尽管应用收入增加了20％，但Solana仍面临64％的TVL下降

在2025年第1季度，尽管应用收入增长了20％，但Solana的TVL面临64％的下降，与上一季度相比，交易费用下降了24％。

Solana's app revenue increased by 20% to reach $1.2 billion in Q1 2025, but DeFi TVL faced a 64% drop, and transaction fees decreased by 24%, as reported by Messari.

索拉纳（Solana）的应用收入增加了20％，达到2025年第1季度的12亿美元，但Defi TVL面临64％的跌幅，交易费下降了24％，据Messari报道。

Solana's blockchain activity showed mixed signals in the first quarter of 2025, with a 20% increase in app revenue but a substantial 64% drop in total value locked (TVL) in DeFi protocols.

Solana的区块链活动在2025年第一季度显示出混合的信号，应用收入增加了20％，但DEFI协议中的总价值锁定（TVL）下降了64％。

According to a report by Messari, the total app revenue, also known as Chain GDP, reached $1.2 billion in Q1 2025. This marks a 20% growth compared to the previous quarter, which saw $970.5 million. It is also the highest-performing quarter for Solana in the past 12 months, showcasing a strong ecosystem recovery after a year of significant volatility.

根据Messari的一份报告，APP总收入（也称为Chain GDP）在2025年第1季度达到12亿美元。与上一季度相比，这标志着20％的增长，为9.705亿美元。这也是过去12个月索拉纳（Solana）表现最高的季度，在一年的波动性大量波动率一年后展示了强大的生态系统恢复。

“Solana's economy is booming,” Crypto Banter commented on X.

“索拉纳（Solana）的经济蓬勃发展，”加密（Crypto）开玩笑对X表示评论。

January alone contributed nearly 60% to the total revenue for the entire quarter. This growth reflects the increasing demand for applications on Solana, particularly in meme coins, DEXs, and cryptocurrency wallets.

仅一月就为整个季度的总收入贡献了近60％。这种增长反映了对Solana应用的需求不断增长，尤其是在模因硬币，DEX和加密货币钱包中。

Solana's recovery can be attributed to several factors, including low transaction fees and high processing speeds, which are competitive advantages of this blockchain compared to rivals like Ethereum.

Solana的恢复可以归因于几个因素，包括低交易费用和高处理速度，这是该区块链与以太坊这样的竞争对手的竞争优势。

This efficiency allows Solana to attract a broad range of Dapps and users, leading to a vibrant and diverse ecosystem.

这种效率使Solana吸引了广泛的DAPP和用户，从而导致了充满活力和多样化的生态系统。

Pump.fun Emerges as Top Earner Among Dapps

泵。

Among the Dapps on Solana, Pump.fun took the lead, generating a revenue of $257 million and contributing a significant portion of the ecosystem's total revenue.

在Solana的Dapps中，Pump.Fun领先，产生了2.57亿美元的收入，并占了生态系统总收入的很大一部分。

The success of Pump.fun can be explained by the ongoing trend of meme coins capturing the community's attention, particularly following the launch of the Trump meme coin on January 17, which boosted trading activity on Solana. However, the rapid explosion of Pump.fun has brought many bad consequences to the market.

泵的成功可以通过模因硬币引起社区的关注的持续趋势来解释，尤其是在1月17日特朗普模因硬币推出之后，这增加了索拉纳（Solana）的贸易活动。但是，泵的迅速爆炸为市场带来了许多不良后果。

Following Pump.fun is the Phantom wallet, which secured second place with a revenue of $164 million. Phantom has long been one of the most popular wallets on Solana due to its user-friendly interface and seamless integration with various DeFi and NFT applications.

pump.fun是幻影钱包，该钱包获得了第二名，收入为1.64亿美元。幻影长期以来一直是Solana最受欢迎的钱包之一，由于其用户友好的界面以及与各种Fefi和NFT应用程序的无缝集成。

Photon ranks third with a revenue of $122 million, up 13% from the previous quarter, demonstrating steady growth for the application.

Photon以1.22亿美元的收入排名第三，比上一季度增长13％，表明该应用程序的稳定增长。

DeFi TVL Drops Sharply, While Stablecoins See Breakthrough Growth

Defi TVL急剧下降，而Stablecoins看到突破性的增长

Despite the impressive growth in Dapp revenue, the total value locked (TVL) in DeFi protocols on Solana dropped sharply by 64%, reaching $6.6 billion. This decline may result from volatile market sentiment, as investors withdrew capital from DeFi protocols to shift toward safer assets like stablecoins.

尽管DAPP收入增长了令人印象深刻的增长，但Solana的Defi协议中的总价值（TVL）急剧下降了64％，达到66亿美元。由于投资者从Defi协议中退出资金，转向诸如Stablecoins之类的更安全的资产，因此这种下降可能是由于动荡的市场情绪所致。

Meanwhile, the stablecoin market on Solana witnessed breakthrough growth, with its total value surging by 145% to reach $12.5 billion. Notably, USDC-the leading stablecoin on Solana-recorded a 148% increase compared to the previous month, reaching a value of $9.7 billion, four times that of its main competitor, USDT.

同时，Solana的Stablecoin市场见证了突破性的增长，其总价值飙升了145％，达到125亿美元。值得注意的是，与上个月相比，USDC-索拉纳（Solana）录制的领先Stablecoin增长了148％，价值为97亿美元，是其主要竞争对手USDT的四倍。

USDT also showed strong performance, growing by 154% to reach a value of $2.3 billion.

USDT还表现出强劲的表现，增长了154％，价值23亿美元。

Transaction Fees Decrease on Solana

索拉纳的交易费用减少

Another highlight from Messari's report is the reduction in transaction fees on Solana. The average transaction fee in Q1 2025 fell by 24% compared to the previous quarter, dropping to 0.000189 SOL (equivalent to $0.04).

Messari报告的另一个亮点是减少了Solana的交易费用。与上一季度相比，第一季度2025年第1季度的平均交易费下降了24％，下降到0.000189 SOL（相当于0.04美元）。

This low fee level is one of the primary reasons Solana continues to attract users and Dapps, particularly in sectors like meme coins, DeFi, and NFT trading.

低收费水平是Solana继续吸引用户和DAPP的主要原因之一，尤其是在Meme Coins，Defi和NFT交易等领域。

However, despite the impressive growth in app revenue, the 64% drop in DeFi TVL is a concerning signal. The ecosystem faces numerous challenges, including volatile market sentiment and competition from other blockchains.

但是，尽管应用收入增长了令人印象深刻的增长，但Defi TVL的64％下降是一个令人关注的信号。生态系统面临许多挑战，包括动荡的市场情绪和其他区块链的竞争。

To maintain its growth momentum, Solana must continue leveraging its advantages in low transaction fees and high processing speeds while addressing DeFi-related issues to attract more capital from investors.

为了维持其增长势头，Solana必须继续利用其在低交易费用和高处理速度上的优势，同时解决与规定的问题，以吸引投资者更多的资本。

SOL is trading at $161.22 at press time. Technical indicators suggest SOL is entering a likely consolidation phase near key support. However, some traders remain very optimistic about it.

SOL在发稿时以161.22美元的价格交易。技术指标表明，SOL正在接近关键支持附近的合并阶段。但是，一些交易者对此仍然非常乐观。

“$SOL – Sol monthly chart is forming a massive ascending triangle pattern. breakout will trigger a massive leg up,” an analyst commented

一位分析师评论说：“ $ SOL - SOL月图形成一个巨大的上升三角形模式。突破将触发巨大的腿。”