Solana 是比特币的可行替代品吗？

12 月 4 日，比特币 (CRYPTO: BTC) 的价格创下了 103,332 美元的历史新高。四个主要推动因素推动了这一点：1 月份第一批现货价格 ETF 的批准；最近一次减半是在四月份，每四年将挖矿奖励减少一半；降息；以及当选总统特朗普的加密货币友好政策。

Bitcoin's (CRYPTO: BTC) price hit an all-time high of $103,332 on Dec. 4. Four main catalysts drove it to that point: the approvals of its first spot price ETFs in January; its latest halving in April, which cuts its rewards for mining in half every four years; interest rate cuts; and President-elect Trump's crypto-friendly policies.

12 月 4 日，比特币 (CRYPTO: BTC) 的价格创下了 103,332 美元的历史新高。四个主要推动因素推动了这一点：1 月份第一批现货价格 ETF 的批准；最近一次减半是在四月份，每四年将挖矿奖励减少一半；降息；以及当选总统特朗普的加密货币友好政策。

Bitcoin's price has pulled back as of this writing, but it remains up more than 120% over the past 12 months. With a market capitalization of $1.93 trillion, it's the world's top cryptocurrency and seventh most valuable asset.

截至撰写本文时，比特币的价格已有所回落，但在过去 12 个月内仍上涨了 120% 以上。它的市值为 1.93 万亿美元，是世界上排名第一的加密货币，也是第七大最有价值的资产。

Bitcoin is still a solid long-term play on the cryptocurrency market, but it might have less upside potential than its smaller coins. Could one of those tokens be Solana (CRYPTO: SOL), which trades at about $190 with a market cap of $90 billion?

比特币在加密货币市场上仍然是一个稳定的长期游戏，但它的上行潜力可能小于其较小的硬币。 Solana（加密货币代码：SOL）就是其中之一，其交易价格约为 190 美元，市值为 900 亿美元？

What sets Solana apart from Bitcoin?

Solana 与比特币有何不同？

Solana's tokens are validated with the proof of stake (PoS) method, which doesn't require any tokens to be digitally mined. That approach is faster and more energy efficient than the proof of work (PoW) mining mechanism used by Bitcoin.

Solana 的代币通过权益证明 (PoS) 方法进行验证，该方法不需要对任何代币进行数字挖掘。这种方法比比特币使用的工作量证明 (PoW) 挖掘机制更快、更节能。

PoW blockchains are only used for mining more tokens. PoS blockchains support smart contracts, which can be used to develop decentralized apps (dApps), games, non-fungible tokens (NFTs) and other crypto assets. PoS tokens can also be "staked," or locked up, on the blockchain for a period of time to earn interest-like rewards.

PoW 区块链仅用于挖掘更多代币。 PoS 区块链支持智能合约，可用于开发去中心化应用程序 (dApp)、游戏、不可替代代币 (NFT) 和其他加密资产。 PoS 代币还可以在区块链上“质押”或锁定一段时间，以获得类似利息的奖励。

Bitcoin's value is often defined by its scarcity. It has a maximum supply of 21 million tokens, and nearly 20 million of them have already been mined. The last Bitcoin is expected to be mined in 2140, which makes it somewhat comparable to gold or silver.

比特币的价值通常由其稀缺性来定义。它的最大供应量为2100万个代币，其中近2000万个已被开采。最后一枚比特币预计将于 2140 年开采，这使得它在某种程度上可以与黄金或白银相媲美。

Solana and other PoS tokens are usually valued by the speed of their blockchains and the growth of their developer ecosystems. Solana has a current supply of nearly 591 million tokens and no maximum supply, but it's set to reduce its annual inflation rate, currently at 4.83%, by 15% every "epoch year," which amounts to 450-630 days.

Solana 和其他 PoS 代币的价值通常取决于其区块链的速度和开发者生态系统的增长。 Solana 目前的代币供应量接近 5.91 亿个，并且没有最大供应量，但它计划将其年度通胀率（目前为 4.83%）降低到每个“纪元年”15%，即 450-630 天。

What sets Solana apart from other PoS tokens?

