加密貨幣市場的新一波繁榮可能會為 Solana 帶來重大好處：現在，創建現貨 SOL ETF 的機會可能更大

VanEck 數位資產研究主管 Matt Sigel 認為，基於 Solana (SOL) 的現貨 ETF 可能會在 2025 年底上市。

A wave of prosperity has hit the cryptocurrency market, and Solana (SOL) could benefit significantly: the chances of creating a spot SOL ETF may now be even higher.

加密貨幣市場迎來了一波繁榮，Solana (SOL) 可能會顯著受益：創建現貨 SOL ETF 的機會現在可能更高。

Matt Sigel, head of digital asset research at VanEck, believes that a spot ETF based on Solana (SOL) could be on the market by the end of 2025.

VanEck 數位資產研究主管 Matt Sigel 認為，基於 Solana (SOL) 的現貨 ETF 可能會在 2025 年底上市。

In an interview with Financial Times, Sigel noted that under the leadership of current U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, the agency has moved away from the traditional approach of interacting with businesses.

西格爾在接受《金融時報》採訪時指出，在現任美國證券交易委員會（SEC）主席加里·根斯勒（Gary Gensler）的領導下，該機構已經擺脫了與企業互動的傳統方式。

Sigel also pointed to the need to return to a system focused on disclosure, which will create new opportunities for the crypto industry to grow.

Sigel 也指出，需要回歸注重揭露的系統，這將為加密產業的發展創造新的機會。

VanEck filed for a Solana ETF in June 2024, calling this decision “a bet on Donald Trump to win.” Sigel believes that the new administration will support the crypto industry and promote the development of investments in digital assets. In addition, he indicated that the crypto industry expects other spot ETFs to appear, and the VanEck team is already analyzing the chances of launching different asset classes.

VanEck 於 2024 年 6 月申請了 Solana ETF，稱這一決定「是對唐納德·川普獲勝的賭注」。 Sigel相信，新政府將支持加密產業並促進數位資產投資的發展。此外，他表示加密產業預計會出現其他現貨 ETF，VanEck 團隊已經在分析推出不同資產類別的機會。

However, the SEC representatives recalled that the previous chairman, Jay Clayton, appointed by Trump, initiated about 80 lawsuits against crypto companies and rejected all applications for spot Bitcoin ETFs.

不過，SEC 代表回憶稱，川普任命的前任主席傑伊·克萊頓 (Jay Clayton) 對加密貨幣公司發起了約 80 起訴訟，並拒絕了所有現貨比特幣 ETF 的申請。

“It was Gary Gensler’s SEC that broke with long-standing tradition with the rules-guided process and regulated through enforcement. Going back to the usual disclosure-based system would create scope for more innovation in this space.”

「加里·詹斯勒 (Gary Gensler) 領導的 SEC 打破了長期以來的傳統，採用規則引導的流程並透過執法進行監管。回到通常的基於披露的系統將為該領域的更多創新創造空間。

The launch of a spot ETF on Solana may happen even earlier

Solana 現貨 ETF 的推出可能會更早

Syncracy Capital hedge fund co-founder Daniel Cheung predicted that the crypto industry might see spot ETFs on Solana even earlier than Siegel expects.

Syncracy Capital 對沖基金聯合創始人 Daniel Cheung 預測，加密貨幣行業可能會比 Siegel 預期的更早在 Solana 上看到現貨 ETF。

Thus, Cheung believes that the first spot of Solana ETFs will likely hit the market as early as Q1 2025. This will allow Solana to surpass Ethereum (ETH) in growth rate and reach the $1000 mark.

因此，Cheung 認為第一批 Solana ETF 最早可能會在 2025 年第一季上市。

I believe that crypto is potentially headed for a biblical bull market in the coming months that could surpass 2021 – some thoughts on the current market setup under a Trump Administration:

我相信，加密貨幣有可能在未來幾個月內進入牛市，甚至可能超過 2021 年——對川普政府領導下當前市場設置的一些想法：

1) Trump presidency is a 4 year call option on the Bitcoin market (i.e. Gensler fired, US…

1) 川普總統任期是比特幣市場的 4 年看漲期權（即 Gensler 被解僱，美國…

At the same time, he called the Trump presidency with a “four-year call option on the Bitcoin market” the main driver of the fund’s approval. He recalled that the president-elect promised to make the first cryptocurrency a reserve asset and pointed to his statement about Gensler’s likely resignation.

