Solana（Sol）没有超过以太坊（ETH）作为机构首选区块链的“令人信服的标志”

输入：Solana还没有“令人信服的迹象”，它可以超过以太坊作为机构首选的区块链，因为其收入被视为不稳定

Crypto bank group Sygnum has said that Solana does not yet have “convincing signs” that it could overtake Ethereum as the blockchain of choice for institutions, as its revenue is seen as less stable due to its memecoin concentration.

Crypto Bank Group Sygnum表示，Solana尚未具有“令人信服的迹象”，即它可以超过以太坊作为机构首选区块链，因为由于其内存的浓度，其收入被视为稳定性较低。

In a May 8 blog post, Sygnum said that the current sentiment around Ethereum “remains poor,” with the market focused on Solana’s “transaction volumes and its recent dominance in fee generation.”

Sygnum在5月8日的博客文章中说，目前围绕以太坊的情绪“仍然很差”，市场集中于Solana的“交易量及其最近在收费产生中的统治地位”。

However, Sygnum said “the medium-term outlook will primarily be shaped by traditional financial institutions’ platform choices to bring their product offerings,” not by sentiment.

但是，Sygnum表示：“中期前景将主要由传统金融机构的平台选择来塑造，以带来其产品，”不是由情感。

“We do not yet see convincing signs that Solana would be the preferred choice as Ethereum’s security, stability and longevity are highly prized,” it added.

它补充说：“我们还没有看到令人信服的迹象表明，索拉纳将是首选选择，因为以太坊的安全性，稳定性和寿命高度珍贵。”

Sygnum argued that institutions could choose Ethereum over Solana as the market has viewed the latter’s revenue generation as “less stable” due to being “highly concentrated in the memecoin sector.”

Sygnum认为，机构可以选择以太坊而不是Solana，因为市场将后者的收入产生视为“不太稳定”，因为“高度集中在Memecoin行业”。

“This will limit outperformance as it could be argued that the differential in valuation is accounted for by this difference in revenue sources,” the company said.

该公司表示：“这将限制跑性差异，因为估值的差异是由这种收入来源差异所解释的。”

Another factor is Solana’s tokenomics, which Sygnum said was “a comparable issue” to the criticism levelled at Ethereum over its mainnet’s stagnant transaction volumes due to it lowering the cost for its layer 2 networks.

另一个因素是Solana的Sokenomics，Sygnum说，这与以太坊在Mainnet停滞不前的交易量中所提出的批评是“可比的问题”，因为它降低了其2层网络的成本。

The company said Solana is leading Ethereum in market share for layer-1 fee generation, but “most of the fees are paid to validators and do not grow the value of the Solana token.”

该公司表示，索拉纳（Solana）领导着1层收费的市场份额以太坊，但“大多数费用都支付给验证者，并且不会增加Solana代币的价值。”

“In fact, when it comes to revenues, Ethereum still exceeds Solana 2- 2.5x,” Sygnum said.

Sygnum说：“实际上，在收入方面，以太坊仍然超过2-2.5倍。”

It argued that Solana’s tokenomics are “easier to modify” than Ethereum’s scaling strategy. Still, it said that Solana “does not appear inclined to drive more value to the token,” as its community shot down a proposal to cut the SOL’s inflation rate in March.

它认为，与以太坊的缩放策略相比，Solana的Sotkenomics“更容易修改”。尽管如此，它仍然说，索拉纳“似乎并不倾向于为代币带来更多的价值”，因为它的社区降低了一项提议，即三月份降低了Sol通货膨胀率。

Solana could gain with stable revenue focus

Solana可以以稳定的收入重点获得收益

Sygnum noted that Solana, which some have hailed as an “Ethereum killer” that could challenge the network’s market share, could make some gains on the No. 2 blockchain.

Sygnum指出，索拉纳（Solana）被称为“以太坊杀手”，可能会挑战网络的市场份额，他可能会在2号区块链上取得一些收益。

The company said Ethereum has the dominant market share in “use cases that are showing traction” with support from governments, regulators, and traditional finance — such as tokenization, stablecoins, and decentralized finance.

该公司表示，以太坊在政府，监管机构和传统金融的支持下，在“表现出牵引力的用例”中具有主要的市场份额，例如令牌化，稳定股和分散的财务。

However, it added that Solana had made progress in the amount of value locked on its decentralized finance protocols, and if it gains in “more stable revenue sources” such as tokenization and stablecoins, it could gain on Ethereum.

但是，它补充说，索拉纳（Solana）在其分散的财务方案上的价值量取得了进步，如果它以“更稳定的收入来源”（例如令牌化和稳定的稳定性）的收益获得，则它可能会在以太坊上获得。

Sygnum added that Solana still has a strong backing, even with the Ethereum Foundation reshuffling its priorities to the layer 1 and recognising “the need to adjust its go-to-market strategy.”

Sygnum补充说，即使以太坊基金会将其优先事项重新归为第1层，并认识到“需要调整其上市策略的需求”，Solana仍然具有强大的支持。

However, that could give a sentiment tailwind to Ethereum as the blockchain’s “2-year-long underperformance vs Solana has been temporarily arrested” since the foundation’s pivot.

但是，由于基金会的枢纽以来，区块链的“长达2年的不表现不佳与索拉纳已经被暂时逮捕”，这可能会给以太坊带来逆风。