Solana對智能合同平台的啄食順序進行了新的辯論

瑞士和新加坡監管的數字資產銀行集團Sygnum引發了有關智能合同平台啄食順序的新辯論

Sygnum, the Swiss and Singapore-regulated digital-asset banking group, has ignited fresh debate over the pecking order of smart-contract platforms with the 8 May publication of its “Digital Nugget” commentary, pointedly titled Is Solana overtaking Ethereum?

Sygnum是瑞士和新加坡監管的數字資產銀行集團，在5月8日出版其“數字掘金”評論的智能合同平台上引發了有關智能合同平台的啄食順序的新辯論，標題為Solana是Solana超過以太坊的？

Solana Vs. Ethereum

Solana vs。以太坊

In the report, Sygnum’s research desk acknowledges that Ethereum (CRYPTO: ETH) retains an “undisputed” lead in terms of both revenues and institutional adoption, yet concludes that the market narrative has swung decisively in Solana’s (CRYPTO: SOL) favour—a reversal dramatic enough for the bank to describe Solana as the system currently “overtaking” its older rival in mind-share if not in terms of the absolute fundamentals.

In the report, Sygnum's research desk acknowledges that Ethereum (CRYPTO: ETH) retains an “undisputed” lead in terms of both revenues and institutional adoption, yet concludes that the market narrative has swung decisively in Solana's (CRYPTO: SOL) favour—a reversal dramatic enough for the bank to describe Solana as the system currently “overtaking” its older rival in mind-share if not in terms of the absolute基本面。

“Ethereum’s strategic pivot […] has to a 5-10 percent outperformance of Ether over Solana in the past 2-3 months,” the note observes, crediting the chain’s refocused roadmap on main-net scalability and user-experience. Nonetheless, the authors concede that “sentiment on Ethereum remains poor for now” despite its “continued leading position and still superior revenue generation.”

票據觀察到：“以太坊的戰略樞紐[…]在過去2-3個月中必須超過索拉納的5-10％的表現。”儘管如此，作者承認，儘管“以太坊上的情感仍然很貧窮”，儘管“領先地位持續，並且仍然產生了卓越的收入”。

Sygnum’s analysts dissect the often-conflated metrics of fees, revenues and token value. While Solana has recently “dominated in terms of fee generation,” its protocol income “continues to substantially lag Ethereum (with the exception of the brief period around the issuance of the Trump family tokens on Solana.” The bank quantifies the gap at roughly two-to-two-and-a-half-times in favour of ETH—an edge that endures even after Solana’s frenetic surge in retail transaction volumes.

Sygnum的分析師剖析了費用，收入和代幣價值的經常匯合度量。儘管索拉納（Solana）最近已“以收費的產生為主”，但其協議收入繼續大大落後以太坊（除了在特朗普家族在Solana上發行的短暫時期外，該銀行量化了大約兩到二的差距，這是在兩到二的情況下，有利於EDEN的差異，以實現Sulana的Edge，甚至在後來的又一次又一邊奔跑了，這是一定的。

Layer-2 dynamics on Ethereum, often criticised for siphoning activity away from the main chain, receive a balanced treatment. The report notes that rollups have “led the market to see Ether as less valuable,” but adds a little-noticed parallel: “a comparable issue affecting the value of the Solana tokens is overlooked.” Because “most of the fees are paid to validators and do not go to increase the value of the Solana token,” Solana’s own monetary premium may be equally vulnerable.

以太坊的第2層動態經常因從主鏈而屈服的活動而受到批評，得到了平衡的處理。該報告指出，匯總已“導致市場認為以太幣的價值不那麼有價值”，但添加了一個鮮為人知的相似之處：“忽略了影響Solana代幣價值的可比問題”。因為“大多數費用都是向驗證者支付的，並且不會增加索拉納令牌的價值，索拉納自己的貨幣保費可能同樣容易受到傷害。

Token-economic self-help is not on the immediate horizon: a community proposal to tweak Solana’s inflation schedule—an initiative Sygnum says “would have had a similar effect” to ETH’s fee-burn mechanic—“was conclusively voted down recently.”

