随着10亿美元的固定资金逃离，Solana生态系统在六个月内经历了最严重的测试

在一个星期内，耗资10亿美元的投资基金逃离了，日常活跃的用户下降了近60％ - Solana生态系统正在接受其最严重的测试

Author: Frank, PANews

作者：弗兰克，潘尤斯

In a single week, $1 billion in staked funds has fled, and daily active users have plummetered by nearly 60%—the Solana ecosystem is undergoing its most severe test in the past six months.

在一个星期内，耗资10亿美元的基金逃离了，日常活跃的用户暴跌了近60％ - 在过去六个月中，Solana生态系统正在接受其最严重的测试。

With platforms like Pump.fun dumping over $600 million in tokens and major validators losing confidence in staking due to the SIMD proposal, combined with the vacuum left by the retreat of the MEME craze, the SOL token has plunged 57% in 40 days, leading the mainstream coins.

诸如Pump.Fun之类的平台将超过6亿美元的代币倾倒，而主要验证者由于SIMD提案而失去了对堆放的信心，再加上模因热潮的撤退留下的真空，Sol Soldsken在40天内跌落了57％，并带领了主流硬币。

As on-chain data anomalies intersect with a market sell-off, how will this public chain giant, once seen as the "Ethereum killer," navigate survival amid the dual strangulation of ecological reconstruction and capital flight?

随着链链数据异常与市场抛售相交，这家公共连锁店巨头曾经被视为“以太坊杀手”，在生态重建和资本飞行的双重扼杀中导航生存？

Accelerated Staking Withdrawal: $1 Billion in Funds Flee in a Single Week

加速放弃戒断：一周内逃跑了10亿美元的资金

In the past week, the amount of staked tokens on the Solana chain decreased by 5.97 million, with a reduction of 3.61 million over the past month. This indicates that many large stakers have begun withdrawing SOL funds to avoid the risk of decline. The weekly decline rate is approximately 1.5%, with about $1 billion in staked funds reduced.

在过去的一周中，Solana链上的固定令牌数量减少了597万，在过去一个月中减少了361万。这表明许多大型Stakers已经开始撤回SOL资金，以避免降低的风险。每周下降速度约为1.5％，大约有10亿美元的固定资金降低。

From the changes in the Solana network, on February 23, there was a drastic change in the Solana network, with daily active users and new wallet numbers dropping by about 90% on that day before returning to normal levels. This sharp fluctuation was likely caused by a collective failure or shutdown of certain trading bots on the chain, which also exposed the issue of an excessively high proportion of bots in the Solana network.

从2月23日的Solana网络的变化中，Solana网络发生了巨大变化，每天活跃的用户和新的钱包数字在那天恢复到正常水平之前下降了约90％。这种急剧的波动很可能是由于链条上某些交易机器人的集体故障或关闭而引起的，这也暴露了Solana网络中机器人比例过高的问题。

As of February 28, data shows that the current level of active users has also significantly decreased from the peak in October last year. On October 22, the number of daily active addresses reached a high of 8.78 million, while the data on February 27 dropped to 3.71 million, a decline of about 58%.

截至2月28日，数据显示，当前活跃用户的水平也比去年10月的峰值大大下降。 10月22日，每日活动地址的数量达到878万，而2月27日的数据下降到371万，下降了约58％。

5 Major Whales Concentrated Selling: $317 Million in Tokens Impacting the Market

5个主要鲸鱼集中销售：3.17亿美元的代币影响市场

Recently, several large SOL holders have chosen to sell tokens or unstake. According to incomplete statistics based on information exposed on social media by PANews, five whales sold approximately 2.09 million SOL in a short period, valued at about $317 million, with an average selling price of around $151.

最近，一些大型溶胶持有人选择出售令牌或取消销售。根据Panews在社交媒体上揭示的信息的不完整统计数据，五只鲸鱼在短时间内售出了约209万辆溶胶，价值约3.17亿美元，平均售价约为151美元。

Among them, the address AMekyY73RJBd4urgZ2HvWV8yFzvk4nRsGmahuJcWiQri unstaked a total of 236,000 SOL, and so far has only sold 60,000; it remains uncertain whether the remaining tokens will continue to be sold in the future.

其中，地址为Amekyy73rjbd4urgz2HVWV8YFZVK4NRSGMAHUJCWIQRI，总共销售了236,000索尔，到目前为止，仅售出了60,000个；尚不确定将来剩余的令牌是否会继续出售。

In addition, Pump.fun has also been a major force in selling on-chain. As of February 28, Pump.fun has sold approximately 3.02 million SOL tokens, cashing out a total of about $610 million. In the past month, Pump.fun sold a total of 440,000 SOL, valued at about $7.839 million. This has further exacerbated the already panicked market.

此外，Pump.Fun也是销售链链的主要力量。截至2月28日，Pump.Fun已售出了约302万个Sol代币，总共兑现了约6.1亿美元。在过去的一个月中，Pump.Fun总共出售了440,000辆，价值约783.9万美元。这进一步加剧了已经惊慌的市场。

However, with the decline in MEME popularity, various metrics for Pump have also been continuously declining. On February 23, the number of active users on Pump.fun dropped to a low of 41,000, recovering to around 180,000 the next day. Overall data has decreased by more than half in the past month.

但是，随着模因受欢迎程度的下降，泵的各种指标也一直在下降。 2月23日，泵的活跃用户数量下降到41,000的低点，第二天恢复到约180,000。在过去一个月中，总体数据减少了一半以上。

Cryptocurrency brokerage service FalconX has also been an important channel for large holders to flee. According to PANews statistics, in February, the amount of SOL tokens transferred from FalconX to Binance reached 386,700, valued at about $6.6 million. However, further research reveals that large holders seem to have started fleeing as early as January, with the amount of SOL transferred from FalconX to Binance in January reaching 1.37 million, valued at $315 million, with an average transfer price of about $229. This figure is significantly higher than in other months.

加密货币经纪服务Falconx也是大型持有人逃离的重要渠道。根据Panews统计数据，2月，从Falconx到Binance转移的SOL代币数量达到386,700，价值约为660万美元。但是，进一步的研究表明，大型持有人似乎早在1月就开始逃离，而SOL的数量从Falconx转移到1月份的Binance，达到137万美元，价值3.15亿美元，平均转让价格约为229美元。这个数字明显高于其他几个月。

Of course, while some are leaving, others are rushing in. On February 27 and 28, a large holder with the address EhuKBFXyUYgwc4nUMJMQHjY4A7w5nTTrMtY6z4TtZSFK bought 83,000 SOL tokens, spending a total of $10.88 million, with an average entry price of about $134.

当然，有些人要离开时，有些人正在涌入。2月27日至28日，一个大型持有人，地址为ehukbfxyuygwc4numjmqhjy4a7wnumjmqhjy4a7wnttrtrmty6z4ttzsfk，购买了83,000辆索尔克斯（Sol Solkens），总计为1080万美元，价格为138亿美元，平均价格为134美元。

SIMD Proposal Impact: Shrinking Staking Rewards Triggers Validator Panic

Simd提案影响：缩小订婚奖励触发验证者恐慌

Overall, however, the incoming funds are still

总的来说，即将到来的资金仍然是