Solana 与其他 PoS 代币有何不同？

Solana is often overshadowed by Ethereum (CRYPTO: ETH), the world's second largest cryptocurrency and top PoS blockchain. Ethereum has its own native token, Ether, but many other smaller PoS tokens, including Shiba Inu, Polygon and Render, run on its blockchain. It's easier to directly launch a new token on Ethereum's blockchain than to build one from scratch, but these tokens are ultimately constrained by Ethereum's speed limitations.

Solana 经常被世界第二大加密货币和顶级 PoS 区块链以太坊（CRYPTO：ETH）所掩盖。以太坊拥有自己的原生代币 Ether，但许多其他较小的 PoS 代币，包括 Shiba Inu、Polygon 和 Render，都在其区块链上运行。在以太坊区块链上直接推出新代币比从头开始构建新代币更容易，但这些代币最终受到以太坊速度限制的限制。

Solana is a newer PoS blockchain that accelerates its transactions with its own proof-of-history (PoH) mechanism. That upgrade already enables Solana's blockchain to process transactions roughly 46 times faster than Ethereum, but it's only achieved less than 2% of its theoretical max speed so far.

Solana 是一种较新的 PoS 区块链，它通过自己的历史证明 (PoH) 机制加速其交易。此次升级已经使 Solana 的区块链处理交易的速度比以太坊快约 46 倍，但迄今为止仅达到了理论最大速度的不到 2%。

Solana's high-speed blockchain has attracted a lot of developers and partners. It's been used to develop meme coins such as BONK and WIF, and it powers decentralized exchanges including Jupiter and Orca. It supports stablecoin transactions for Visa, PayPal and Circle, and it's integrated its Solana Pay payment protocol into Shopify's platform.

Solana 的高速区块链吸引了很多开发者和合作伙伴。它被用来开发 BONK 和 WIF 等模因币，并为 Jupiter 和 Orca 等去中心化交易所提供支持。它支持 Visa、PayPal 和 Circle 的稳定币交易，并将其 Solana Pay 支付协议集成到 Shopify 平台中。

Solana even launched its own Android smartphone for Web3 apps, the Saga Phone, in 2023. It's still a niche gadget, but it sports its own dApps Store as an alternative to Alphabet's Google Play Store.

Solana 甚至于 2023 年推出了自己的 Web3 应用 Android 智能手机 Saga Phone。它仍然是一款小众产品，但它拥有自己的 dApps 商店，作为 Alphabet 的 Google Play 商店的替代品。

But over the past two years, Solana dealt with network congestion problems, spam transactions and security failures. One of its top investors was also the failed crypto exchange FTX, which hastily liquidated its tokens at a discount to pay off its creditors. All of those challenges, along with rising interest rates, drove its price below $10 in December 2022.

但在过去的两年里，Solana 面临着网络拥塞问题、垃圾邮件交易和安全故障等问题。其最大投资者之一也是失败的加密货币交易所 FTX，该交易所匆忙以折扣价清算其代币以偿还债权人。所有这些挑战，加上利率上升，导致其价格在 2022 年 12 月跌破 10 美元。

What's next for Solana?

索拉纳的下一步是什么？

Solana's price has already soared nearly 19 times from its all-time low, but it could head even higher as it resolves its network issues, it laps FTX's big sale, and interest rates gradually decline. Several big crypto firms, including Grayscale, Bitwise and VanEck, have also recently filed for the approvals of Solana spot price ETFs.

Solana 的价格已经从历史最低点飙升了近 19 倍，但随着其网络问题的解决、FTX 的大甩卖以及利率逐渐下降，它可能会进一步走高。 Grayscale、Bitwise 和 VanEck 等几家大型加密货币公司最近也申请了 Solana 现货价格 ETF 的批准。

Those ETF approvals could stabilize Solana's price while bringing in more retail and institutional investors. They would also probably mark its transition from a smaller altcoin to a "blue chip" cryptocurrency such as Bitcoin and Ether.

这些 ETF 的批准可以稳定 Solana 的价格，同时吸引更多散户和机构投资者。他们还可能标志着其从较小的山寨币向比特币和以太币等“蓝筹”加密货币的转变。

But is Solana a viable alternative to Bitcoin?

但 Solana 是比特币的可行替代品吗？

Solana is an interesting alternative to Ether, but it's not a viable replacement for Bitcoin yet. Solana might be a good investment if

Solana 是以太坊的一个有趣的替代品，但它还不是比特币的可行替代品。 Solana 可能是一项不错的投资，如果