人 Tristan Frizza 在接受 CoinDesk 採訪時表示。 “如果你已經擁有了裝有所有 memecoin 的 Phantom 錢包，那麼你可能想使用永續期貨對其進行對沖。這就像 [使用 DEX] 只需點擊一下即可。”

Ease of use is a massive draw, but it also implies listing risky coins that aren't yet present on any CEX, Frizza said. Not to mention the ability to use Solana tokens as collateral for the perps positions, instead of simply stablecoins. "No one wants to be holding stables in a bull market," Frizza said. "They just want to take whatever's in their Telegram and chuck this into their margin account."

Frizza 表示，易用性是一個巨大的吸引力，但它也意味著列出尚未出現在任何 CEX 上的有風險的代幣。更不用說能夠使用 Solana 代幣而不是簡單的穩定幣作為 Perps 頭寸的抵押品。 「沒有人願意在牛市中保持穩定，」弗里扎說。 “他們只是想拿走 Telegram 中的所有內容並將其存入他們的保證金帳戶。”

All of this ends up showing up in the data. The convenience of trading on Solana DEXs has led these protocols' volumes to deviate from Coinbase's — even as Ethereum DEX volumes have become more correlated.

所有這些最終都會顯示在數據中。 Solana DEX 交易的便利性導致這些協議的交易量與 Coinbase 的交易量存在偏差，儘管以太坊 DEX 的交易量變得更加相關。

"This suggests that the trading activity on Solana is relatively decoupled from CEX activity and appears

「這表明 Solana 上的交易活動與 CEX 活動相對脫鉤，似乎