Solana 的 Memecoin 热潮：能持续吗？

Solana 的 memecoin 热潮以其高交易吞吐量和低费用将其区块链推向了新的高度。然而，这种狂热的可持续性受到质疑，因为网络费用在短短一个月内增加了两倍，达到 5000 万美元，引发了人们对 Solana 经济可行性的担忧。尽管使用量和关注度激增，Solana 仍在努力应对实现长期盈利的挑战。

Is Solana's Memecoin Frenzy Sustainable?

Solana 的 Memecoin 狂热是否可持续？

Solana's blockchain has seen a surge in usage lately, thanks to a wave of memecoin activity. This has put the spotlight on its high transaction throughput and low fees, attracting attention and users.

由于 memecoin 活动的浪潮，Solana 的区块链最近使用量激增。这使其高交易吞吐量和低费用成为人们关注的焦点，吸引了关注和用户。

Is Solana Profitable?

Solana 盈利吗？

In the past month, Solana's network fees have almost tripled to around $50 million, according to Token Terminal. That's more than the entire year of 2023 combined. But despite this surge, Solana is still far from economically sustainable.

据 Token Terminal 称，过去一个月，Solana 的网络费用几乎增加了两倍，达到 5000 万美元左右。这比 2023 年全年的总和还多。但尽管如此，索拉纳在经济上仍远未达到可持续发展的地步。

Why Not?

为什么不？

The problem lies in the balance between network fees and token incentives. Maintaining and securing the network costs have skyrocketed to $371.9 million from just $37.7 million in September 2023. This is mainly due to the increase in the value of SOL.

问题在于网络费用和代币激励之间的平衡。维护和保护网络的成本已从 2023 年 9 月的 3770 万美元猛增至 3.719 亿美元。这主要是由于 SOL 价值的增加。

Most of these costs are token incentives for validators. Validators are crucial to the blockchain, ensuring its integrity and security by validating or rejecting transactions. They get paid in token incentives, which is essential to Solana's Proof of Stake (PoS) model.

这些成本大部分是对验证者的代币激励。验证器对于区块链至关重要，通过验证或拒绝交易来确保其完整性和安全性。他们通过代币激励获得报酬，这对于 Solana 的权益证明 (PoS) 模型至关重要。

Is SOL Sustainable?

SOL 可持续发展吗？

The huge amount paid in token incentives raises questions about SOL's economic sustainability. Validators need to be compensated, but the gap between revenue from transaction fees and costs from token incentives is significant.

巨额代币激励引发了人们对 SOL 经济可持续性的质疑。验证者需要得到补偿，但交易费用收入和代币激励成本之间的差距很大。

Memecoins and Sustainability

模因币和可持续性

Memecoins can drive up network usage and fees, but they don't always provide a stable basis for growth. Ethereum, on the other hand, is one of the few profitable blockchains. Its profitability comes from high transaction fees and lower token incentives, especially after its transition to PoS.

Memecoin 可以提高网络使用率和费用，但它们并不总是为增长提供稳定的基础。另一方面，以太坊是少数几个盈利的区块链之一。它的盈利能力来自于高交易费用和较低的代币激励，尤其是在转向 PoS 之后。

Solana's Silver Lining

Solana 的一线希望

Data shows that SOL is improving. Its price-to-fees (P/F) ratio, which compares market cap to annualized fees, has dropped from 375x to 123x. This shows that Solana is generating more fee revenue relative to its market value.

数据显示 SOL 正在改进。其价格与费用 (P/F) 比率（将市值与年化费用进行比较）已从 375 倍下降至 123 倍。这表明 Solana 相对于其市场价值产生了更多的费用收入。

Solana's Roadmap

Solana 的路线图

Solana plans to reduce token issuance, with its current annual inflation rate of 5.394% set to decrease by 15% each epoch-year. This would reduce inflation and reward SOL stakers, ensuring network security. Solana also uses a transaction fee model where half of every fee is burned, reducing supply and rewarding validators.

Solana 计划减少代币发行，目前的年通胀率为 5.394%，每个纪元年将下降 15%。这将减少通货膨胀并奖励 SOL 质押者，确保网络安全。 Solana 还使用交易费用模型，其中每笔费用的一半都会被销毁，从而减少供应并奖励验证者。

Optimistic, but...

乐观，但是……

This approach, along with expected increases in transaction volumes, could potentially offset inflationary pressures and achieve economic stability for Solana. But as of now, that might be a bit too optimistic.

这种方法加上交易量的预期增长，可能会抵消通胀压力并实现 Solana 的经济稳定。但就目前而言，这可能有点过于乐观。