年初Solana网络的快速上升似乎标志着其生态系统的新时代

在模因硬币周围史无前例的投机性狂潮中，区块链记录了创纪录的收入，每周达到5530万美元。

The rapid ascent of the Solana network at the beginning of the year seemed to herald a new era for its ecosystem. Driven by an unprecedented speculative frenzy around meme coins, the blockchain recorded record revenues, reaching $55.3 million per week. However, the party was short-lived. Within a few weeks, the excitement fizzled out, leading to a brutal collapse. Today, Solana’s weekly revenues have fallen to $4 million, a staggering drop of 93%. This sudden turnaround raises a central question: Can Solana survive the end of this euphoria and regain a sustainable growth model? On one hand, the frenzied speculation on meme coins revealed an undeniable attraction to the network, but on the other hand, its dependence on these ultra-volatile tokens undermines the entire economy.

Solana网络在今年年初的快速上升似乎使其生态系统成为一个新时代。在模因硬币周围史无前例的投机性狂潮中，区块链记录了创纪录的收入，每周达到5530万美元。但是，该党是短暂的。在几周之内，兴奋消失了，导致残酷的崩溃。如今，索拉纳的每周收入已降至400万美元，下降了93％。这种突然的周转提出了一个核心问题：索拉纳能否在这种欣快感的终结中幸存下来并重新获得可持续增长模型？一方面，对模因硬币的疯狂猜测揭示了对网络的不可否认的吸引力，但另一方面，其对这些超挥发代币的依赖会破坏整个经济。

The collapse of the meme coin economy on Solana

模因硬币经济在solana上的崩溃

The current decline finds its roots in the end of the intense speculation that animated the meme coin market, largely on the Pump.fun platform. In January, this site generated 80% of Solana’s revenues alone, peaking at $15 million per day. But within a few weeks, this financial windfall evaporated. On March 7, the daily revenues of the platform barely exceeded $800,000, a drop of 93%.

当前的下降发现了它的根源，这是在巨大的猜测中，这使模因硬币市场动画动画，主要是在pump.fun平台上。一月份，该网站仅产生了Solana收入的80％，每天达到1500万美元的峰值。但是在几周之内，这一金融意外之财蒸发了。 3月7日，该平台的每日收入几乎不超过80万美元，下降了93％。

This speculative frenzy reached its peak with the launch of the TRUMP and MELANIA tokens, introduced on January 18 and 20, respectively. These assets experienced a meteoric rise before collapsing just as abruptly. TRUMP lost 86% of its value since its peak, while MELANIA dropped 95% in seven weeks, falling below the $0.71 mark. According to Bobby Ong, co-founder of CoinGecko, these launches marked a turning point: “The launch of TRUMP and MELANIA absorbed liquidity and attention, signaling the end of the meme coin boom.”

由于分别于1月18日和20日推出的特朗普和梅拉尼亚代币的推出，这种投机性的疯狂达到了顶峰。这些资产在突然崩溃之前经历了迅速升高。特朗普自峰值以来损失了其价值的86％，而梅拉尼亚（Melania）在七周内下降了95％，低于0.71美元。根据Coingecko的联合创始人Bobby Ong的说法，这些推出标志着一个转折点：“特朗普和梅拉尼亚的发射吸收了流动性和关注，这表明了模因硬币繁荣的终结。”

This sudden disinterest in meme coins had direct consequences for the entire Solana network. DApp activity followed the same downward trajectory, with an 86% drop in revenues generated by these applications. Thus, it fell from $238 million to only $32 million.

对模因硬币的这种突然不感兴趣对整个Solana网络产生了直接的影响。 DAPP活动遵循相同的向下轨迹，这些应用程序产生的收入下降了86％。因此，它从2.38亿美元下降到只有3200万美元。

A blockchain under pressure: the drop in TVL and SOL

压力下的区块链：TVL和SOL的下降

While the drop in revenues is spectacular, the collapse of the total value locked (TVL) is equally critical. In January, Solana’s TVL exceeded $12 billion, driven by the rise of trading and minting platforms for meme coins. Today, it stands at around $6.4 billion, a decrease of nearly 50%. This massive retreat indicates a significant withdrawal of capital, illustrating a loss of confidence in the strength of the ecosystem.

虽然收入的下降是惊人的，但总价值锁定（TVL）的崩溃同样至关重要。一月份，索拉纳（Solana）的TVL超过了120亿美元，这是由于Meme Coins的贸易和铸造平台的兴起。如今，它约为64亿美元，下降了近50％。这种大规模的撤退表明资本的大量退出，说明了对生态系统强度的信心丧失。

The SOL, the network’s native token, has also suffered the repercussions of this collapse. After reaching a peak of $293, it initiated a continuous descent, losing 58% of its value in a few weeks. Currently, SOL is trading around $122, confirming a bearish trend that concerns investors.

该网络的本地令牌也遭受了这种崩溃的影响。在达到293美元的峰值之后，它开始了连续下降，几周内损失了其价值的58％。目前，索尔（Sol）的交易约为122美元，证实了与投资者有关的看跌趋势。

Beyond the mere price volatility, this drop raises a broader issue: Can Solana emerge from this dependency on speculative trends to build a more robust ecosystem?

除了价格波动之外，这种下降还提出了一个更广泛的问题：索拉纳能否从这种对投机趋势的依赖中脱颖而出，以建立一个更强大的生态系统？

The collapse of meme coins and the decline in revenues pose a major challenge for Solana. Long touted for its speed and low fees, the blockchain has proven effective in supporting massive trading volumes. However, this strength could also be its weakness if it remains confined to a role as a playground for speculation.

模因硬币的崩溃和收入下降对Solana构成了重大挑战。长期以来，该区块链因其速度和低费用而受到吹捧，已被证明有效地支持了大规模的交易量。但是，如果它仍然局限于作为猜测的操场，那么这种优势也可能是它的弱点。

In the months to come, Solana’s future will depend on its ability to diversify its economy and attract more sustainable uses, particularly in decentralized finance (DeFi) and Web3 applications. The stakes will be even higher as other blockchains, such as Ethereum and Avalanche, seek to reclaim some of the users disillusioned by the excessive volatility of the Solana ecosystem.

在接下来的几个月中，Solana的未来将取决于其多样化经济和吸引更多可持续用途的能力，尤其是在分散的金融（DEFI）和Web3应用程序中。赌注将像其他区块链一样更高，例如以太坊和雪崩，试图夺回一些因Solana生态系统过度波动而幻灭的用户。