Solana 交易生态系统赚钱的独特方式

Solana 上的交易工具利润丰厚。事实上，它们往往可以与 Maker、Aave 或 Lido 等 DeFi 蓝筹股相媲美或超过。

The way Solana's on-chain trading ecosystem is set up is making a lot of money. In fact, these trading tools tend to rival or even beat out DeFi blue chips like Maker, Aave or Lido.

Solana 链上交易生态系统的建立方式正在赚大钱。事实上，这些交易工具往往可以与 Maker、Aave 或 Lido 等 DeFi 蓝筹股相媲美甚至击败。

There's a lot of money to be made in providing infrastructure for Solana on-chain markets.

为 Solana 链上市场提供基础设施可以赚很多钱。

That's according to David Duong and David Han, head of institutional research and institutional research analyst at crypto exchange Coinbase, respectively, who made the case in a Friday report that, if one looks at Solana's on-chain trading ecosystem as a financial sector in its own right, it's the third-most-profitable category in crypto — right behind stablecoins and layer 1s.

加密货币交易所 Coinbase 的机构研究主管和机构研究分析师 David Duong 和 David Han 分别在周五的一份报告中表示，如果人们将 Solana 的链上交易生态系统视为其金融部门，就其本身而言，它是加密货币领域第三大最赚钱的类别——仅次于稳定币和 Layer 1。

"Solana's trading-linked activity regularly accounts for 75-90% of [Solana] transaction fees, substantially higher than that of Ethereum and other networks like Base and Arbitrum," Duong told CoinDesk. "While layer 2 solutions have also shown growth and innovation, they face different scalability challenges and user fragmentation issues compared to Solana," Duong added. "Solana's approach, especially its fee dynamics and user activity patterns, remains distinct."

“Solana 的交易相关活动通常占 [Solana] 交易费用的 75-90%，远高于以太坊以及 Base 和 Arbitrum 等其他网络，”Duong 告诉 CoinDesk。 “虽然第 2 层解决方案也显示出了增长和创新，但与 Solana 相比，它们面临着不同的可扩展性挑战和用户碎片化问题，”Duong 补充道。 “Solana 的方法，尤其是其费用动态和用户活动模式，仍然是独特的。”

Coinbase put its money where its mouth is this week, announcing cbBTC, which brings the ability to trade, lend and borrow bitcoin (BTC) on Solana — a crucial functionality likely needed for decentralized finance, or DeFi, to take off in that ecosystem.

Coinbase 本周言出必行，宣布推出 cbBTC，它带来了在 Solana 上交易、借出和借入比特币 (BTC) 的能力——这是去中心化金融 (DeFi) 在该生态系统中腾飞所需的一项关键功能。

Read more: Coinbase Brings Bitcoin to Solana, Spurring High Hopes for DeFi Surge

阅读更多：Coinbase 将比特币引入 Solana，激发 DeFi 浪潮的厚望

By the numbers: Tether's USDT and Circle's USDC stablecoins have produced $93 million and $28 million in revenue, respectively, in the last seven days, according to DefiLlama data, while the Ethereum, Tron and Solana networks saw $19 million, $11 million and $9.6 million. Solana-based protocols and trading bots, meanwhile, are right behind. Trading bot platform Photon and memecoin powerhouse pump.fun have both generated over $6 million in the last seven days, exceeding Ethereum-based decentralized finance, or DeFi, heavyweights such as Maker, Lido or Aave in terms of revenue.

从数据来看：根据 DefiLlama 的数据，Tether 的 USDT 和 Circle 的 USDC 稳定币在过去 7 天内分别产生了 9300 万美元和 2800 万美元的收入，而以太坊、Tron 和 Solana 网络的收入分别为 1900 万美元、1100 万美元和 960 万美元。与此同时，基于 Solana 的协议和交易机器人紧随其后。交易机器人平台 Photon 和 memecoin 巨头 Pump.fun 在过去 7 天内都产生了超过 600 万美元的收入，在收入方面超过了基于以太坊的去中心化金融（或 DeFi）、Maker、Lido 或 Aave 等重量级公司。

Most of this is thanks to memecoins — joke cryptocurrencies that don't pretend to have any utility and tend to be very volatile. Pump.fun, a Solana-based protocol that allows users to easily create new tokens, has made the network a central hub for memecoin trading activity. Over 3 million coins have been launched on pump.fun since the protocol went live in January s according to Coinbase.

