儘管應用收入增加了20％，但Solana仍面臨64％的TVL下降

在2025年第1季度，儘管應用收入增長了20％，但Solana的TVL面臨64％的下降，與上一季度相比，交易費用下降了24％。

Solana's app revenue increased by 20% to reach $1.2 billion in Q1 2025, but DeFi TVL faced a 64% drop, and transaction fees decreased by 24%, as reported by Messari.

索拉納（Solana）的應用收入增加了20％，達到2025年第1季度的12億美元，但Defi TVL面臨64％的跌幅，交易費下降了24％，據Messari報導。

Solana's blockchain activity showed mixed signals in the first quarter of 2025, with a 20% increase in app revenue but a substantial 64% drop in total value locked (TVL) in DeFi protocols.

Solana的區塊鏈活動在2025年第一季度顯示出混合的信號，應用收入增加了20％，但DEFI協議中的總價值鎖定（TVL）下降了64％。

According to a report by Messari, the total app revenue, also known as Chain GDP, reached $1.2 billion in Q1 2025. This marks a 20% growth compared to the previous quarter, which saw $970.5 million. It is also the highest-performing quarter for Solana in the past 12 months, showcasing a strong ecosystem recovery after a year of significant volatility.

根據Messari的一份報告，APP總收入（也稱為Chain GDP）在2025年第1季度達到12億美元。與上一季度相比，這標誌著20％的增長，為9.705億美元。這也是過去12個月索拉納（Solana）表現最高的季度，在一年的波動性大量波動率一年後展示了強大的生態系統恢復。

“Solana's economy is booming,” Crypto Banter commented on X.

“索拉納（Solana）的經濟蓬勃發展，”加密（Crypto）開玩笑對X表示評論。

January alone contributed nearly 60% to the total revenue for the entire quarter. This growth reflects the increasing demand for applications on Solana, particularly in meme coins, DEXs, and cryptocurrency wallets.

僅一月就為整個季度的總收入貢獻了近60％。這種增長反映了對Solana應用的需求不斷增長，尤其是在模因硬幣，DEX和加密貨幣錢包中。

Solana's recovery can be attributed to several factors, including low transaction fees and high processing speeds, which are competitive advantages of this blockchain compared to rivals like Ethereum.

Solana的恢復可以歸因於幾個因素，包括低交易費用和高處理速度，這是該區塊鏈與以太坊這樣的競爭對手的競爭優勢。

This efficiency allows Solana to attract a broad range of Dapps and users, leading to a vibrant and diverse ecosystem.

這種效率使Solana吸引了廣泛的DAPP和用戶，從而導致了充滿活力和多樣化的生態系統。

Pump.fun Emerges as Top Earner Among Dapps

泵。

Among the Dapps on Solana, Pump.fun took the lead, generating a revenue of $257 million and contributing a significant portion of the ecosystem's total revenue.

在Solana的Dapps中，Pump.Fun領先，產生了2.57億美元的收入，並佔了生態系統總收入的很大一部分。

The success of Pump.fun can be explained by the ongoing trend of meme coins capturing the community's attention, particularly following the launch of the Trump meme coin on January 17, which boosted trading activity on Solana. However, the rapid explosion of Pump.fun has brought many bad consequences to the market.

泵的成功可以通過模因硬幣引起社區的關注的持續趨勢來解釋，尤其是在1月17日特朗普模因硬幣推出之後，這增加了索拉納（Solana）的貿易活動。但是，泵的迅速爆炸為市場帶來了許多不良後果。

Following Pump.fun is the Phantom wallet, which secured second place with a revenue of $164 million. Phantom has long been one of the most popular wallets on Solana due to its user-friendly interface and seamless integration with various DeFi and NFT applications.

pump.fun是幻影錢包，該錢包獲得了第二名，收入為1.64億美元。幻影長期以來一直是Solana最受歡迎的錢包之一，由於其用戶友好的界面以及與各種Fefi和NFT應用程序的無縫集成。

Photon ranks third with a revenue of $122 million, up 13% from the previous quarter, demonstrating steady growth for the application.

Photon以1.22億美元的收入排名第三，比上一季度增長13％，表明該應用程序的穩定增長。

DeFi TVL Drops Sharply, While Stablecoins See Breakthrough Growth

Defi TVL急劇下降，而Stablecoins看到突破性的增長

Despite the impressive growth in Dapp revenue, the total value locked (TVL) in DeFi protocols on Solana dropped sharply by 64%, reaching $6.6 billion. This decline may result from volatile market sentiment, as investors withdrew capital from DeFi protocols to shift toward safer assets like stablecoins.

儘管DAPP收入增長了令人印象深刻的增長，但Solana的Defi協議中的總價值（TVL）急劇下降了64％，達到66億美元。由於投資者從Defi協議中退出資金，轉向諸如Stablecoins之類的更安全的資產，因此這種下降可能是由於動蕩的市場情緒所致。

Meanwhile, the stablecoin market on Solana witnessed breakthrough growth, with its total value surging by 145% to reach $12.5 billion. Notably, USDC-the leading stablecoin on Solana-recorded a 148% increase compared to the previous month, reaching a value of $9.7 billion, four times that of its main competitor, USDT.

同時，Solana的Stablecoin市場見證了突破性的增長，其總價值飆升了145％，達到125億美元。值得注意的是，與上個月相比，USDC-索拉納（Solana）錄製的領先Stablecoin增長了148％，價值為97億美元，是其主要競爭對手USDT的四倍。

USDT also showed strong performance, growing by 154% to reach a value of $2.3 billion.

USDT還表現出強勁的表現，增長了154％，價值23億美元。

Transaction Fees Decrease on Solana

索拉納的交易費用減少

Another highlight from Messari's report is the reduction in transaction fees on Solana. The average transaction fee in Q1 2025 fell by 24% compared to the previous quarter, dropping to 0.000189 SOL (equivalent to $0.04).

Messari報告的另一個亮點是減少了Solana的交易費用。與上一季度相比，第一季度2025年第1季度的平均交易費下降了24％，下降到0.000189 SOL（相當於0.04美元）。

This low fee level is one of the primary reasons Solana continues to attract users and Dapps, particularly in sectors like meme coins, DeFi, and NFT trading.

低收費水平是Solana繼續吸引用戶和DAPP的主要原因之一，尤其是在Meme Coins，Defi和NFT交易等領域。

However, despite the impressive growth in app revenue, the 64% drop in DeFi TVL is a concerning signal. The ecosystem faces numerous challenges, including volatile market sentiment and competition from other blockchains.

但是，儘管應用收入增長了令人印象深刻的增長，但Defi TVL的64％下降是一個令人關注的信號。生態系統面臨許多挑戰，包括動蕩的市場情緒和其他區塊鏈的競爭。

To maintain its growth momentum, Solana must continue leveraging its advantages in low transaction fees and high processing speeds while addressing DeFi-related issues to attract more capital from investors.

為了維持其增長勢頭，Solana必須繼續利用其在低交易費用和高處理速度上的優勢，同時解決與規定的問題，以吸引投資者更多的資本。

SOL is trading at $161.22 at press time. Technical indicators suggest SOL is entering a likely consolidation phase near key support. However, some traders remain very optimistic about it.

SOL在發稿時以161.22美元的價格交易。技術指標表明，SOL正在接近關鍵支持附近的合併階段。但是，一些交易者對此仍然非常樂觀。

“$SOL – Sol monthly chart is forming a massive ascending triangle pattern. breakout will trigger a massive leg up,” an analyst commented

一位分析師評論說：“ $ SOL - SOL月圖形成一個巨大的上升三角形模式。突破將觸發巨大的腿。”