Solana严格实施的Memecoin策略

在24年内，Solana严格实施了由Messari制定的Memecoin策略。单链的交易量超过了整个以太坊生态系统

There was no consensus at the Hong Kong Consensus Conference in February 2026. There was no main thread in the crypto market in Q1 2026.

2026年2月在香港共识会议上没有共识。在2026年第1季度的加密市场中没有主题。

In 24 years, Solana strictly implemented the Memecoin strategy formulated by Messari. The transaction volume of the single chain surpassed the entire Ethereum ecosystem, becoming the first L1 in history to win the block space war with the Ethereum ecosystem.

在24年内，Solana严格实施了由Messari制定的Memecoin策略。单链的交易量超过了整个以太坊生态系统，成为历史上第一个赢得与以太坊生态系统赢得空间太空战争的L1。

But the foundation of Solana's victory is not solid. The fundamentals of Memecoin, which consists of the trinity of attention, Fomo sentiment and liquidity, saw a sharp drop in on-chain transaction volume due to the holiday effect. The weak LP pool could not support the high FDV/LP ratio, and in February 25, it staged a retreat greater than Dunkirk.

但是索拉纳胜利的基础并不扎实。 Memecoin的基本原理包括关注，FOMO情绪和流动性的三位一体，由于假期效应，链上交易量的急剧下降。 LP弱池无法支持高FDV/LP比率，在2月25日，它进行了大于Dunkirk的撤退。

The old king has fallen, and the new king is still behind the scenes. Standing at the juncture of March, a month of ever-changing circumstances, we make a blind guess about the main plot of the future.

老国王倒下了，新国王仍然在幕后。站在3月的关头，一个月不断变化的环境，我们对未来的主要情节进行了盲目的猜测。

Among the chaotic market structures, a clue is emerging: funds are flowing from narrative-only on-chain PVP to Yield Farming supported by fundamentals.

在混乱的市场结构中，有一个线索正在出现：资金从仅叙事的链上PVP流动，以产生基本面支持的农业。

There are three categories of representative projects:

代表项目有三类：

--Sonic's neoclassical coins, a more powerful version of Ve (3, 3);

- Sonic的新古典硬币，一个更强大的VE版本（3，3）；

--The new (3,3,3) model of BeraChain and Initia, and the chained version of the (3,3) mechanism of Olympus DAO;

- Berachain和Initia的新型（3,3,3）模型，以及Olympus Dao的（3,3）机制的链式版本；

--DePIN projects represented by Aethir, a variant of YiledFarming with real income and positive externalities.

- 由Aethir代表的Depin项目，Aethir是一种具有真实收入和积极外部性的奇特货车的变体。

The market mindshare of Sonic, BeraChain, and Initia is quite high, while the DePIN track has been lacking in market discussion after being silent for a year.

Sonic，Berachain和Initia的市场思维率很高，而Depin Track在沉默一年后一直缺乏市场讨论。

However, the most bullish track in Messari’s 25-year outlook report is DePIN, and it is recommended that Solana return its strategic focus to DePIN in 25 years.

但是，梅萨里（Messari）25年展望报告中最看涨的曲目是德国人，建议索拉纳（Solana）在25年内将其战略重点归还给德国人。

As we all know, the trick to obtain Alpha returns is to take narrow paths and cultivate thin fields. The less interested DePIN is, the more worthy it is of our in-depth layout.

众所周知，获得阿尔法回报的诀窍是走狭窄的路径并培养薄场。 depin感兴趣的越小，它对我们深入的布局的价值就越多。

The above picture shows the top DePIN project data compiled by CryptoDep. In the top 5 revenue rankings, in addition to the familiar Aethir, io.net, and Akash, there are two newcomers Braintrust and GEODNET.

