Solana对智能合同平台的啄食顺序进行了新的辩论

瑞士和新加坡监管的数字资产银行集团Sygnum引发了有关智能合同平台啄食顺序的新辩论

Sygnum, the Swiss and Singapore-regulated digital-asset banking group, has ignited fresh debate over the pecking order of smart-contract platforms with the 8 May publication of its “Digital Nugget” commentary, pointedly titled Is Solana overtaking Ethereum?

Sygnum是瑞士和新加坡监管的数字资产银行集团，在5月8日出版其“数字掘金”评论的智能合同平台上引发了有关智能合同平台的啄食顺序的新辩论，标题为Solana是Solana超过以太坊的？

Solana Vs. Ethereum

Solana vs。以太坊

In the report, Sygnum’s research desk acknowledges that Ethereum (CRYPTO: ETH) retains an “undisputed” lead in terms of both revenues and institutional adoption, yet concludes that the market narrative has swung decisively in Solana’s (CRYPTO: SOL) favour—a reversal dramatic enough for the bank to describe Solana as the system currently “overtaking” its older rival in mind-share if not in terms of the absolute fundamentals.

In the report, Sygnum's research desk acknowledges that Ethereum (CRYPTO: ETH) retains an “undisputed” lead in terms of both revenues and institutional adoption, yet concludes that the market narrative has swung decisively in Solana's (CRYPTO: SOL) favour—a reversal dramatic enough for the bank to describe Solana as the system currently “overtaking” its older rival in mind-share if not in terms of the absolute基本面。

“Ethereum’s strategic pivot […] has to a 5-10 percent outperformance of Ether over Solana in the past 2-3 months,” the note observes, crediting the chain’s refocused roadmap on main-net scalability and user-experience. Nonetheless, the authors concede that “sentiment on Ethereum remains poor for now” despite its “continued leading position and still superior revenue generation.”

票据观察到：“以太坊的战略枢纽[…]在过去2-3个月中必须超过索拉纳的5-10％的表现。”尽管如此，作者承认，尽管“以太坊上的情感仍然很贫穷”，尽管“领先地位持续，并且仍然产生了卓越的收入”。

Sygnum’s analysts dissect the often-conflated metrics of fees, revenues and token value. While Solana has recently “dominated in terms of fee generation,” its protocol income “continues to substantially lag Ethereum (with the exception of the brief period around the issuance of the Trump family tokens on Solana.” The bank quantifies the gap at roughly two-to-two-and-a-half-times in favour of ETH—an edge that endures even after Solana’s frenetic surge in retail transaction volumes.

Sygnum的分析师剖析了费用，收入和代币价值的经常汇合度量。尽管索拉纳（Solana）最近已“以收费的产生为主”，但其协议收入继续大大落后以太坊（除了在特朗普家族在Solana上发行的短暂时期外，该银行量化了大约两到二的差距，这是在两到二的情况下，有利于EDEN的差异，以实现Sulana的Edge，甚至在后来的又一次又一边奔跑了，这是一定的。

Layer-2 dynamics on Ethereum, often criticised for siphoning activity away from the main chain, receive a balanced treatment. The report notes that rollups have “led the market to see Ether as less valuable,” but adds a little-noticed parallel: “a comparable issue affecting the value of the Solana tokens is overlooked.” Because “most of the fees are paid to validators and do not go to increase the value of the Solana token,” Solana’s own monetary premium may be equally vulnerable.

以太坊的第2层动态经常因从主链而屈服的活动而受到批评，得到了平衡的处理。该报告指出，汇总已“导致市场认为以太币的价值不那么有价值”，但添加了一个鲜为人知的相似之处：“忽略了影响Solana代币价值的可比问题”。因为“大多数费用都是向验证者支付的，并且不会增加索拉纳令牌的价值，索拉纳自己的货币保费可能同样容易受到伤害。

Token-economic self-help is not on the immediate horizon: a community proposal to tweak Solana’s inflation schedule—an initiative Sygnum says “would have had a similar effect” to ETH’s fee-burn mechanic—“was conclusively voted down recently.”

