自1月高点以来，Solana Dex量下降了60％，击中[SOL]最难

跨连锁店的交易量比一月份的高点下降了60％，在Coinbase（CB）分析师中击中了Solana [Sol]。

Decentralized exchange (DEX) trading volumes across top chains have declined 60% from January highs, and the impact was felt most acutely on Solana (SOL), according to Coinbase (CB) analysts.

根据Coinbase（CB）分析师的说法，跨1月高点的分散交易（DEX）交易量比一月份的高点下降了60％，并且对Solana（SOL）的影响最为敏锐。

January saw a peak in trading volumes for DEXs at $457.5 billion. By February, DEX volumes had dipped below $300B, and by mid-March, the monthly volume was at $100B, as per aggregated data from DeFiLlama by The Block.

一月的DEX交易量达到高峰，为4575亿美元。到2月份，DEX卷下降到300B美元以下，到3月中旬，根据该街区的Defillama总计数据，每月的数量为100B美元。

Solana hit hardest

Solana击中了最难的

Solana’s top platforms, like Raydium, Meteora and Orca, drove most of the January DEX volumes, especially following the launch of TRUMP and MELANIA meme-coins.

索拉纳（Solana）的顶级平台，例如Raydium，Meteora和Orca，都推动了一月份的大部分DEX卷，尤其是在Trump和Melania Meme-Coins推出之后。

However, Solana memecoins cooled off significantly in January, noted Coinbase (CB) analysts in their weekly market review.

但是，Coinbase（CB）分析师在每周的市场审查中指出，Solana Memecoins在一月份大大冷却了。

“Memecoin trading activity has been particularly hard hit, reflected in Solana’s 82% drop in DEX volumes since the US presidential inauguration in January.”

“ Memecoin贸易活动受到了尤为严重的打击，这反映在索拉纳（Solana）自1月份美国总统就职典礼以来的DEX量下降了82％。”

In fact, Pump.fun’s traded volume, the key driver of the meme mania in Solana, dipped to October 2024 lows. As a result, the massive decline in activity dented Solana transaction fees, added CB analysts.

实际上，Pump.Fun的交易量是Solana的Meme Mania的主要驱动力，降至2024年10月的低点。结果，CB分析师补充说，活性造成的索拉纳交易费用的大量下降。

“This has second-order effects on Solana transaction fees, which reached their lowest levels since September 2024 (denominated in SOL).”

“这对Solana交易费用具有二阶影响，该费用达到了自2024年9月以来的最低水平（以SOL为名）。”

In terms of SOL, the chain fees dipped from 141K SOL in January to 7K SOL as of press time — a whopping 95% decline in fees.

就SOL而言，链条费用从1月份的141K SOL下降到了截至发稿时的7K SOL，费用下降了95％。

SOL’s value also tanked as speculative interest waned from mid-January. It dropped from $295 to a low of $112 before bouncing to $134 at press time. Even so, the altcoin was still down 55% from its all-time highs.

Sol的价值也随着1月中旬的投机兴趣而下降。它从295美元降至112美元的低点，然后在发稿时弹跳到134美元。即便如此，Altcoin仍然比其历史最高点下降了55％。

On the contrary, Ethereum’s DEX volumes remained resilient per the CB report.

相反，根据CB报告，以太坊的DEX量保持弹性。

That said, the decline was also part of a broader market contraction, accelerated by macro uncertainty amid Trump tariff wars.

也就是说，下降也是特朗普关税战争的宏观不确定性加速市场收缩的一部分。

According to CB analysts, the risk-off trend could persist unless next week’s FOMC meeting stops quantitative tightening (QT) and stabilizes markets.

根据CB分析师的说法，除非下周的FOMC会议停止定量收紧（QT）并稳定市场，否则风险趋势可能会持续下去。

“We think there’s a good chance of a pause or stop in QT as bank reserve levels are approaching the 10-11% of GDP threshold commonly considered sufficient for maintaining financial stability.”

“我们认为，由于银行储备水平接近通常被认为足以维持财务稳定性的GDP阈值的10-11％，因此很有可能停顿或停止。”