標準特許警告索拉納（SOL）可能不足以太智能（Meme Coin Activity）淡出以太坊（ETH）

儘管Solana已經證明了其技術能力，尤其是在最近的模因硬幣交易繁榮期間，該銀行現在看到不足的風險

Standard Chartered has cautioned that Solana (SOL) could underperform Ethereum (ETH) in 2025 as meme coin activity, a key driver of Solana’s on-chain volume in recent quarters, fades.

標準包機已告知，Solana（SOL）在2025年作為Meme Coin Activity的表現不佳，這是Meme Coin Activity，這是Solana最近幾個季度鍊鍊體積的主要驅動力，即淡出。

Solana has proven its technical capabilities, particularly during the recent meme coin trading boom, but the bank now sees a risk of overutilisation as seasonal trends shift.

Solana證明了其技術能力，尤其是在最近的Meme Coin Trading Boom期間，但該銀行現在認為隨著季節性趨勢的轉移而存在過度利用的風險。

According to the bank’s Head of Digital Assets Research, Geoff Kendrick, Ethereum’s broader adoption and institutional partnerships place it in a stronger position for sustained growth.

根據銀行數字資產研究負責人傑夫·肯德里克（Geoff Kendrick）的說法，以太坊的更廣泛的收養和機構合作夥伴關係使其處於持續增長的更強地位。

Ethereum gains from broader use cases

以太坊從更廣泛的用例中獲取

Solana has often been positioned as a faster and cheaper alternative to Ethereum, boasting the ability to handle high transaction volumes at low cost.

Solana通常被定位為以太坊的更快，更便宜的替代品，具有低成本處理高交易量的能力。

However, Standard Chartered points out that much of this activity has been driven by short-term trading of meme coins, a sector known for its volatility and limited utility.

但是，標準包機指出，這項活動的大部分是由Meme Coins的短期交易驅動的。

With meme coin enthusiasm cooling off in 2025, Kendrick projects a possible usage gap for Solana before other applications, such as decentralised finance platforms, gaming projects, or social media integrations, gain critical mass.

憑藉模因硬幣的熱情在2025年散發出來，肯德里克（Kendrick）在其他應用程序（例如分散的財務平台，遊戲項目或社交媒體集成）等其他應用程序之前，可能會為Solana提供差距。

The bank says Ethereum’s advantage lies in its diversified user base, which includes enterprise-level applications, financial products, and long-term smart contract development.

該銀行表示，以太坊的優勢在於其多元化的用戶群，其中包括企業級應用程序，金融產品和長期智能合同開發。

Blockchain analytics also supports this view. Earlier this year, Ethereum overtook Solana in decentralised exchange (DEX) trading volumes after a slump in trading on Raydium (RAY) and Pump.fun, two of Solana’s most active meme coin platforms.

區塊鏈分析還支持此觀點。今年早些時候，以太坊超越了索拉納（Solana）在分散交易所（DEX）交易量之後，在Raydium（Ray）和Pump.Fun的交易低迷之後，這是Solana最活躍的Meme Coin Coin Platform之一。

That shift underlined Ethereum’s dominance across multiple sub-sectors of the blockchain space.

這種轉變強調了以太坊在區塊鏈空間多個子部門之間的主導地位。

Market sentiment reflects short-term Solana risks

市場情緒反映了短期索拉納風險

Investors appear to be reacting to these signals. In February, traders began trimming exposure to Solana-based assets due to uncertainty over the future of meme coin projects and delays in scaling up major Solana-native protocols.

投資者似乎對這些信號有反應。 2月，由於對Meme Coin項目的未來不確定性，並在擴大主要的Solana本地協議時，交易者開始將基於Solana的資產進行修剪。

Standard Chartered says these concerns are now being priced into market forecasts, particularly in terms of revenue from transaction fees and new user onboarding.

標準包機說，這些擔憂現在已被定價為市場預測，尤其是在交易費用和新用戶入職的收入方面。

One key indicator is Solana’s funding rate. According to blockchain data firm Glassnode, Solana currently has a negative funding rate of -0.0002%, the only such figure among the top 10 cryptocurrencies by market capitalisation, excluding stablecoins.

一個關鍵指標是Solana的資金率。根據區塊鏈數據公司GlassNode的數據，Solana目前的融資率為-0.0002％，這是市值十大加密貨幣中唯一的數字，不包括Stablecoins。

A negative funding rate means short sellers are paying fees to hold bearish positions, which typically indicates mounting downward pressure on price.

負資金率意味著賣空者正在支付費用以保持看跌頭寸，這通常表明價格下降壓力。

However, a negative funding rate can sometimes be a contrarian indicator. Traders may be expecting a short squeeze, where sudden upward price moves force shorts to buy back their positions, potentially creating a sharp rally.

但是，負資金率有時可能是逆勢指標。貿易商可能會預計短暫的擠壓，突然上升的價格移動了武力短褲以回購其頭寸，有可能產生急劇的集會。

BeInCrypto reports that the accumulation of SOL by institutional players in May suggests that long-term investors may still see value in Solana, even if near-term performance lags Ethereum.

Beincrypto報導說，機構參與者在5月份的SOL積累表明，即使近期績效延遲以太坊，長期投資者仍可能會看到索拉納的價值。

Analysts say Ethereum remains the dominant layer-1

分析人士說，以太坊仍然是主要層1

While Solana has demonstrated rapid growth and robust technical infrastructure, analysts from IntoTheBlock believe the network still has significant ground to cover before challenging Ethereum’s dominance.

儘管Solana表現出快速的增長和強大的技術基礎設施，但來自Intotheblock的分析師認為，在挑戰以太坊的主導地位之前，該網絡仍然具有巨大的覆蓋。

The research group said that although Solana may continue to grow and target niche applications, surpassing Ethereum remains a long-term goal rather than an imminent milestone.

該研究小組說，儘管Solana可能會繼續增長並針對利基應用，但超越以太坊仍然是一個長期目標，而不是即將到來的里程碑。

Ethereum’s integration with traditional finance, widespread developer support, and upgrades like the shift to proof-of-stake have helped entrench its position as the go-to blockchain for decentralised applications.

以太坊與傳統財務，廣泛的開發人員支持以及諸如轉移到股份證明的升級的融合有助於鞏固其作為分散應用程序的首選區塊鏈的地位。

Until Solana’s next wave of real-world use cases gains momentum, Standard Chartered believes the network’s price and on-chain activity may continue to trail Ethereum.

直到索拉納（Solana）下一波現實世界中用例獲得動力之前，《標準特許》（Standard Chartered）認為，網絡的價格和鏈上活動可能會繼續落後於以太坊。

As the market matures, both blockchains may find space for growth—but in the short term, Ethereum’s ecosystem breadth and investor confidence give it the edge, according to the bank’s latest analysis.

隨著市場的成熟，兩個區塊鏈可能會找到增長的空間，但是在短期內，以太坊的生態系統廣度和投資者的信心使它具有優勢。