Solana（Sol）从Memecoins获得大部分链链收入：Vaneck

Vaneck是一家总部位于纽约市的全球投资管理公司，已于2025年4月发布了每月的加密货币回顾，在报告中，它强调了Solana以及其大多数链接收入如何来自Memecoins。

Global investment management firm headquartered in New York City, VanEck, has released its monthly crypto recap for April 2025, and in the report, it highlighted Solana and how most of its on-chain revenue comes from memecoins.

总部位于纽约市Vaneck的全球投资管理公司已发布了2025年4月的每月加密货币回顾，在报告中，它强调了Solana以及其大多数链接收入来自Memecoins。

An excerpt from the recap was shared on X, formerly Twitter, by Matthew Sigel, head of digital assets research at VanEck. He highlighted Solana’s apparent dependence on meme trading, something that may not be sustainable in the long run.

Vaneck数字资产研究负责人Matthew Sigel在X（以前是Twitter）上共享了回顾的摘录。他强调了索拉纳（Solana）对模因交易的明显依赖，从长远来看可能是不可持续的。

"Memecoins remain the primary driver of Solana's onchain revenues. In January 2025, they accounted for 44% of decentralized exchange trading volume, and 35% in April 2025. If we exclude stablecoins, SOL, and SOL liquid staking tokens, often on the other side of trades, memecoins… pic.twitter.com/RUHxVoTfOj

“ Memecoins仍然是Solana的OnChain收入的主要驱动力。2025年1月，他们占分散交易交易量的44％，2025年4月在2025年。如果我们排除stablecoins，sol和sol Liquid stricatiking代币，通常在交易的另一端，Memecoins，Memecoins……

— matthew sigel, recovering CFA (@matthew_sigel) May 5, 2025

- Matthew Sigel，恢复CFA（@matthew_sigel）5月5日，2025年

The numbers according to VanEck

根据Vaneck的数字

According to VanEck, in January 2025, memecoins accounted for 44% of decentralized exchange trading volume and 35% in April 2025.

根据Vaneck的说法，2025年1月，Memecoins占分散交易交易量的44％，2025年4月占35％。

The report claims that if stablecoins, SOL, and SOL liquid staking tokens, which are often on the other side of trades are excluded, memecoins make up 99% of Solana trading activity in January and 95% in April.

该报告声称，如果通常排除在交易的另一端的稳定剂，SOL和SOL LICIEL Staking Sigkens，则Memecoins在1月份占SOLANA交易活动的99％，4月份占95％。

After Sigel shared the excerpt on his X page, some users chimed in with their opinions on the subject. One of them rose to Solana’s defense, pointing out that all this means is that memecoins have found a product-market fit on Solana as they generate significant transaction fees, subsidizing infrastructure costs, thereby making Solana a viable “onchain casino.”

Sigel在其X页面上分享了摘录后，一些用户对该主题发表了意见。其中一个提出了Solana的防守，指出所有这些意味着Memecoins在Solana产生了可观的交易费用，从而补贴基础设施成本，从而使Solana成为可行的“ OnChain Casino”。

“While other chains chase ‘serious’ use cases, Solana became the best-performing exchange layer in crypto by simply letting people trade what they want. And memecoins subsidize infra. Every onchain casino needs a house,” the user wrote.

用户写道：“尽管其他连锁店追逐'严重的'用例，但索拉纳（Solana）通过简单地让人们交易自己想要的东西而成为加密货币表现最佳的交换层。而Memecoins和Memecoins补贴了Infra。每个Onchain Casino都需要房屋。”

Another user highlighted how Solana already has “all known types of token and nft trading apps already except a gud perp dex” to which Solana’s cofounder Anatoly Yakovenko, replied “Make a better one! It’s your destiny.”

另一位用户强调了Solana如何已经拥有“所有已知类型的代币和NFT交易应用程序，除了GUD PERP DEX，solana的联合创始人Anatoly Yakovenko都回答“使您的命运是您的命运。”

Solana’s ability to process large volumes of decentralized trading is proof that it is a great platform that can support memecoins but also future applications, such as gaming or new trading platforms.

索拉纳（Solana）处理大量分散交易的能力证明，它是一个可以支持Memecoins但未来应用程序（例如游戏或新交易平台）的绝佳平台。

Of course, it may need to answer community concerns about the topic of centralization. There is little doubt Solana is fast and scalable but the crypto community places a lot of value on decentralization, and any hint of centralized control could limit its appeal.

当然，它可能需要回答社区对集中化话题的担忧。毫无疑问，索拉纳（Solana）是快速且可扩展的，但是加密社区对权力下放有很多价值，任何集中控制的暗示都可能限制其吸引力。

Efforts are being made to address this issue via validator delegation adjustments, but that does not completely eliminate the challenge.

正在努力通过验证者代表团调整解决此问题，但这并不能完全消除挑战。

Dependence on memecoins for on-chain revenue raises sustainability concerns

依赖对链接收入的成员的依赖引起了可持续性的关注

Solana’s heavy reliance on memecoins raises critical questions about sustainability. However, according to VanEck, Solana’s ability to handle large volumes of decentralized trading positions shows great promise, positioning it as a leader for future breakout trading applications.

Solana对Memecoins的严重依赖提出了有关可持续性的关键问题。但是，根据Vaneck的说法，索拉纳（Solana）处理大量分散交易职位的能力表明了巨大的希望，将其定位为未来突破交易应用程序的领导者。

In the event that memecoins actually lose their appeal and degens move on to something else, Solana will be forced to pivot to other use cases like gaming, payments or even institutional DeFi to maintain its momentum revenue-wise.

如果Memecoins实际上失去了吸引力，而DeGens继续进行其他呼吁，Solana将被迫向其他用例，例如游戏，付款甚至机构Fafi（以维持其势头收入）。

Despite VanEck’s claim that most of Solana’s on-chain revenue came from memecoins, the slight decline in dominance — from 44% to 35% of DEX volume between January and April 2025 — may hint at a maturing ecosystem.

尽管Vaneck声称Solana的大部分链链收入都来自Memecoins，但在2025年1月至2025年4月期间DEX数量的统治地位略有下降，可能是一个成熟的生态系统。

If Solana can capitalize on its recent technical upgrades and quick-fire capabilities, it can attract new applications such as the perp dex users mentioned in the comments or even gaming platforms. This will greatly reduce its reliance on memecoins and encourage the development of a more diversified, sustainable ecosystem.

如果Solana可以利用其最近的技术升级和快速射击功能，它可以吸引新的应用程序，例如评论中提到的PERP DEX用户甚至游戏平台。这将大大减少其对成员的依赖，并鼓励发展更加多样化，可持续的生态系统。

However, until that happens, Solana will remain the memecoin casino of the crypto world, a role it is exceptionally equipped to fill.

但是，直到发生这种情况，Solana将仍然是加密世界的Memecoin赌场，这是它具有异常填补的作用。