Cover image via U.Today

封面图片来自 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.

在寻求可编程第 1 层霸主地位的过程中，Solana (SOL) 已成为一个突出的竞争者。正如之前报道的那样，Solana 在去中心化交易所 (DEX) 交易量方面多次超过以太坊 (ETH)。然而，市场分析师 @WazzCrypto 最近在 Twitter 上的一项分析表明，Solana 约 92% 的 DEX 交易量来自 meme 币交易。

Solana's Meme Coin Hype

Solana 的 Meme 币炒作

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 币在加密货币生态系统中获得了巨大的受欢迎。狗狗币 (DOGE) 和柴犬 (SHIB) 跻身市值前 20 名加密货币之列。虽然这两种货币在模因币领域占据主导地位，但基于 Solana 的变体，例如 BONK 和 Dogwifhat (WIF) 也引起了广泛关注。

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 较低的费用和高吞吐量在过去一年吸引了新的 meme 币涌入。虽然这种激增有助于 Solana 产生费用，但也引起了一些担忧。

Ethereum's Congestion Woes

以太坊的拥堵问题

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.

拥堵一直是导致一些开发人员离开以太坊生态系统的一个主要问题。由于模因币市场的蓬勃发展，2023 年第一季度给 Solana 带来了重大挑战。

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 开发人员已对主网进行了重大修复。值得注意的是，这种对模因币产生费用的依赖从长远来看是不可持续的。

Solana vs. Ethereum

Solana 与以太坊

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.

根据 @Wazz 分享的数据，Meme 币在 Solana 上的主导地位已从 2023 年 11 月的 25% 飙升至目前的 90%。这代表着以波动性着称的资产类别的大幅上涨。

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.

尽管 Jito 和 Marinade Finance 等 DeFi 应用做出了贡献，但 Solana 的大部分交易仍然来自 meme 币。相比之下，以太坊的基础现货 ETF 已在美国获得批准。

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

随着主导地位竞争的加剧，Solana 必须采取一项战略，减少对模因币的依赖，以实现可持续增长。