為什麼索拉納會因班克曼·弗里德的垮台而遭受重創

與名譽掃地的 FTX 創始人密切相關的區塊鏈因他的揭露而受到嚴重傷害。以下是這個曾經熱門的項目及其 SOL 代幣面臨的阻力。

Solana, a layer 1 smart-contract blockchain, has faced increasing skepticism and challenges in recent times. Despite being a popular project during the 2020-2021 bull market, Solana has encountered several headwinds, including the departure of major projects to other chains and a significant drop in total value.

Solana 是第 1 層智慧合約區塊鏈，近年來面臨越來越多的質疑和挑戰。儘管 Solana 是 2020-2021 年牛市期間的熱門項目，但它也遇到了一些阻力，包括主要項目轉移到其他鏈以及總價值大幅下降。

Among the key concerns raised by doubters are Solana's lingering technological challenges, which could limit its ability to compete with faster and lower-cost transactions offered by Ethereum layer 2s. However, the biggest factor casting a shadow over Solana is the downfall of Sam Bankman-Fried, the founder of FTX exchange and Alameda Research hedge fund.

懷疑論者提出的主要擔憂之一是 Solana 揮之不去的技術挑戰，這可能會限制其與以太坊第 2 層提供的更快、成本更低的交易競爭的能力。然而，讓 Solana 蒙上陰影的最大因素是 FTX 交易所和 Alameda Research 對沖基金創始人 Sam Bankman-Fried 的倒台。

Bankman-Fried was a prominent backer of Solana, and skeptics argue that the price appreciation of SOL and related assets during 2020-2021 was influenced by Bankman-Fried's market interventions and advocacy.

Bankman-Fried 是 Solana 的重要支持者，懷疑論者認為 2020-2021 年 SOL 及相關資產的價格升值受到了 Bankman-Fried 的市場幹預和倡導的影響。

The skepticism toward Solana has had drastic consequences, evident in the steep decline of the SOL token price. From a peak of $258.78 on Nov. 6, 2021, SOL has dropped to around $10 at the time of writing—a decline of over 96%.

對 Solana 的懷疑已經產生了嚴重的後果，從 SOL 代幣價格的急劇下跌就可以看出這一點。從 2021 年 11 月 6 日的峰值 258.78 美元開始，SOL 已跌至撰寫本文時的 10 美元左右，跌幅超過 96%。

This drop is significantly steeper than the drawdowns experienced by BTC (-74.5%) and ETH (-74.6%) from their respective peaks. It's also steeper than the decline of dogecoin (DOGE), which is down 76% from its October 2021 local high (though still 87% down from its May 2021 all-time high).

這一跌幅明顯大於 BTC (-74.5%) 和 ETH (-74.6%) 從各自峰值經歷的跌幅。它的跌幅也比狗狗幣 (DOGE) 的跌幅更大，後者較 2021 年 10 月的當地高點下跌了 76%（但仍較 2021 年 5 月的歷史高點下跌了 87%）。

Solana's SOL token, which was once ranked fifth in early November, has now fallen to 19th place among the most valuable crypto tokens, according to CoinGecko.

根據 CoinGecko 的數據，Solana 的 SOL 代幣在 11 月初一度排名第五，現已在最有價值的加密代幣中跌至第 19 位。

Furthermore, the total value of tokens staked in decentralized-finance (DeFi) protocols on Solana has declined dramatically, from nearly $10.2 billion on Nov. 9, 2021, to less than $210 million at press time — a decline of nearly 98%.

此外，Solana 上的去中心化金融(DeFi) 協議中質押的代幣總價值大幅下降，從2021 年11 月9 日的近102 億美元降至截至發稿時的不到2.1 億美元，降幅近98 %。

Solana now ranks only 12th among DeFi chains in terms of total value locked (TVL), trailing not only Ethereum layer 2s like Polygon and Optimism but also lesser-known projects like Cronos and DefiChain.

就鎖定總價值 (TVL) 而言，Solana 目前在 DeFi 鏈中僅排名第 12 位，不僅落後於 Polygon 和 Optimism 等以太坊第 2 層，還落後於 Cronos 和 DefiChain 等鮮為人知的項目。

The steepest single-period percentage drop in Solana's metrics occurred in early November following the collapse of FTX and mounting evidence of fraud by Bankman-Fried.

