Solana（Sol）令牌（曾经被视为高速，低成本的以太杀手）在十字路口

Solana（Sol）令牌（曾经被视为高速，低成本的以太杀手）处于十字路口。

Solana (SOL) has seen better days. The network, once touted for its high-speed transactions and low fees as a potential ‘Ethereum killer,’ is now at a crossroads.

Solana（Sol）已经过了更好的日子。该网络曾经因其高速交易而被吹捧为潜在的“以太坊杀手”，现在正处于十字路口。

Solana is also experiencing a large retracement after several weeks of incredible growth fueled by DeFi innovation and the suddenly enormous popularity of memecoins. The cryptocurrency is now settling almost 52% below its all-time high.

经过数周的令人难以置信的增长，由于Defi Innovation和Memecoins突然流行了几周，Solana也经历了巨大的回避。现在，加密货币降低了其历史最高水平的近52％。

While the network has seen better days, it’s still too early to count out Solana completely.

尽管该网络已经过了更好的日子，但现在还为时过早了，还为时过早。

One of the most concerning developments is the sharp decrease in Solana’s Total Value Locked (TVL). The TVL within Solana’s DeFi protocols—the aggregate value and sum of assets that are locked within protocols on the network—has collapsed by a staggering 39.2% over the past 30 days.

最令人关注的发展之一是Solana的总价值锁定（TVL）急剧下降。 SOLANA DEFI协议中的TVL（锁定在网络上的协议中的总价值和资产总和）在过去30天中倒塌了39.2％。

For some context, this is Solana’s largest month-over-month loss since FTX’s spectacular collapse in November 2022 rocked the entire crypto ecosystem to its very foundations.

在某些情况下，这是索拉纳（Solana）自2022年11月FTX壮观崩溃以来的一个月损失，这使整个加密生态系统震撼了其基础。

Key Takeaways:

关键要点：

Solana (SOL) token has seen a 52% decline from its all-time high as the network faces difficulties.

随着网络面临困难，Solana（Sol）令牌的历史高度下降了52％。

Solana's TVL has plummeted by 39.2% in the last 30 days, which is the largest such loss since the FTX crisis.

在过去的30天内，索拉纳（Solana）的TVL跌幅下降了39.2％，这是自FTX危机以来最大的损失。

Solana's on-chain trading volumes have also decreased sixfold since January.

自1月以来，索拉纳（Solana）的链交易量也减少了六倍。

The DeFi dip has hit Raydium the hardest, with a 53% TVL decrease, while Jupiter DEX and Jito have seen outflows.

Defi Dip击中了Raydium最难的，TVL下降了53％，而Jupiter Dex和Jito看到了外流。

Solana memecoins are also going through a painful correction, with some tokens down 90% from their all-time highs.

Solana Memecoins也经历了痛苦的校正，其中一些令牌比其历史最高点下降了90％。

At the height of Solana’s success (notably #2 in TVL) on January 24th of this year, its TVL was over $12.1 billion, while it is (again) currently at $7.4 billion.

在今年1月24日的Solana成功（尤其是在TVL中排名第二）的高峰期，其TVL超过121亿美元，而目前（再次）为74亿美元。

This drop is particularly concerning because TVL is often seen as a barometer of a blockchain’s health. In general, a growing TVL indicates greater user adoption, developer activity, and overall confidence in the ecosystem.

这种下降特别令人担忧，因为TVL通常被视为区块链健康的晴雨表。通常，越来越多的TVL表明用户采用，开发人员活动和对生态系统的整体信心。

On the other hand, a falling TVL may be seen as a sign that investors are losing confidence and withdrawing funds from the network, which can create a self-perpetuating cycle of collapsing liquidity and price erosion.

另一方面，TVL下降可能被视为投资者失去信心并从网络中撤回资金的标志，这可能会产生自我衰落的流动性和价格侵蚀的自我持续周期。

Solana's on-chain volumes and TVL. Source: DefiLlama

Solana的链卷和TVL。资料来源：Defillama

The TVL drop has not been consistent across all Solana-native DeFi protocols. However, some platforms were hit harder than the others, data from DefiLlama reveals.

在所有SOLANA-NENATITED DEFI协议中，TVL下降并不一致。但是，DeFillama的数据显示，有些平台的打击比其他平台的打击要严重。

The most impacted was Raydium—a popular automated market maker (AMM) on the Solana network—which has seen its total value locked (TVL) plunge 53% in the last 30 days.

影响最大的是Raydium是索拉纳网络上流行的自动化做市商（AMM），在过去30天内，其总价值锁定了53％。

On the other hand, more robust dApps such as Jupiter DEX (the top swap aggregator), Jito (liquid staking protocol), and Solend (lending platform) also faced significant outflows, seeing their TVL decrease by 25% to 42%.

另一方面，更强大的DAPP，例如木星dex（最高交换汇总器），JITO（液体含量协议）和Solend（Lending Platform）也面临着大量的外流，看到它们的TVL降低了25％至42％。

This activity decline is clearly visible in Solana’s on-chain volumes. Trading volumes that once hit a healthy $97 billion a week in mid-January are now at just $11 billion a week. This sharp drop in transaction volume signals a slowdown of the Solana network which naturally puts downward pressure on the SOL price.

在Solana的链链体积中，这种活动的下降清晰可见。 1月中旬，曾经每周赚取970亿美元健康的交易量现在仅为每周110亿美元。交易量的急剧下降标志着Solana网络的放缓，这自然会对SOL价格下降。

The million-dollar question is: Is Solana’s star going dim, or is this just a temporary pause on the way to becoming a significant player in the crypto world?

百万美元的问题是：Solana的明星会变得昏暗吗？还是这只是成为加密世界中重要参与者的途中的临时停顿？