同時，他稱川普總統任期內的「比特幣市場四年看漲期權」是該基金獲得批准的主要推動力。他回憶說，當選總統承諾將第一種加密貨幣作為儲備資產，並指出他關於詹斯勒可能辭職的聲明。

The Solana ecosystem is experiencing a new boom

Solana 生態系統正在經歷新的繁榮

Over the past week, Solana has significantly strengthened the cryptocurrency market, approaching its historical maximum. At the time of writing, the token is trading at $240, up by 10% over the past week.

過去一周，Solana 顯著增強了加密貨幣市場，接近歷史最高點。截至撰寫本文時，該代幣的交易價格為 240 美元，較過去一周上漲 10%。

Solana has also reached a market capitalization of $112 billion, up 44% from the $77 billion recorded at its previous all-time high on Nov. 6, 2021.

Solana 的市值也達到了 1,120 億美元，比 2021 年 11 月 6 日創下的歷史新高的 770 億美元增長了 44%。

The increase in market cap is due to the growing supply of Solana tokens, issued on an inflationary schedule, rewarding stakes with new SOL tokens. Solana-based applications have also seen record fees and revenues in the past 24 hours, driven by a resurgence in meme coin interest.

市值的增加是由於 Solana 代幣的供應量不斷增加，這些代幣按通膨時間表發行，並用新的 SOL 代幣獎勵股權。在 meme 幣興趣復甦的推動下，基於 Solana 的應用程式在過去 24 小時內的費用和收入也創下了紀錄。

According to data published by analyst Patrick Scott on Platform X, five of the top ten protocols by fee collection over the past 24 hours were on Solana. Automated market maker Raydium set a record by collecting $11.31 million in fees on Nov. 17, while liquid staking protocol Jito posted the third-largest daily fee of $9.87 million on the same day.

根據 Platform X 分析師 Patrick Scott 發布的數據，過去 24 小時內收費排名前十的協議中有 5 個在 Solana 上。自動做市商 Raydium 在 11 月 17 日收取了 1,131 萬美元的費用，創下了紀錄，而流動質押協議 Jito 同日公佈了第三大日費用，為 987 萬美元。

Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.

由於 memecoin 的狂熱，在過去 24 小時內，產生費用排名前 10 名的加密協議中有一半都在 Solana 上。

This is either a massive top signal or radical shift in market activity. pic.twitter.com/iKAbqSYx6j

這要么是一個巨大的頂部訊號，要么是市場活動的根本轉變。 pic.twitter.com/iKAbqSYx6j

Additionally, meme coin startup platform pump.fun recorded its seventh-largest revenue, collecting $1.65 million in fees. Solana meme coin trading bot Photon was the seventh-largest revenue earner, recording the fifth-largest daily fee dump at $2.36 million.

此外，meme coin 新創平台 Pump.fun 收入排名第七，收取 165 萬美元的費用。 Solana meme 硬幣交易機器人 Photon 是第七大收入來源，每日費用為 236 萬美元，排名第五。

What’s driving Solana’s growth?

是什麼推動 Solana 的成長？

Solana’s performance has been fueled by increased user activity in meme coins. According to DeFiLlama, the blockchain‘s total value locked (TVL) has risen to its highest since 2021, surpassing $8.3 billion.

Solana 的表現得益於迷因幣用戶活動的增加。據 DeFiLlama 稱，區塊鏈的總鎖定價值（TVL）已升至 2021 年以來的最高水平，超過 83 億美元。

The exchange’s research division said in a report that rapid growth and speculation make meme coins an investment vehicle with the potential for huge profits.

該交易所研究部門在報告中表示，快速成長和投機使得米姆幣成為一種具有巨額利潤潛力的投資工具。

Analysts say one of the reasons for the increased interest in such risky assets is the “financial nihilism” of investors. Following the inflation caused by “helicopter”

分析師表示，投資者對此類風險資產興趣增加的原因之一是投資者的「金融虛無主義」。繼「直升機」引發的通貨膨脹之後