Solana（Sol）從Memecoins獲得大部分鍊鍊收入：Vaneck

Vaneck是一家總部位於紐約市的全球投資管理公司，已於2025年4月發布了每月的加密貨幣回顧，在報告中，它強調了Solana以及其大多數鏈接收入如何來自Memecoins。

Global investment management firm headquartered in New York City, VanEck, has released its monthly crypto recap for April 2025, and in the report, it highlighted Solana and how most of its on-chain revenue comes from memecoins.

總部位於紐約市Vaneck的全球投資管理公司已發布了2025年4月的每月加密貨幣回顧，在報告中，它強調了Solana以及其大多數鏈接收入來自Memecoins。

An excerpt from the recap was shared on X, formerly Twitter, by Matthew Sigel, head of digital assets research at VanEck. He highlighted Solana’s apparent dependence on meme trading, something that may not be sustainable in the long run.

Vaneck數字資產研究負責人Matthew Sigel在X（以前是Twitter）上共享了回顧的摘錄。他強調了索拉納（Solana）對模因交易的明顯依賴，從長遠來看可能是不可持續的。

"Memecoins remain the primary driver of Solana's onchain revenues. In January 2025, they accounted for 44% of decentralized exchange trading volume, and 35% in April 2025. If we exclude stablecoins, SOL, and SOL liquid staking tokens, often on the other side of trades, memecoins… pic.twitter.com/RUHxVoTfOj

“ Memecoins仍然是Solana的OnChain收入的主要驅動力。2025年1月，他們佔分散交易交易量的44％，2025年4月在2025年。如果我們排除stablecoins，sol和sol Liquid stricatiking代幣，通常在交易的另一端，Memecoins，Memecoins……

— matthew sigel, recovering CFA (@matthew_sigel) May 5, 2025

- Matthew Sigel，恢復CFA（@matthew_sigel）5月5日，2025年

The numbers according to VanEck

根據Vaneck的數字

According to VanEck, in January 2025, memecoins accounted for 44% of decentralized exchange trading volume and 35% in April 2025.

根據Vaneck的說法，2025年1月，Memecoins佔分散交易交易量的44％，2025年4月占35％。

The report claims that if stablecoins, SOL, and SOL liquid staking tokens, which are often on the other side of trades are excluded, memecoins make up 99% of Solana trading activity in January and 95% in April.

該報告聲稱，如果通常排除在交易的另一端的穩定劑，SOL和SOL LICIEL Staking Sigkens，則Memecoins在1月份佔SOLANA交易活動的99％，4月份佔95％。

After Sigel shared the excerpt on his X page, some users chimed in with their opinions on the subject. One of them rose to Solana’s defense, pointing out that all this means is that memecoins have found a product-market fit on Solana as they generate significant transaction fees, subsidizing infrastructure costs, thereby making Solana a viable “onchain casino.”

Sigel在其X頁面上分享了摘錄後，一些用戶對該主題發表了意見。其中一個提出了Solana的防守，指出所有這些意味著Memecoins在Solana產生了可觀的交易費用，從而補貼基礎設施成本，從而使Solana成為可行的“ OnChain Casino”。

“While other chains chase ‘serious’ use cases, Solana became the best-performing exchange layer in crypto by simply letting people trade what they want. And memecoins subsidize infra. Every onchain casino needs a house,” the user wrote.

用戶寫道：“儘管其他連鎖店追逐'嚴重的'用例，但索拉納（Solana）通過簡單地讓人們交易自己想要的東西而成為加密貨幣表現最佳的交換層。而Memecoins和Memecoins補貼了Infra。每個Onchain Casino都需要房屋。”

Another user highlighted how Solana already has “all known types of token and nft trading apps already except a gud perp dex” to which Solana’s cofounder Anatoly Yakovenko, replied “Make a better one! It’s your destiny.”

另一位用戶強調了Solana如何已經擁有“所有已知類型的代幣和NFT交易應用程序，除了GUD PERP DEX，solana的聯合創始人Anatoly Yakovenko都回答“使您的命運是您的命運。 ”

Solana’s ability to process large volumes of decentralized trading is proof that it is a great platform that can support memecoins but also future applications, such as gaming or new trading platforms.

索拉納（Solana）處理大量分散交易的能力證明，它是一個可以支持Memecoins但未來應用程序（例如游戲或新交易平台）的絕佳平台。

Of course, it may need to answer community concerns about the topic of centralization. There is little doubt Solana is fast and scalable but the crypto community places a lot of value on decentralization, and any hint of centralized control could limit its appeal.

當然，它可能需要回答社區對集中化話題的擔憂。毫無疑問，索拉納（Solana）是快速且可擴展的，但是加密社區對權力下放有很多價值，任何集中控制的暗示都可能限制其吸引力。

Efforts are being made to address this issue via validator delegation adjustments, but that does not completely eliminate the challenge.

正在努力通過驗證者代表團調整解決此問題，但這並不能完全消除挑戰。

Dependence on memecoins for on-chain revenue raises sustainability concerns

依賴對鏈接收入的成員的依賴引起了可持續性的關注

Solana’s heavy reliance on memecoins raises critical questions about sustainability. However, according to VanEck, Solana’s ability to handle large volumes of decentralized trading positions shows great promise, positioning it as a leader for future breakout trading applications.

Solana對Memecoins的嚴重依賴提出了有關可持續性的關鍵問題。但是，根據Vaneck的說法，索拉納（Solana）處理大量分散交易職位的能力表明了巨大的希望，將其定位為未來突破交易應用程序的領導者。

In the event that memecoins actually lose their appeal and degens move on to something else, Solana will be forced to pivot to other use cases like gaming, payments or even institutional DeFi to maintain its momentum revenue-wise.

如果Memecoins實際上失去了吸引力，而DeGens繼續進行其他呼籲，Solana將被迫向其他用例，例如游戲，付款甚至機構Fafi（以維持其勢頭收入）。

Despite VanEck’s claim that most of Solana’s on-chain revenue came from memecoins, the slight decline in dominance — from 44% to 35% of DEX volume between January and April 2025 — may hint at a maturing ecosystem.

儘管Vaneck聲稱Solana的大部分鍊鍊收入都來自Memecoins，但在2025年1月至2025年4月期間DEX數量的統治地位略有下降，可能是一個成熟的生態系統。

If Solana can capitalize on its recent technical upgrades and quick-fire capabilities, it can attract new applications such as the perp dex users mentioned in the comments or even gaming platforms. This will greatly reduce its reliance on memecoins and encourage the development of a more diversified, sustainable ecosystem.

如果Solana可以利用其最近的技術升級和快速射擊功能，它可以吸引新的應用程序，例如評論中提到的PERP DEX用戶甚至遊戲平台。這將大大減少其對成員的依賴，並鼓勵發展更加多樣化，可持續的生態系統。

However, until that happens, Solana will remain the memecoin casino of the crypto world, a role it is exceptionally equipped to fill.

但是，直到發生這種情況，Solana將仍然是加密世界的Memecoin賭場，這是它具有異常填補的作用。