为什么索拉纳会因班克曼·弗里德的垮台而遭受重创

与名誉扫地的 FTX 创始人密切相关的区块链因他的揭露而受到严重伤害。以下是这个曾经热门的项目及其 SOL 代币面临的阻力。

Solana, a layer 1 smart-contract blockchain, has faced increasing skepticism and challenges in recent times. Despite being a popular project during the 2020-2021 bull market, Solana has encountered several headwinds, including the departure of major projects to other chains and a significant drop in total value.

Solana 是第 1 层智能合约区块链，近年来面临着越来越多的质疑和挑战。尽管 Solana 是 2020-2021 年牛市期间的热门项目，但它也遇到了一些阻力，包括主要项目转移到其他链以及总价值大幅下降。

Among the key concerns raised by doubters are Solana's lingering technological challenges, which could limit its ability to compete with faster and lower-cost transactions offered by Ethereum layer 2s. However, the biggest factor casting a shadow over Solana is the downfall of Sam Bankman-Fried, the founder of FTX exchange and Alameda Research hedge fund.

怀疑者提出的主要担忧之一是 Solana 挥之不去的技术挑战，这可能会限制其与以太坊第 2 层提供的更快、成本更低的交易竞争的能力。然而，给 Solana 蒙上阴影的最大因素是 FTX 交易所和 Alameda Research 对冲基金创始人 Sam Bankman-Fried 的倒台。

Bankman-Fried was a prominent backer of Solana, and skeptics argue that the price appreciation of SOL and related assets during 2020-2021 was influenced by Bankman-Fried's market interventions and advocacy.

Bankman-Fried 是 Solana 的重要支持者，怀疑论者认为 2020-2021 年 SOL 及相关资产的价格升值受到了 Bankman-Fried 的市场干预和倡导的影响。

The skepticism toward Solana has had drastic consequences, evident in the steep decline of the SOL token price. From a peak of $258.78 on Nov. 6, 2021, SOL has dropped to around $10 at the time of writing—a decline of over 96%.

对 Solana 的怀疑已经产生了严重的后果，从 SOL 代币价格的急剧下跌就可以看出这一点。从 2021 年 11 月 6 日的峰值 258.78 美元开始，SOL 已跌至撰写本文时的 10 美元左右，跌幅超过 96%。

This drop is significantly steeper than the drawdowns experienced by BTC (-74.5%) and ETH (-74.6%) from their respective peaks. It's also steeper than the decline of dogecoin (DOGE), which is down 76% from its October 2021 local high (though still 87% down from its May 2021 all-time high).

这一跌幅明显大于 BTC (-74.5%) 和 ETH (-74.6%) 从各自峰值的跌幅。它的跌幅也比狗狗币 (DOGE) 的跌幅更大，后者较 2021 年 10 月的当地高点下跌了 76%（但仍较 2021 年 5 月的历史高点下跌了 87%）。

Solana's SOL token, which was once ranked fifth in early November, has now fallen to 19th place among the most valuable crypto tokens, according to CoinGecko.

根据 CoinGecko 的数据，Solana 的 SOL 代币在 11 月初一度排名第五，现已在最有价值的加密代币中跌至第 19 位。

Furthermore, the total value of tokens staked in decentralized-finance (DeFi) protocols on Solana has declined dramatically, from nearly $10.2 billion on Nov. 9, 2021, to less than $210 million at press time — a decline of nearly 98%.

此外，Solana 上的去中心化金融 (DeFi) 协议中质押的代币总价值大幅下降，从 2021 年 11 月 9 日的近 102 亿美元降至截至发稿时的不到 2.1 亿美元，降幅近 98%。

Solana now ranks only 12th among DeFi chains in terms of total value locked (TVL), trailing not only Ethereum layer 2s like Polygon and Optimism but also lesser-known projects like Cronos and DefiChain.

就锁定总价值 (TVL) 而言，Solana 目前在 DeFi 链中仅排名第 12 位，不仅落后于 Polygon 和 Optimism 等以太坊第 2 层，还落后于 Cronos 和 DefiChain 等鲜为人知的项目。

The steepest single-period percentage drop in Solana's metrics occurred in early November following the collapse of FTX and mounting evidence of fraud by Bankman-Fried.

在 FTX 崩溃和 Bankman-Fried 欺诈证据越来越多之后，Solana 指标的单期百分比跌幅最大发生在 11 月初。

It now appears increasingly likely that some of Bankman-Fried's extensive support for Solana was funded via FTX's wholesale theft of customer funds.