这大部分要归功于模因币——开玩笑的加密货币，它们不假装有任何效用，而且往往非常不稳定。 Pump.fun 是一种基于 Solana 的协议，允许用户轻松创建新代币，使该网络成为 memecoin 交易活动的中心枢纽。据 Coinbase 称，自 1 月份协议上线以来，已经在 Pump.fun 上发行了超过 300 万枚代币。

That's where Telegram trading bots — which help users buy and sell memecoins even faster — step in. "The magnitude of revenue generated by Telegram trading bots is surprising, even exceeding that of pump.fun," the Coinbase analysts wrote. The most profitable bots, like Photon, Bankbot and Trojan, are all exclusively based on Solana, the report noted. "This suggests that a large number of traders on Solana are less sensitive to execution fees, perhaps due to the higher volatility (and also lower liquidity) of the underlying assets," the analysts wrote.

这就是 Telegram 交易机器人介入的地方——它可以帮助用户更快地买卖模因币。Coinbase 分析师写道：“Telegram 交易机器人产生的收入规模令人惊讶，甚至超过了 Pump.fun。”报告指出，最赚钱的机器人程序，如 Photon、Bankbot 和 Trojan，都完全基于 Solana。分析师写道：“这表明 Solana 上的大量交易者对执行费用不太敏感，这可能是由于基础资产的波动性较高（以及流动性较低）所致。”

"What we've also uncovered in our research is that Solana's fee spending generally peaks later in the day, coinciding with the U.S. West Coast hours, which suggests a distinct cohort of active users there," Duong told CoinDesk.

Duong 告诉 CoinDesk：“我们在研究中还发现，Solana 的费用支出通常在当天晚些时候达到峰值，与美国西海岸的时间一致，这表明那里有一个独特的活跃用户群体。”

Tailoring an on-chain ecosystem to users

为用户量身定制链上生态系统

Solana builders are aware that the network's on-chain environment has produced unique dynamics — and some of them are trying to take advantage of that to the fullest. For example, Zeta Markets, a decentralized exchange, or DEX, that offers perpetual contracts, wants its users to be able to buy their memecoins and take on leverage without needing to use multiple wallets.

Solana 构建者意识到网络的链上环境产生了独特的动态 - 其中一些构建者正在尝试充分利用这一点。例如，提供永续合约的去中心化交易所（DEX）Zeta Markets 希望其用户能够购买他们的 memecoin 并承担杠杆作用，而无需使用多个钱包。

"Traders are like, 'Why would I go trade on a centralized exchange [CEX]?' They have all their funds already on the Solana chain," Zeta Markets Founder Tristan Frizza told CoinDesk in an interview. "If you already have your Phantom wallet with all your memecoins, then you might want to hedge it out using perpetual futures. That's like one click away [with DEXs]."

“交易者会问，‘我为什么要在中心化交易所 [CEX] 上进行交易？’他们所有的资金都已经在 Solana 链上，”Zeta Markets 创始人 Tristan Frizza 在接受 CoinDesk 采访时表示。 “如果你已经拥有了装有所有 memecoin 的 Phantom 钱包，那么你可能想使用永续期货对其进行对冲。这就像 [使用 DEX] 只需点击一下即可。”

Ease of use is a massive draw, but it also implies listing risky coins that aren't yet present on any CEX, Frizza said. Not to mention the ability to use Solana tokens as collateral for the perps positions, instead of simply stablecoins. "No one wants to be holding stables in a bull market," Frizza said. "They just want to take whatever's in their Telegram and chuck this into their margin account."

Frizza 表示，易用性是一个巨大的吸引力，但它也意味着列出尚未出现在任何 CEX 上的有风险的代币。更不用说能够使用 Solana 代币而不是简单的稳定币作为 Perps 头寸的抵押品。 “没有人愿意在牛市中保持稳定，”弗里扎说。 “他们只是想拿走 Telegram 中的所有内容并将其存入他们的保证金账户。”

All of this ends up showing up in the data. The convenience of trading on Solana DEXs has led these protocols' volumes to deviate from Coinbase's — even as Ethereum DEX volumes have become more correlated.

所有这些最终都会显示在数据中。 Solana DEX 交易的便利性导致这些协议的交易量与 Coinbase 的交易量存在偏差，尽管以太坊 DEX 的交易量变得更加相关。

"This suggests that the trading activity on Solana is relatively decoupled from CEX activity and appears

“这表明 Solana 上的交易活动与 CEX 活动相对脱钩，并且似乎