Solana、財政部、質押：駕馭機構浪潮

探索在 Grayscale 與 Figment 合作等機構舉措的推動下，人們對 Solana 金庫和質押的興趣日益濃厚，這可能會塑造 Solana 的未來。

The buzz around Solana (SOL) is intensifying, especially regarding its treasury holdings and staking mechanisms. Recent developments suggest a growing institutional interest that could significantly impact Solana's trajectory. Let's dive into what's happening.

圍繞 Solana (SOL) 的討論正在加劇，尤其是關於其財務持有和質押機制。最近的事態發展表明機構的興趣日益濃厚，這可能會對 Solana 的發展軌跡產生重大影響。讓我們深入了解正在發生的事情。

Grayscale's Move: A Vote of Confidence

灰度的舉動：一次信任投票

Grayscale's partnership with Figment for Solana staking operations is a big deal. It signals institutional confidence in Solana. Figment, a major player in the staking world, will manage staking for Grayscale's Solana Trust, allowing investors to earn passive income without directly engaging in on-chain activities. As of October 9, 2025, a substantial 39.1% of Figment's $6.19 billion total staked assets under management was deposited on Solana. That's a whole lotta SOL!

Grayscale 與 Figment 就 Solana 質押業務合作是一件大事。它標誌著機構對 Solana 的信心。 Figment 是質押領域的主要參與者，將管理 Grayscale 的 Solana Trust 的質押，讓投資者無需直接參與鏈上活動即可獲得被動收入。截至 2025 年 10 月 9 日，Figment 管理的 61.9 億美元質押資產總額中的 39.1% 存入 Solana。這真是太棒了！

Solana Treasury Boom

Solana 國債繁榮

Solana treasuries are on the rise, hitting $2.9 billion. This increase reflects a steady corporate demand for SOL, especially as the SEC considers altcoin ETFs. Even amidst market fluctuations, SOL treasuries have shown resilience, indicating strong underlying interest. The Solana Foundation has also played a role, strategically supporting the creation of these digital asset treasuries.

Solana 國債不斷上漲，達到 29 億美元。這一增長反映出企業對 SOL 的穩定需求，特別是在 SEC 考慮山寨幣 ETF 的情況下。即使在市場波動的情況下，SOL 國庫券也表現出了彈性，表明了強烈的潛在興趣。 Solana 基金會也發揮了作用，從戰略上支持這些數字資產庫的創建。

New Entrants and Ecosystem Growth

新進入者和生態系統增長

The Solana ecosystem is attracting new players. America.Fun launched on Solana to promote USD1 adoption, leveraging partnerships with Bonk and Raydium. Even traditional finance is taking notice, with firms like DevvStream holding significant SOL positions and planning to stake them for income generation.

Solana 生態系統正在吸引新的參與者。 America.Fun 在 Solana 上推出，利用與 Bonk 和 Raydium 的合作夥伴關係來促進 USD1 的採用。甚至傳統金融也開始注意到這一點，像 DevvStream 這樣的公司持有重要的 SOL 職位，併計劃將其用於創收。

The Solana Foundation's Strategy: Discounts and Debate

Solana 基金會的策略：折扣和辯論

The Solana Foundation's approach of offering token discounts to companies building SOL treasuries has sparked debate. While the goal is to drive demand and increase visibility, some worry about the impact of numerous DATs on market valuations. Nevertheless, the Foundation's support is seen by some as a branding and marketing opportunity, even if the financial benefits are not always substantial.

Solana 基金會向構建 SOL 金庫的公司提供代幣折扣的做法引發了爭論。雖然目標是推動需求並提高知名度，但一些人擔心大量 DAT 對市場估值的影響。儘管如此，基金會的支持仍被一些人視為品牌和營銷機會，即使經濟效益並不總是可觀。

Ethereum's Staking Surge: A Potential Omen?

以太坊的質押激增：一個潛在的預兆？

While Solana is grabbing headlines, let's not forget Ethereum. Grayscale's massive Ethereum staking event – $5.1 billion in just three days – points to strong institutional conviction in ETH. Some analysts see parallels between Ethereum's current market behavior and its 2020 pre-rally pattern. Could Solana be following a similar path?

在 Solana 成為頭條新聞的同時，我們也不要忘記以太坊。 Grayscale 的大規模以太坊質押活動——短短三天內價值 51 億美元——表明了機構對 ETH 的堅定信念。一些分析師認為以太坊當前的市場行為與其 2020 年上漲前的模式有相似之處。 Solana 會走類似的道路嗎？

Personal Take: Solana's Bright Future

個人看法：Solana 的光明未來

Personally, I think Solana is positioning itself for significant growth. The combination of rising treasury holdings, increased staking activity, and growing institutional interest creates a powerful foundation. While challenges and debates exist, the overall trend looks promising. The Ethereum staking activity also hints at a broader market trend where smart contract platforms with staking capabilities are poised for growth, further strengthening my conviction on Solana's potential.

就我個人而言，我認為 Solana 正在為自己的顯著增長做好準備。國債持有量的增加、質押活動的增加以及機構興趣的增長相結合，創造了強大的基礎。儘管存在挑戰和爭論，但總體趨勢看起來很有希望。以太坊質押活動還暗示了更廣泛的市場趨勢，即具有質押功能的智能合約平台即將增長，這進一步增強了我對 Solana 潛力的信念。

Final Thoughts

最後的想法

So, what's the takeaway? Solana's treasury and staking scene is heating up, driven by institutional players and ecosystem growth. Keep an eye on Solana – it might just surprise you. And hey, who knows, maybe one day we'll all be chilling on a Solana-powered beach, sipping cocktails paid for with our staking rewards. A guy can dream, right?

那麼，要點是什麼？在機構參與者和生態系統增長的推動下，Solana 的金庫和質押場景正在升溫。密切關注 Solana——它可能會讓您感到驚訝。嘿，誰知道呢，也許有一天我們都會在 Solana 供電的海灘上放鬆一下，喝著用我們的質押獎勵支付的雞尾酒。一個人可以做夢，對嗎？