Solana（Sol）沒有超過以太坊（ETH）作為機構首選區塊鏈的“令人信服的標誌”

輸入：Solana還沒有“令人信服的跡象”，它可以超過以太坊作為機構首選的區塊鏈，因為其收入被視為不穩定

Crypto bank group Sygnum has said that Solana does not yet have “convincing signs” that it could overtake Ethereum as the blockchain of choice for institutions, as its revenue is seen as less stable due to its memecoin concentration.

Crypto Bank Group Sygnum表示，Solana尚未具有“令人信服的跡象”，即它可以超過以太坊作為機構首選區塊鏈，因為由於其內存的濃度，其收入被視為穩定性較低。

In a May 8 blog post, Sygnum said that the current sentiment around Ethereum “remains poor,” with the market focused on Solana’s “transaction volumes and its recent dominance in fee generation.”

Sygnum在5月8日的博客文章中說，目前圍繞以太坊的情緒“仍然很差”，市場集中於Solana的“交易量及其最近在收費產生中的統治地位”。

However, Sygnum said “the medium-term outlook will primarily be shaped by traditional financial institutions’ platform choices to bring their product offerings,” not by sentiment.

但是，Sygnum表示：“中期前景將主要由傳統金融機構的平台選擇來塑造，以帶來其產品，”不是由情感。

“We do not yet see convincing signs that Solana would be the preferred choice as Ethereum’s security, stability and longevity are highly prized,” it added.

它補充說：“我們還沒有看到令人信服的跡象表明，索拉納將是首選選擇，因為以太坊的安全性，穩定性和壽命高度珍貴。”

Sygnum argued that institutions could choose Ethereum over Solana as the market has viewed the latter’s revenue generation as “less stable” due to being “highly concentrated in the memecoin sector.”

Sygnum認為，機構可以選擇以太坊而不是Solana，因為市場將後者的收入產生視為“不太穩定”，因為“高度集中在Memecoin行業”。

“This will limit outperformance as it could be argued that the differential in valuation is accounted for by this difference in revenue sources,” the company said.

該公司表示：“這將限制跑性差異，因為估值的差異是由這種收入來源差異所解釋的。”

Another factor is Solana’s tokenomics, which Sygnum said was “a comparable issue” to the criticism levelled at Ethereum over its mainnet’s stagnant transaction volumes due to it lowering the cost for its layer 2 networks.

另一個因素是Solana的Sokenomics，Sygnum說，這與以太坊在Mainnet停滯不前的交易量中所提出的批評是“可比的問題”，因為它降低了其2層網絡的成本。

The company said Solana is leading Ethereum in market share for layer-1 fee generation, but “most of the fees are paid to validators and do not grow the value of the Solana token.”

該公司表示，索拉納（Solana）領導著1層收費的市場份額以太坊，但“大多數費用都支付給驗證者，並且不會增加Solana代幣的價值。”

“In fact, when it comes to revenues, Ethereum still exceeds Solana 2- 2.5x,” Sygnum said.

Sygnum說：“實際上，在收入方面，以太坊仍然超過2-2.5倍。”

It argued that Solana’s tokenomics are “easier to modify” than Ethereum’s scaling strategy. Still, it said that Solana “does not appear inclined to drive more value to the token,” as its community shot down a proposal to cut the SOL’s inflation rate in March.

它認為，與以太坊的縮放策略相比，Solana的Sotkenomics“更容易修改”。儘管如此，它仍然說，索拉納“似乎並不傾向於為代幣帶來更多的價值”，因為它的社區降低了一項提議，即三月份降低了Sol通貨膨脹率。

Solana could gain with stable revenue focus

Solana可以以穩定的收入重點獲得收益

Sygnum noted that Solana, which some have hailed as an “Ethereum killer” that could challenge the network’s market share, could make some gains on the No. 2 blockchain.

Sygnum指出，索拉納（Solana）被稱為“以太坊殺手”，可能會挑戰網絡的市場份額，他可能會在2號區塊鏈上取得一些收益。

The company said Ethereum has the dominant market share in “use cases that are showing traction” with support from governments, regulators, and traditional finance — such as tokenization, stablecoins, and decentralized finance.

該公司表示，以太坊在政府，監管機構和傳統金融的支持下，在“表現出牽引力的用例”中具有主要的市場份額，例如令牌化，穩定股和分散的財務。

However, it added that Solana had made progress in the amount of value locked on its decentralized finance protocols, and if it gains in “more stable revenue sources” such as tokenization and stablecoins, it could gain on Ethereum.

但是，它補充說，索拉納（Solana）在其分散的財務方案上的價值量取得了進步，如果它以“更穩定的收入來源”（例如令牌化和穩定的穩定性）的收益獲得，則它可能會在以太坊上獲得。

Sygnum added that Solana still has a strong backing, even with the Ethereum Foundation reshuffling its priorities to the layer 1 and recognising “the need to adjust its go-to-market strategy.”

Sygnum補充說，即使以太坊基金會將其優先事項重新歸為第1層，並認識到“需要調整其上市策略的需求”，Solana仍然具有強大的支持。

However, that could give a sentiment tailwind to Ethereum as the blockchain’s “2-year-long underperformance vs Solana has been temporarily arrested” since the foundation’s pivot.

但是，由於基金會的樞紐以來，區塊鏈的“長達2年的不表現不佳與索拉納已經被暫時逮捕”，這可能會給以太坊帶來逆風。