在 FTX 崩盤和 Bankman-Fried 詐欺證據越來越多之後，Solana 指標的單期百分比跌幅最大發生在 11 月初。

It now appears increasingly likely that some of Bankman-Fried's extensive support for Solana was funded via FTX's wholesale theft of customer funds.

現在看來，Bankman-Fried 對 Solana 的部分廣泛支持很可能是透過 FTX 大規模的竊盜客戶資金來資助。

Moreover, former Alameda executives, including CEO Caroline Ellison, have claimed in recent statements to the U.S. Securities and Exchange Commission that Bankman-Fried encouraged market manipulation of FTX's FTT token.

此外，包括執行長 Caroline Ellison 在內的前 Alameda 高層在最近向美國證券交易委員會提交的聲明中聲稱，Bankman-Fried 鼓勵對 FTX 的 FTT 代幣進行市場操縱。

Given this, it seems improbable that Bankman-Fried was not also manipulating the price of Solana-based projects he helped launch, controlled large stakes in and used in the accounting and loan fraud that formed the core of the FTX swindle.

有鑑於此，Bankman-Fried 似乎不太可能還操縱了他幫助啟動的基於 Solana 的項目的價格，控制了大量股份，並用於構成 FTX 詐騙核心的會計和貸款欺詐。

These related projects, including the Serum decentralized exchange and the self-described DeFi brokerage Oxygen, are sometimes derisively referred to as “Samcoins.” They have seen catastrophic declines in their own token prices, and Serum was rendered “defunct” by the collapse of FTX, necessitating a community fork.

這些相關項目，包括 Serum 去中心化交易所和自稱的 DeFi 經紀公司 Oxygen，有時被嘲笑為“Samcoins”。他們看到自己的代幣價格出現了災難性的下跌，而 Serum 因 FTX 的崩潰而“失效”，需要進行社區分叉。

Market manipulation via Alameda would have effectively been funded by the clandestine redirection of FTX customer funds from other assets, such as bitcoin and ether, toward the trading of SOL or other ecosystem tokens.

透過 Alameda 進行的市場操縱實際上是透過將 FTX 客戶資金從比特幣和以太幣等其他資產秘密轉移到 SOL 或其他生態系統代幣交易來獲得資金的。

Alameda's market-making and trading activities as a whole appear in retrospect to have been wildly unprofitable. Some critics have argued that their SOL activity would have amounted to propping up the value of Solana, while artificially holding down the price of blue chips like ETH and BTC.

回顧起來，阿拉米達的整個做市和交易活動似乎極為無利可圖。一些批評者認為，他們的 SOL 活動相當於支撐 Solana 的價值，同時人為壓低 ETH 和 BTC 等藍籌股的價格。

This chaos has led to hints of something like a death spiral as developers and projects depart the struggling chain. Most dramatically, the DeGods and Y00ts NFT (non-fungible token) projects were confirmed to be leaving Solana for Ethereum and Polygon, respectively.

隨著開發商和專案脫離困境，這種混亂已經導致了類似死亡螺旋的跡象。最引人注目的是，DeGods 和 Y00ts NFT（不可替代代幣）項目被確認將分別離開 Solana，轉向以太坊和 Polygon。

In November, stablecoin issuer Tether swapped $1 billion of USDT from Solana to Ethereum.

11 月，穩定幣發行商 Tether 將 10 億美元的 USDT 從 Solana 轉換為以太坊。

All of this comes on top of concerns that predated the collapse of FTX. Solana has experienced repeated chain halts since its inception, often caused by “botting” or other forms of spam overwhelming the network.

所有這一切都源於 FTX 崩潰之前的擔憂。自成立以來，Solana 經歷了多次鏈中斷，通常是由於「機器人」或其他形式的垃圾郵件壓垮網路造成的。

This is linked to Solana's core value proposition as a faster, cheaper layer 1 than Ethereum: For a blockchain, lower transaction costs and higher speed often come as a trade-off for security and stability.

這與 Solana 的核心價值主張有關，即比以太坊更快、更便宜的第 1 層：對於區塊鏈來說，較低的交易成本和較高的速度通常是安全性和穩定性的權衡。

Moreover, that value proposition may itself be less compelling than it was when Solana launched in March 2020. The years since have seen significant growth in “layer 2” products on Ethereum that offer faster and less expensive transactions, but gain the benefit of Ethereum's

此外，這項價值主張本身可能不如Solana 在2020 年3 月推出時那麼引人注目。更便宜的交易，但獲得了以太坊的優勢