令牌經濟的自助力並不是直接的地平線：一個社區提議調整索拉納通貨膨脹時間表的建議 - 一項計劃Sygnum說，Sygnum說“將與ETH的費用燃燒機械師產生類似的效果”，“最近被最終投票下來。”

Relative Market Capitalisation

相對市值

Capitalisation tells a different story of relative runway. With Solana valued at roughly one-third of Ether but already generating half its revenues, Sygnum calculates “more room for Solana to outperform – especially with the tailwind of a better narrative and sentiment.” Even so, the report cautions that Solana’s income stream is “highly concentrated in the memecoin sector” and hence judged by investors as “less stable.” The implication: valuation discounts may be rational rather than sentimental.

資本化講述了一個相對跑道的不同故事。索拉納（Solana）的價值約佔以太的三分之一，但已經產生了一半的收入，Sygnum計算了“索拉納（Solana）的更多空間，使索拉納（Solana）的表現勝過，尤其是在更好的敘事和情感的方面。”即便如此，該報告仍警告說，索拉納的收入流“高度集中在Memecoin行業”，因此由投資者判斷為“較不穩定”。含義：估值折扣可能是理性的，而不是感性的。

But stifling a smile at the thought of Magic Spam tokens propping up the world’s fourth-largest crypto is a good starting point for considering what Sygnum terms the “greater context” of the two blockchains.

但是，對魔術垃圾郵件令牌的思想扼殺了一個支撐世界第四大加密貨幣的笑容，是考慮哪個賽格姆認為這兩個區塊鏈的“更大背景”的好起點。

Ethereum’s edge in institutional use-cases provides the counter-weight. “Tokenisation, stablecoins, and DeFi are the use-cases that are showing traction and have the support of governments, regulators, and traditional financial institutions,” Sygnum writes, noting Ethereum’s 57% share of tokenised assets—augmented by a further 20% on its Layer-2 cohort zkSync.

以太坊在機構用例中的優勢提供了反重。 Sygnum寫道：“令牌化，穩定菌和Defi是表現出吸引力並得到政府，監管機構和傳統金融機構的支持的用例。”

A Case in Point

一個很好的例子

BlackRock’s (NYSE:BLK) flagship BUIDL fund, for example, keeps “93% of its assets on Ethereum,” a decision the asset manager links to the network’s “decentralization, credibility and security.” By contrast, Solana’s slice of the tokenisation pie “remains below 3%,” and its year-to-date doubling of stablecoin share leaves it “just above 5%,” still an order of magnitude behind Ethereum. The area where Solana has moved the needle most convincingly is DeFi total value locked: its share has climbed from 9.5% to 11.5% against Ethereum’s slide from 63.5% to 55% since January.

例如，貝萊德（BlackRock）的（NYSE：BLK）旗艦Buidl基金將“在以太坊上的93％的資產保留”，這項決定是資產經理鏈接到該網絡“權力下放，信譽和安全性”的決定。相比之下，索拉納（Solana）的tokenisation派“保持低於3％”，其年初至今的股份份額份額“略高於5％”，仍然是以太坊之後的數量級。索拉納（Solana）最令人信服地移動針頭的區域是鎖定的總值：自1月以來，其份額從以太坊的幻燈片從63.5％升至11.5％。

“The narratives continue to strongly favour Solana,” Sygnum concedes, even after Ethereum Foundation’s internal reshuffle and public vow to “adjust its go-to-market strategy and to clarify and articulate the value proposition of the PoS vision.” Yet narrative alone will not decide custody mandates or settlement rails for traditional finance.

Sygnum承認：“這些敘事繼續強烈支持Solana，”即使以太坊基金會的內部改組和公眾誓言，“調整其上市戰略並澄清和闡明POS願景的價值主張”。然而，僅敘述就不會決定傳統金融的監護權或定居鐵路。

“We do not yet see convincing signs that Solana would be the preferred choice as Ethereum’s security, stability and longevity are highly prized by institutional investors and global financial institutions,” the bank concludes, reminding readers that network effects in crypto “are very hard to overcome – just as they are in other tech fields such as social media.”

該銀行總結說：“我們還沒有看到令人信服的跡象表明，索拉納將是以太坊的安全性，穩定性和壽命受到機構投資者和全球金融機構的高度評價，”該銀行總結道，提醒讀者，提醒讀者，Crypto中的網絡效應“很難克服 - 就像在其他技術領域一樣，他們在社交媒體中很難克服。”

Indeed, history’s roll-call of “Ethereum killers” is

確實，歷史上的“以太坊殺手”的呼聲是