上图显示了CryptoDep编制的顶级DEPIN项目数据。除了熟悉的Aethir，io.net和Akash之外，在排名前5的收入排名中，还有两个新手Brain Traintrust和Geodnet。

Among them, Aethir topped the DePIN project list with $10M in 30-day revenue. I checked Aethir's GPU Dashboard and found that the project has achieved an annual recurring revenue (ARR) of $105 million, provided 487 million hours of computing power, distributed more than 3.6 billion ATH token rewards, and had nearly 1 million on-chain transactions.

其中，Aethir在30天的收入中以1000万美元的价格排在Depin项目列表中。我检查了Aethir的GPU仪表板，发现该项目的年度经常性收入（ARR）为1.05亿美元，提供了4.87亿小时的计算能力，分配了超过36亿ATH代肯的奖励，并且具有近100万次的链交易。

I originally thought that it would take years for real income model pricing to be recognized in the crypto market, but looking at Aethir’s growth trajectory, perhaps that day will come sooner than we thought.

我最初认为，在加密市场中认可实际收入模型的价格需要数年的时间，但是看看Aethir的增长轨迹，也许那天会比我们想象的要早。

Aethir is so successful, on the one hand, because of its differentiated competitive strategy. It did not follow the route of other DePIN projects that focused on edge device networks + long-tail market demand, but chose to use NVIDIA high-performance GPUs (such as NVIDIA H100) to build a decentralized cloud computing platform to provide enterprise-level GPU computing power for AI and game developers around the world; on the other hand, the Aethir team seized the AI x Crypto trend in Q1 24 and successfully raised funds to purchase a large number of high-end GPUs, which created Aethir's moat and helped Aethir achieve network effects as soon as possible. And Aethir's network effect has attracted more enterprise-level GPU computing power suppliers to join.

一方面，艾西尔（Aethir）非常成功，因为它具有差异化的竞争策略。它没有遵循其他集中在Edge设备网络 +长尾市场需求的DEPIN项目的途径，而是选择使用NVIDIA高性能GPU（例如NVIDIA H100）来建立一个分散的云计算平台，以为全球的AI和GAM GPU计算能力提供企业级的GPU计算能力；另一方面，Aethir团队在第1季度24中夺取了AI X Crypto趋势，并成功筹集了资金来购买大量的高端GPU，该GPU创造了Aethir的护城河，并帮助Aethir尽快实现了网络效果。 Aethir的网络效应吸引了更多的企业级GPU计算电源供应商加入。

Recently, there has been a view in the market that open source low-cost models such as DeepSeek will reduce the demand for NVIDIA's high-end graphics cards. This has caused many investors to feel anxious about the sustainability of Aethir's revenue. However, this view is actually market noise deliberately created by financial market manipulators some time ago, and it is a bit unfounded to feel anxious about it.

最近，市场上有一种看法，例如DeepSeek之类的开源低成本模型将减少对Nvidia高端图形卡的需求。这使许多投资者对Aethir收入的可持续性感到焦虑。但是，这种观点实际上是一段时间以前由金融市场操纵者故意产生的市场噪声，对此感到焦虑是有些毫无根据的。

Nvidia's "leather jacket yellow" has already publicly refuted this view, and there is also the "Jevons effect" at work. Simply put, open source models such as DeepSeek will not reduce the demand for high-end GPUs, but will stimulate demand growth. After DeepSeek became popular, the scale of the domestic Maas (model as a service) reasoning market has surged, saving many computing centers that were almost dead.

NVIDIA的“皮夹克黄色”已经公开驳斥了这种观点，并且还有“ Jevons效果”。简而言之，诸如DeepSeek之类的开源模型不会降低对高端GPU的需求，但会刺激需求增长。在DeepSeek变得流行之后，国内MAA（作为服务）推理市场的规模激增，节省了许多几乎已经死亡的计算中心。

Moreover, paradigm innovation in the field of AI is in the ascendant. In addition to LLM, embodied AI has become a hot spot for capital. Embodied AI will become the engine to ignite Aethir'

此外，AI领域的范式创新正在上升。除LLM外，体现的AI已成为资本的热点。体现的AI将成为发动机，以点燃Aethir'