Cover image via U.Today

封面圖片來自 U.Today

In the quest for programmable layer-1 supremacy, Solana (SOL) has emerged as a prominent contender. As previously reported, Solana has surpassed Ethereum (ETH) on multiple occasions in terms of decentralized exchange (DEX) volume. However, a recent analysis by market analyst @WazzCrypto on Twitter suggests that approximately 92% of Solana's DEX volume originates from meme coin trading.

在尋求可編程第 1 層霸主地位的過程中，Solana (SOL) 已成為一個突出的競爭者。正如之前報導的那樣，Solana 在去中心化交易所 (DEX) 交易量方面多次超過以太坊 (ETH)。然而，市場分析師 @WazzCrypto 最近在 Twitter 上的一項分析表明，Solana 約 92% 的 DEX 交易量來自 meme 幣交易。

Solana's Meme Coin Hype

Solana 的 Meme 幣炒作

Meme coins have gained immense popularity within the cryptocurrency ecosystem. Dogecoin (DOGE) and Shiba Inu (SHIB) rank among the top 20 cryptocurrencies by market capitalization. While these two dominate the meme coin landscape, Solana-based variants such as BONK and dogwifhat (WIF) have also garnered significant attention.

Meme 幣在加密貨幣生態系統中獲得了巨大的受歡迎。狗狗幣 (DOGE) 和柴犬 (SHIB) 躋身市值前 20 名加密貨幣。雖然這兩種貨幣在迷因幣領域佔據主導地位，但基於 Solana 的變體，例如 BONK 和 Dogwifhat (WIF) 也引起了廣泛關注。

Solana's lower fees and high throughput have attracted an influx of new meme coins over the past year. While this surge has contributed to fee generation for Solana, it has also caused some concern.

Solana 較低的費用和高吞吐量在過去一年吸引了新的 meme 幣湧入。雖然這種激增有助於 Solana 產生費用，但也引起了一些擔憂。

Ethereum's Congestion Woes

以太坊的擁擠問題

Congestion has been a major issue that has driven some developers away from the Ethereum ecosystem. The first quarter of 2023 presented significant challenges for Solana due to the booming meme coin market.

擁堵一直是導致一些開發人員離開以太坊生態系統的一個主要問題。由於模因幣市場的蓬勃發展，2023 年第一季為 Solana 帶來了重大挑戰。

However, Solana developers have responded with a major fix on the mainnet. It is worth noting that this reliance on meme coins for fee generation is not sustainable in the long term.

然而，Solana 開發人員已對主網進行了重大修復。值得注意的是，這種對模因幣產生費用的依賴從長遠來看是不可持續的。

Solana vs. Ethereum

Solana 與以太坊

According to data shared by @Wazz, meme coins' dominance on Solana has soared from 25% in November 2023 to 90% currently. This represents a significant surge in an asset class known for its volatility.

根據 @Wazz 分享的數據，Meme 幣在 Solana 上的主導地位已從 2023 年 11 月的 25% 飆升至目前的 90%。這代表著以波動性著稱的資產類別的大幅上漲。

Despite the contributions of DeFi applications like Jito and Marinade Finance, the bulk of Solana's transactions still stem from meme coins. In contrast, Ethereum has secured approval for its underlying spot ETF in the U.S.

儘管 Jito 和 Marinade Finance 等 DeFi 應用程式做出了貢獻，但 Solana 的大部分交易仍然來自 meme 幣。相比之下，以太坊的基礎現貨 ETF 已在美國獲得批准。

As the competition for dominance intensifies, Solana must adopt a strategy that reduces its dependence on meme coins for sustainable growth.

隨著主導地位競爭的加劇，Solana 必須採取一項策略，減少對迷因幣的依賴，以實現永續成長。