Solana 的代幣交易：財政爆炸還是生態系統支持？

Solana 基金會通過打折 SOL 代幣交易來推動資金增長的策略引發了有關長期生態系統健康和價值的問題。

Solana's Token Deals: Treasury Explosion or Ecosystem Support?

Solana 的代幣交易：財政爆炸還是生態系統支持？

The Solana Foundation's aggressive push to foster digital asset treasuries (DATs) via discounted SOL token deals is creating buzz and raising eyebrows. Is this a strategic move to bolster the Solana ecosystem, or are we witnessing a treasury explosion with potentially diluted value?

Solana 基金會通過打折的 SOL 代幣交易積極推動數字資產國庫 (DAT) 的發展，引起了轟動並引起了人們的關注。這是支持 Solana 生態系統的戰略舉措，還是我們正在目睹價值可能被稀釋的金庫爆炸？

The Solana Foundation's Generosity: A Flood of Discounted SOL

Solana 基金會的慷慨：大量 SOL 折扣

The Solana Foundation has been actively engaging in agreements to sell large blocks of SOL at a discount, fueling a rise in publicly listed Solana treasuries. From Australian fitness firms to Nasdaq-listed companies, entities are rebranding and pivoting to accumulate SOL. Brera Holdings, now Solmate, and Solana Company (formerly Helius Medical Technologies) are prime examples, securing deals with the foundation for discounted SOL purchases.

Solana 基金會一直在積極參與以折扣價出售大量 SOL 的協議，從而推動了公開上市的 Solana 國庫券的增長。從澳大利亞健身公司到納斯達克上市公司，實體正在重塑品牌並轉向積累 SOL。 Brera Holdings（現為 Solmate）和 Solana Company（前身為 Helius Medical Technologies）就是典型的例子，它們與 SOL 折扣購買基金會達成了交易。

Mixed Reactions to the DAT Strategy

對 DAT 戰略反應不一

While the Solana Foundation aims to drive demand and increase visibility, this approach has sparked mixed reactions. One Solana DAT insider expressed concern about supporting too many DATs, citing declining multiples of Net Asset Value (mNAV). The worry is that as more DATs enter the scene, the premium investors are willing to pay for their SOL holdings diminishes.

儘管 Solana 基金會的目標是推動需求並提高知名度，但這種做法引發了不同的反應。一位 Solana DAT 內部人士對支持過多的 DAT 表示擔憂，理由是資產淨值 (mNAV) 倍數不斷下降。令人擔憂的是，隨著越來越多的 DAT 進入市場，願意為其持有的 SOL 支付費用的溢價投資者會減少。

Is It Really a Big Deal?

這真的有什麼大不了的嗎？

One executive at a Solana DAT receiving support from the Solana Foundation downplayed the significance of these deals. They questioned the real value of a 15% discount on a $50 million OTC spot buy, suggesting some DATs are exaggerating the benefits for fundraising and marketing purposes.

接受 Solana 基金會支持的 Solana DAT 的一位高管淡化了這些交易的重要性。他們質疑 5000 萬美元 OTC 現貨購買 15% 折扣的實際價值，這表明一些 DAT 出於籌款和營銷目的誇大了收益。

Ecosystem Health vs. Valuation Pressure

生態系統健康與估值壓力

Upexi's Chief Strategy Officer, Brian Rudick, sees the rise of Solana DATs as a potentially "healthy development" for the ecosystem, while acknowledging the risk of "valuation pressure." The increased supply of SOL in these treasuries could weigh on market multiples, impacting the value of existing holdings.

Upexi 的首席戰略官 Brian Rudick 認為 Solana DAT 的崛起對於生態系統來說是一個潛在的“健康發展”，同時也承認存在“估值壓力”的風險。這些國債中 SOL 供應量的增加可能會影響市場倍數，從而影響現有持有量的價值。

Forward Industries' $1.5 Billion Bet

Forward Industries 的 15 億美元賭注

Forward Industries stands out as the largest Solana DAT, launching with a staggering $1.5 billion in SOL. Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, this move signals significant institutional interest in Solana's potential.

Forward Industries 作為最大的 Solana DAT 脫穎而出，推出了價值 15 億美元的 SOL。在 Galaxy Digital、Jump Crypto 和 Multicoin Capital 的支持下，此舉標誌著機構對 Solana 潛力的濃厚興趣。

Solana Isn't Alone

索拉納並不孤單

The Solana Foundation isn't the only one playing this game. The Tron DAO, Dogecoin Foundation, and Ton Foundation also support treasuries holding their respective tokens. Even the Ethereum Foundation provides aid to ETH-based DATs.

Solana 基金會並不是唯一玩這個遊戲的組織。 Tron DAO、Dogecoin 基金會和 Ton 基金會也支持持有各自代幣的財政部。甚至以太坊基金會也為基於 ETH 的 DAT 提供援助。

VisionSys AI's Ambitious Plan

VisionSys AI 的雄心勃勃的計劃

The newest kid on the block, VisionSys AI, aims to build a $2 billion SOL-based treasury, initially acquiring $500 million worth of SOL in six months. They claim to have access to discounted SOL deals that are even more attractive than those offered by the Solana Foundation, partnering with Marinade Finance.

VisionSys AI 是最新的公司，旨在建立一個價值 20 億美元的基於 SOL 的金庫，最初在六個月內收購價值 5 億美元的 SOL。他們聲稱可以獲得 SOL 折扣交易，這些交易比 Solana 基金會與 Marinade Finance 合作提供的交易更具吸引力。

The Big Picture

大局觀

Ultimately, the success of Solana's DAT strategy hinges on whether these treasuries can drive genuine demand and innovation within the ecosystem. A larger investor in a SOL-based DAT believes crypto treasuries built around popular tokens like Bitcoin, Ethereum, and Solana will have an advantage regardless of market trends.

最終，Solana DAT 戰略的成功取決於這些金庫能否推動生態系統內的真正需求和創新。基於 SOL 的 DAT 的較大投資者認為，無論市場趨勢如何，圍繞比特幣、以太坊和 Solana 等流行代幣構建的加密貨幣金庫都將具有優勢。

Meanwhile, elsewhere in the altcoin world...

與此同時，在山寨幣世界的其他地方......

While Solana battles resistance, a new contender, Digitap ($TAP), is gaining traction, touted as a potential 100x crypto that could outshine even Solana and BNB. Only time will tell if this upstart can live up to the hype.

在 Solana 與阻力作鬥爭的同時，一個新的競爭者 Digitap ($TAP) 正在獲得關注，被吹捧為潛在的 100 倍加密貨幣，甚至可以超越 Solana 和 BNB。只有時間才能證明這個新貴是否能達到炒作的效果。

So, is Solana's treasury explosion a brilliant strategy or a risky gamble? Only time will tell if these discounted token deals will fuel sustainable growth or create a diluted ecosystem. One thing's for sure: it's never a dull moment in the world of crypto!

那麼，索拉納的金庫爆炸究竟是明智的策略還是冒險的賭博？只有時間才能證明這些打折的代幣交易是否會推動可持續增長或創建一個稀釋的生態系統。有一點是肯定的：加密貨幣世界從來都不是沉悶的時刻！