现在看来，Bankman-Fried 对 Solana 的部分广泛支持很可能是通过 FTX 大规模盗窃客户资金来资助的。

Moreover, former Alameda executives, including CEO Caroline Ellison, have claimed in recent statements to the U.S. Securities and Exchange Commission that Bankman-Fried encouraged market manipulation of FTX's FTT token.

此外，包括首席执行官 Caroline Ellison 在内的前 Alameda 高管在最近向美国证券交易委员会提交的声明中声称，Bankman-Fried 鼓励对 FTX 的 FTT 代币进行市场操纵。

Given this, it seems improbable that Bankman-Fried was not also manipulating the price of Solana-based projects he helped launch, controlled large stakes in and used in the accounting and loan fraud that formed the core of the FTX swindle.

鉴于此，Bankman-Fried 似乎不太可能还操纵了他帮助启动的基于 Solana 的项目的价格，控制了大量股份，并用于构成 FTX 诈骗核心的会计和贷款欺诈。

These related projects, including the Serum decentralized exchange and the self-described DeFi brokerage Oxygen, are sometimes derisively referred to as “Samcoins.” They have seen catastrophic declines in their own token prices, and Serum was rendered “defunct” by the collapse of FTX, necessitating a community fork.

这些相关项目，包括 Serum 去中心化交易所和自称的 DeFi 经纪公司 Oxygen，有时被嘲笑为“Samcoins”。他们看到自己的代币价格出现了灾难性的下跌，而 Serum 因 FTX 的崩溃而“失效”，需要进行社区分叉。

Market manipulation via Alameda would have effectively been funded by the clandestine redirection of FTX customer funds from other assets, such as bitcoin and ether, toward the trading of SOL or other ecosystem tokens.

通过 Alameda 进行的市场操纵实际上是通过将 FTX 客户资金从比特币和以太币等其他资产秘密转移到 SOL 或其他生态系统代币交易来获得资金的。

Alameda's market-making and trading activities as a whole appear in retrospect to have been wildly unprofitable. Some critics have argued that their SOL activity would have amounted to propping up the value of Solana, while artificially holding down the price of blue chips like ETH and BTC.

回顾起来，阿拉米达的整个做市和交易活动似乎极其无利可图。一些批评者认为，他们的 SOL 活动相当于支撑 Solana 的价值，同时人为压低 ETH 和 BTC 等蓝筹股的价格。

This chaos has led to hints of something like a death spiral as developers and projects depart the struggling chain. Most dramatically, the DeGods and Y00ts NFT (non-fungible token) projects were confirmed to be leaving Solana for Ethereum and Polygon, respectively.

随着开发商和项目脱离困境，这种混乱已经导致了类似死亡螺旋的迹象。最引人注目的是，DeGods 和 Y00ts NFT（不可替代代币）项目被确认将分别离开 Solana，转向以太坊和 Polygon。

In November, stablecoin issuer Tether swapped $1 billion of USDT from Solana to Ethereum.

11 月，稳定币发行商 Tether 将 10 亿美元的 USDT 从 Solana 转换为以太坊。

All of this comes on top of concerns that predated the collapse of FTX. Solana has experienced repeated chain halts since its inception, often caused by “botting” or other forms of spam overwhelming the network.

所有这一切都源于 FTX 崩溃之前的担忧。自成立以来，Solana 就经历了多次链中断，通常是由于“机器人”或其他形式的垃圾邮件压垮网络造成的。

This is linked to Solana's core value proposition as a faster, cheaper layer 1 than Ethereum: For a blockchain, lower transaction costs and higher speed often come as a trade-off for security and stability.

这与 Solana 的核心价值主张有关，即比以太坊更快、更便宜的第 1 层：对于区块链来说，较低的交易成本和较高的速度通常是安全性和稳定性的权衡。

Moreover, that value proposition may itself be less compelling than it was when Solana launched in March 2020. The years since have seen significant growth in “layer 2” products on Ethereum that offer faster and less expensive transactions, but gain the benefit of Ethereum's

此外，这一价值主张本身可能不如 Solana 在 2020 年 3 月推出时那么引人注目。自那以后的几年里，以太坊上的“第 2 层”产品显着增长，这些产品提供更快、更便宜的交易，但获得了以太坊的优势