令牌经济的自助力并不是直接的地平线：一个社区提议调整索拉纳通货膨胀时间表的建议 - 一项计划Sygnum说，Sygnum说“将与ETH的费用燃烧机械师产生类似的效果”，“最近被最终投票下来。”

Relative Market Capitalisation

相对市值

Capitalisation tells a different story of relative runway. With Solana valued at roughly one-third of Ether but already generating half its revenues, Sygnum calculates “more room for Solana to outperform – especially with the tailwind of a better narrative and sentiment.” Even so, the report cautions that Solana’s income stream is “highly concentrated in the memecoin sector” and hence judged by investors as “less stable.” The implication: valuation discounts may be rational rather than sentimental.

资本化讲述了一个相对跑道的不同故事。索拉纳（Solana）的价值约占以太的三分之一，但已经产生了一半的收入，Sygnum计算了“索拉纳（Solana）的更多空间，使索拉纳（Solana）的表现胜过，尤其是在更好的叙事和情感的方面。”即便如此，该报告仍警告说，索拉纳的收入流“高度集中在Memecoin行业”，因此由投资者判断为“较不稳定”。含义：估值折扣可能是理性的，而不是感性的。

But stifling a smile at the thought of Magic Spam tokens propping up the world’s fourth-largest crypto is a good starting point for considering what Sygnum terms the “greater context” of the two blockchains.

但是，对魔术垃圾邮件令牌的思想扼杀了一个支撑世界第四大加密货币的笑容，是考虑哪个赛格姆认为这两个区块链的“更大背景”的好起点。

Ethereum’s edge in institutional use-cases provides the counter-weight. “Tokenisation, stablecoins, and DeFi are the use-cases that are showing traction and have the support of governments, regulators, and traditional financial institutions,” Sygnum writes, noting Ethereum’s 57% share of tokenised assets—augmented by a further 20% on its Layer-2 cohort zkSync.

以太坊在机构用例中的优势提供了反重。 Sygnum写道：“令牌化，稳定菌和Defi是表现出吸引力并得到政府，监管机构和传统金融机构的支持的用例。”

A Case in Point

一个很好的例子

BlackRock’s (NYSE:BLK) flagship BUIDL fund, for example, keeps “93% of its assets on Ethereum,” a decision the asset manager links to the network’s “decentralization, credibility and security.” By contrast, Solana’s slice of the tokenisation pie “remains below 3%,” and its year-to-date doubling of stablecoin share leaves it “just above 5%,” still an order of magnitude behind Ethereum. The area where Solana has moved the needle most convincingly is DeFi total value locked: its share has climbed from 9.5% to 11.5% against Ethereum’s slide from 63.5% to 55% since January.

例如，贝莱德（BlackRock）的（NYSE：BLK）旗舰Buidl基金将“在以太坊上的93％的资产保留”，这项决定是资产经理链接到该网络“权力下放，信誉和安全性”的决定。相比之下，索拉纳（Solana）的tokenisation派“保持低于3％”，其年初至今的股份份额份额“略高于5％”，仍然是以太坊之后的数量级。索拉纳（Solana）最令人信服地移动针头的区域是锁定的总值：自1月以来，其份额从以太坊的幻灯片从63.5％升至11.5％。

“The narratives continue to strongly favour Solana,” Sygnum concedes, even after Ethereum Foundation’s internal reshuffle and public vow to “adjust its go-to-market strategy and to clarify and articulate the value proposition of the PoS vision.” Yet narrative alone will not decide custody mandates or settlement rails for traditional finance.

Sygnum承认：“这些叙事继续强烈支持Solana，”即使以太坊基金会的内部改组和公众誓言，“调整其上市战略并澄清和阐明POS愿景的价值主张”。然而，仅叙述就不会决定传统金融的监护权或定居铁路。

“We do not yet see convincing signs that Solana would be the preferred choice as Ethereum’s security, stability and longevity are highly prized by institutional investors and global financial institutions,” the bank concludes, reminding readers that network effects in crypto “are very hard to overcome – just as they are in other tech fields such as social media.”

该银行总结说：“我们还没有看到令人信服的迹象表明，索拉纳将是以太坊的安全性，稳定性和寿命受到机构投资者和全球金融机构的高度评价，”该银行总结道，提醒读者，提醒读者，Crypto中的网络效应“很难克服 - 就像在其他技术领域一样，他们在社交媒体中很难克服。”

Indeed, history’s roll-call of “Ethereum killers” is

确实，历史上的“以太坊杀手”的呼声是