“现在还为时过早”：Solana 如何与以太坊争夺机构利益

Solana 享有模因币中心的声誉，但金融机构正在寻求在该网络上开展业务。

While BlackRock CEO Larry Fink has touted tokenization on Ethereum — his firm even launching a tokenized fund, BUIDL, on that blockchain — Solana has often made headlines this year thanks to the success of pump.fun, a protocol that allows users to create memecoins in minutes.

尽管 BlackRock 首席执行官 Larry Fink 大力宣传以太坊代币化，他的公司甚至在该区块链上推出了代币化基金 BUIDL，但由于 Pump.fun 的成功，Solana 今年经常成为头条新闻，该协议允许用户在以太坊上创建模因币。分钟。

But that doesn’t mean Ethereum has a monopoly on institutional interest, according to Hadley Stern, chief commercial officer at Marinade Finance, a Solana-based DeFi protocol that provides staking services for that blockchain's (SOL) token.

但这并不意味着以太坊垄断了机构利益，Marinade Finance 首席商务官 Hadley Stern 表示，Marinade Finance 是一个基于 Solana 的 DeFi 协议，为该区块链 (SOL) 代币提供质押服务。

“On the institutional side, it's so early,” Stern, who was the founding president of Fidelity Digital Assets and global head of digital asset custody at BNY Mellon, told CoinDesk in an interview. “We could probably count on one hand the amount of TradFi products that are being built or have been built on Ethereum and Solana.”

“在机构方面，现在还为时过早，”富达数字资产创始总裁兼纽约梅隆银行数字资产托管全球主管斯特恩在接受 CoinDesk 采访时表示。 “我们一只手就能数出正在以太坊和 Solana 上构建或已经构建的 TradFi 产品数量。”

“I was brought on [Marinade] because there’s a lot of product discovery around strong interest from institutions,” Stern said. “Asset managers, high net worth holders, individual holders, hedge funds … are interested in [staking on Solana].”

“我被带去[Marinade]，因为机构对很多产品的强烈兴趣都有发现，”斯特恩说。 “资产管理公司、高净值持有者、个人持有者、对冲基金……都对 [在 Solana 上进行质押] 感兴趣。”

Launched in March 2020, Solana and SOL exploded on the crypto scene during the 2021 bull market partially thanks to support from FTX CEO Sam Bankman-Fried. SOL cratered when FTX collapsed, but staged a comeback in 2023 and, at $79 billion, is now the fifth largest cryptocurrency by market capitalization.

Solana 和 SOL 于 2020 年 3 月推出，在 2021 年牛市期间在加密货币领域取得了爆炸性的增长，部分原因是 FTX 首席执行官 Sam Bankman-Fried 的支持。 SOL 在 FTX 崩溃时陷入困境，但在 2023 年卷土重来，目前市值达 790 亿美元，成为按市值计算第五大加密货币。

Stern’s assessment comes as financial giants such as Franklin Templeton, Citibank and Société Générale all announced new Solana-based projects last September during Breakpoint, the network’s biggest yearly conference. And he wasn’t the only one electrified by such institutional enthusiasm.

斯特恩做出这一评估之际，富兰克林邓普顿、花旗银行和法国兴业银行等金融巨头去年 9 月在该网络最大的年度会议 Breakpoint 期间宣布了基于 Solana 的新项目。他并不是唯一一个被机构的这种热情所震撼的人。

“At Breakpoint, it was eye-opening to see how many people are now building on Solana,” Tristan Frizza, founder of Solana-based decentralized derivatives exchange Zeta Markets, told CoinDesk in an interview. “Institutions are doing pretty crazy stuff.”

总部位于 Solana 的去中心化衍生品交易所 Zeta Markets 的创始人 Tristan Frizza 在接受 CoinDesk 采访时表示：“在 Breakpoint，看到现在有多少人在 Solana 上进行开发，真是令人大开眼界。” “机构正在做非常疯狂的事情。”

Solana vs Ethereum

Solana 与以太坊

At first view, building on Ethereum can seem like a no-brainer for financial institutions. After all, it’s the oldest and largest smart contract blockchain, it has the largest number of developers in the crypto ecosystem, it settles the majority of stablecoin transactions and it’s the birthplace of DeFi. “If you work at a large bank and you're trying to tokenize an asset, you're not going to get fired for putting it on Ethereum,” Bitwise Chief Investment Officer Matt Hougan recently told CoinDesk.

