尽管指标飞涨，但Solana的用户参与度摊位是“交易集会”的出现

索拉纳（Solana）是一个高速区块链，通常被吹捧为以太坊最激烈的竞争对手，一直经历着一种自相矛盾的趋势。

Solana, the high-speed blockchain often touted as Ethereum’s fiercest competitor, has been experiencing a paradoxical trend. Key metrics like transaction volume and token prices continue to break records, yet actual user engagement and meaningful utility appear to be stagnating or even declining.

索拉纳（Solana）是一个高速区块链，通常被吹捧为以太坊最激烈的竞争对手，一直经历着一种自相矛盾的趋势。诸如交易量和代币价格之类的关键指标继续打破记录，但是实际的用户参与度和有意义的公用事业似乎在停滞甚至下降。

This phenomenon, which has raised concerns among investors and developers alike, may be linked to a growing issue: the existence of exclusive “trading cabals.”

这种现象引起了投资者和开发商之间的关注，可能与一个日益严重的问题有关：独家“交易集会”的存在。

These groups, which have become particularly prevalent in the memecoin space, are concentrating wealth and leaving regular investors at a disadvantage, according to several analysis reports.

根据几份分析报告，这些群体在Memecoin领域变得特别普遍，正在集中财富，并使常规投资者处于不利地位。

The Illusion of Growth On the surface, Solana’s performance in recent months appears to be nothing short of spectacular. Transaction throughput remains among the highest in the crypto space, and new projects continue to launch at a rapid pace.

表面增长的幻想，近几个月来Solana的表现似乎是壮观的。交易吞吐量仍然是加密货币领域中最高的，而新项目继续以快速的速度推出。

Memecoins, in particular, have become a major driver of speculative activity, capturing the imagination (and wallets) of retail investors looking for quick gains. However, a closer look reveals a troubling reality. Despite the increasing number of new tokens and high trading volume, the number of genuinely engaged users—those utilizing the blockchain for applications beyond mere speculation—remains largely stagnant.

尤其是成员，已成为投机活动的主要驱动力，捕捉了寻找快速收益的散户投资者的想象力（和钱包）。但是，仔细的外观揭示了一个令人不安的现实。尽管新的代币数量越来越多，但交易量的数量越来越大，但真正参与的用户的数量（这些利用区块链都用于超越猜测的应用程序）的数量在很大程度上停滞不前。

Decentralized applications (dApps) on Solana are struggling to retain users, and many projects fail to offer long-term value beyond their initial hype cycles. This dynamic is leaving investors, especially those new to the space, feeling burned and disillusioned.

Solana上的分散应用程序（DAPP）正在努力保留用户，许多项目无法提供长期价值，而不是其最初的炒作周期。这种动态使投资者，尤其是那些刚开始的投资者，感到被燃烧和幻灭。

The Rise of Trading Cabals One of the biggest contributors to this phenomenon is the rise of closed trading groups or “cabal-style” entities that dominate the memecoin space. These groups have access to exclusive early information, allowing them to manipulate token launches and price movements to their advantage.

交易阴道的兴起这一现象的最大贡献者之一是封闭的贸易集团或主导Memecoin空间的“ Cabal风格”实体的兴起。这些小组可以访问独家的早期信息，从而使他们能够操纵令牌发布和价格变动，从而有利。

This dynamic leaves regular investors perpetually behind, as they enter the market only after insiders have already secured their profits. Imagine a farmers’ market where a hidden group of buyers always gets first access to the best produce. By the time the general public arrives, only the less desirable goods remain.

这种充满活力的投资者将永远落后，因为他们只有在内部人员已经获得利润后才进入市场。想象一个农贸市场，一群隐藏的买家总是可以首先获得最佳农产品。到公众到达时，只剩下不太理想的商品。

This is precisely how Solana’s trading environment functions for many newcomers, who find themselves buying in at inflated prices before the inevitable dump.

这正是索拉纳（Solana）的交易环境对许多新移民的运作方式，他们发现自己在不可避免的垃圾场之前以高昂的价格购买。

How Trading Cabals Operate These trading cabals employ several tactics to maintain their advantage:

交易阴道如何运营这些交易集会采用多种策略来维持其优势：

Early Access to Token Launches: They gain exclusive access to new memecoin launches, allowing them to buy tokens at the seed round or pre-sale stage at deep discounts.

尽早访问令牌发布：他们可以独家访问新的Memecoin发射，使他们可以在种子回合或预售阶段以深折扣购买令牌。

Private Telegram Groups: They communicate in closed groups on messaging apps like Telegram, sharing trading signals and coordinating market activity.

私人电报小组：他们在封闭的小组中进行有关电报等消息传递应用程序，共享交易信号和协调市场活动的沟通。

Pump-and-Dump Schemes: They use social media to hype specific tokens, aiming to increase demand and drive up prices. Once the token reaches its peak, they dump their holdings, causing the price to crash.

泵送计划：他们使用社交媒体炒作特定令牌，旨在提高需求并提高价格。一旦令牌达到顶峰，他们就会抛弃自己的股份，导致价格崩溃。

Scab Scams: In cases where a token experiences a significant price drop, these groups often create scam tokens with similar names to steal funds from those trying to recover their losses.

scab骗局：如果代币经历大幅下降的情况，这些群体通常会创建名称相似的骗局令牌，以从试图恢复损失的人那里窃取资金。

Impact on Solana’s Reputation While these activities generate short-term excitement, they ultimately harm Solana’s credibility as a blockchain ecosystem.

在这些活动引起短期兴奋的同时，对Solana声誉的影响最终会损害Solana作为区块链生态系统的信誉。

The perception that Solana is primarily a playground for insiders and speculators discourages serious developers from building on the network. Furthermore, long-term investors may begin to see Solana as a high-risk environment where manipulation overshadows innovation.

对索拉纳（Solana）的看法主要是内部人士和投机者的游乐场，这会阻止认真的开发人员在网络上构建。此外，长期投资者可能会开始将Solana视为一种高风险环境，使操纵掩盖了创新。

Can Solana Overcome These Challenges? Despite these concerns, Solana still has the potential to turn things around. Several initiatives could help rebuild trust and drive genuine adoption:

Solana可以克服这些挑战吗？尽管有这些担忧，但Solana仍然有可能扭转局面。多项举措可以帮助重建信任并推动真正的收养：

Solana’s current trajectory presents both immense opportunities and significant risks. While its blockchain remains technically impressive, the dominance of trading cabals and the focus on short-term speculation threaten its long-term sustainability.

Solana的当前轨迹既带来了巨大的机会，也带来了重大风险。尽管它的区块链在技术上仍然令人印象深刻，但交易阴道的主导地位以及对短期投机的关注威胁到其长期的可持续性。

If Solana can shift its emphasis from price-driven hype to real-world adoption, it may yet cement its place as a leading blockchain. Otherwise, it risks becoming a cautionary tale in the crypto industry—a network of rising numbers, but falling usage.

如果Solana可以将其重点从价格驱动的炒作转移到现实世界中的采用中，那么它仍然可以巩固其作为领先区块链的位置。否则，它有可能成为加密货币行业的一个警示故事，这是一个数字上升的网络，但使用情况下降。