加密市场正在将牙齿沉入Solana（Sol），而且不漂亮

本周是加密货币行业的许多承诺的高潮。特朗普总统通过过去几年采取的执法行动结束了一些加密法规，证券交易委员会（SEC）退回了SAB 122，这使银行无法为客户提供加密货币。

This week was supposed to be the culmination of a lot of promises years coming in the crypto industry. President Trump ended some of the crypto regulation by enforcement actions taken over the last few years, and the Securities and Exchange Commission (SEC) pulled back SAB 122, which kept banks from holding crypto for customers. But these moves didn't help the market, and many altcoins fell double digits on the week.

本周本周应该是加密货币行业的许多诺言的结晶。特朗普总统通过过去几年采取的执法行动结束了一些加密法规，证券交易委员会（SEC）退回了SAB 122，这使银行无法为客户提供加密货币。但是这些举动对市场没有帮助，许多山寨币在本周下降了两位数。

According to data provided by S&P Global Market Intelligence, Cardano (ADA) was one of the biggest losers, falling 13.6% over the past week, Polkadot (DOT) fell 14.4%, and Uniswap (UNI) fell 15.4%.

根据S＆P全球市场情报提供的数据，Cardano（ADA）是最大的失败者之一，过去一周下降了13.6％，Polkadot（DOT）下降了14.4％，Uniswap（Unii）（UNI）下降了15.4％。

Crypto regulations don't cause a buying frenzy

加密法规不会导致购买疯狂

This week seemed more like "sell the news" in crypto because it was a lot of news the industry was looking for, but buyers didn't show up. In fact, whale investors sold 180 million Cardano tokens this week despite the potentially better market conditions.

本周似乎更像是在加密货币中的“出售新闻”，因为这是该行业正在寻找的很多新闻，但买家没有出现。实际上，尽管市场状况更好，但本周鲸鱼投资者本周出售了1.8亿Cardano代币。

I've been saying for months that better market conditions for crypto from a regulatory perspective wouldn't necessarily lead to higher prices for all cryptocurrencies. Tokens need to have demand to move higher, and companies building innovative products on the blockchain doesn't necessarily lead to higher demand for the tokens themselves.

我一直在说几个月来，从监管角度来看，加密货币的更好的市场条件并不一定会导致所有加密货币的价格更高。代币需要需要提高需求，而公司在区块链上建造创新产品并不一定会导致对代币本身的需求更高。

The Trump meme coin undermines the bull case for some cryptocurrencies

特朗普模因硬币破坏了一些加密货币的牛案

The other big news item of the week was the launch of the Trump meme token last weekend, which wasn't launched on the traditionally popular Ethereum (ETH) Layer-2 solutions like Polkadot; it was launched on Solana (SOL). As a result, it's also not using common Ethereum swapping tools like Uniswap; it's using Solana's native token exchanges and wallets to an incredibly effective scale.

本周的另一个重大新闻是上周末推出了特朗普模因象征，该象征不是在传统上流行的以太坊（ETH）等第2层解决方案（如Polkadot）上推出的；它是在Solana（Sol）上推出的。结果，它也不使用诸如uniswap之类的常见以太坊交换工具；它使用Solana的本地令牌交换和钱包达到了令人难以置信的有效规模。

Solana has completed nearly 300 million transactions in the past month and has held up well under the stress of the new meme coin. And if it can handle this, why use slower and more expensive Layer-2 solutions?

索拉纳（Solana）在过去一个月完成了将近3亿次交易，并在新的模因硬币的压力下保持了良好的状态。如果可以处理这一点，为什么要使用较慢，更昂贵的第2层解决方案？

Uniswap is also losing market share on a volume basis and would be threatened if crypto activity moved to Solana, where smaller transactions make more sense because of much lower fees than most competing blockchains.

UNISWAP也将在数量的基础上损失市场份额，如果加密活动转移到Solana，则会受到威胁，因为与大多数竞争的区块链相比，较小的交易更有意义。

In short, Solana has sucked the air out of the room for competitors from Polkadot to Cardano, and it's not surprising to see them fall this week.

简而言之，索拉纳（Solana）为从波尔卡多（Polkadot）到卡达诺（Cardano）的竞争对手吮吸了房间，这并不奇怪，本周他们跌倒了。

Now, the rubber hits the road

现在，橡胶撞到了道路

What's clear now is that crypto has momentum, and there will likely be a lot of innovation on the blockchain, particularly as advisor David Sacks said today that meme coins and non-fungible tokens (NFTs) are collectibles. But what does that mean for native blockchain tokens?

现在很明显的是，加密货币有动力，区块链可能会有很多创新，尤其是正如顾问戴维·萨克斯（David Sacks）今天说，模因硬币和不可杀死的代币（NFTS）是收藏品。但是这对本地区块链令牌意味着什么？

It's not clear that all blockchains will get traction, and even if they do, the value may not be in the token but rather what's built on top of the blockchain. I wouldn't be surprised to see the market sink even lower as some of the election and meme coin euphoria wears off, and builders start to build real businesses. But that could take years to materialize, and that's not the kind of patience the crypto market usually has.

目前尚不清楚所有区块链都会获得吸引力，即使它们这样做，该值也可能不在令牌中，而是在区块链顶部构建的东西。随着一些选举和模因硬币欣快的衰退，市场下沉甚至降低，我不会感到惊讶，建筑商开始建立真实的业务。但这可能需要数年的时间才能实现，这不是加密市场通常具有的耐心。