乍一看，对于金融机构来说，建立以太坊似乎是理所当然的事情。毕竟，它是最古老、最大的智能合约区块链，它拥有加密生态系统中最多的开发者，它解决了大部分稳定币交易，它是 DeFi 的发源地。 Bitwise 首席投资官 Matt Hougan 最近告诉 CoinDesk：“如果你在一家大型银行工作，并且试图将一项资产代币化，那么你不会因为将其放到以太坊上而被解雇。”

But Ethereum isn’t risk-free, according to Leah Wald, CEO of Sol Strategies, a crypto holding company that also runs a large Solana validator.

但据 Sol Strategies 首席执行官 Leah Wald 表示，以太坊并非没有风险。Sol Strategies 是一家加密货币控股公司，也运营着大型 Solana 验证器。

“The uncertainty that continues around transaction fees certainly doesn't make anyone comfortable,” Wald told CoinDesk in an interview. “If you're going to be if you're an institution, and you're thinking 10 years out, you can't be building on a blockchain that you're concerned about.”

“围绕交易费用持续存在的不确定性肯定不会让任何人感到舒服，”沃尔德在接受 CoinDesk 采访时表示。 “如果你打算成为一家机构，并且考虑 10 年后，你就无法在你所关心的区块链上进行构建。”

“BlackRock’s BUIDL is based on Ethereum, and for what they're trying to build, I think that's perfectly fine,” Wald added, but any kind of projects with high-volume transactions, like real-time payments or trading, might struggle. “If we’re talking about a more sophisticated on-chain fund, or a financial platform, then there's a real opportunity for Solana.”

“贝莱德的 BUIDL 基于以太坊，对于他们想要构建的东西，我认为这完全没问题，”沃尔德补充道，但任何类型的大交易量项目，比如实时支付或交易，可能会遇到困难。 “如果我们谈论的是更复杂的链上基金或金融平台，那么 Solana 就有真正的机会。”

In other words, nothing currently guarantees that Ethereum’s scalability strategy, which hinges on layer 2 blockchains, will pay off, and the transformations the network has undergone in the last few years — like its monetary policy change, or its transition from Proof-of-Work to Proof-of-Stake — show that Ethereum is still figuring itself out.

换句话说，目前没有任何东西可以保证以太坊的可扩展性策略（取决于第 2 层区块链）会得到回报，以及网络在过去几年中经历的转变——比如货币政策的变化，或者从证明的转变——权益证明工作——表明以太坊仍在摸索自己的道路。

Solana’s cheap transactions and low throughput, by contrast, don’t hinge on the accomplishment of a complex and technical roadmap. And that can make all the difference.

相比之下，Solana 的廉价交易和低吞吐量并不取决于复杂的技术路线图的完成。这会让一切变得不同。

Wald noted, however, that in the U.S., Ethereum benefits from more regulatory clarity than Solana. The fact that the Securities and Exchange Commission approved spot ether exchange-traded funds this summer is likely a reassurance for institutions, even as inflows into those new funds have been disappointing. A spot SOL ETF might be years away, depending on the outcome of today's presidential election.

然而 Wald 指出，在美国，以太坊受益于比 Solana 更明确的监管。美国证券交易委员会今年夏天批准了以太币现货交易所交易基金，这一事实可能给机构带来一颗定心丸，尽管这些新基金的资金流入情况令人失望。现货 SOL ETF 可能还需要数年时间才能问世，具体取决于今天总统选举的结果。

A different mindset

不同的心态

Another point where Solana tends to be underestimated, Frizza said, is in terms of technical innovations. While Ethereum is famous for its army of developers, builders on Solana tend to fly under the radar, even when they come up with new tools and products that can have an impact on crypto ecosystems beyond their own.

Frizza 说，Solana 容易被低估的另一点是技术创新。虽然以太坊以其开发者大军而闻名，但 Solana 的开发者往往会受到人们的关注，即使他们推出了可能对自身之外的加密生态系统产生影响的新工具和产品。

“People underrate what Solana enables from a structural perspective — and also the mindset that Solana builders have,” Frizza said. “They really care about users, the product, building things that scale and that address user needs.”

“人们从结构角度低估了 Solana 的功能，也低估了 Solana 建设者的心态，”Frizza 说。 “他们真正关心用户、产品、构建可扩展并满足用户需求的东西。”

To Frizza, that attitude means that, if another crypto mania occurs again

对于 Frizza 来说，这种态度意味着，如果另一场加密货币狂热再次发生