标准特许警告索拉纳（SOL）可能不足以太智能（Meme Coin Activity）淡出以太坊（ETH）

尽管Solana已经证明了其技术能力，尤其是在最近的模因硬币交易繁荣期间，该银行现在看到不足的风险

Standard Chartered has cautioned that Solana (SOL) could underperform Ethereum (ETH) in 2025 as meme coin activity, a key driver of Solana’s on-chain volume in recent quarters, fades.

标准包机已告知，Solana（SOL）在2025年作为Meme Coin Activity的表现不佳，这是Meme Coin Activity，这是Solana最近几个季度链链体积的主要驱动力，即淡出。

Solana has proven its technical capabilities, particularly during the recent meme coin trading boom, but the bank now sees a risk of overutilisation as seasonal trends shift.

Solana证明了其技术能力，尤其是在最近的Meme Coin Trading Boom期间，但该银行现在认为随着季节性趋势的转移而存在过度利用的风险。

According to the bank’s Head of Digital Assets Research, Geoff Kendrick, Ethereum’s broader adoption and institutional partnerships place it in a stronger position for sustained growth.

根据银行数字资产研究负责人杰夫·肯德里克（Geoff Kendrick）的说法，以太坊的更广泛的收养和机构合作伙伴关系使其处于持续增长的更强地位。

Ethereum gains from broader use cases

以太坊从更广泛的用例中获取

Solana has often been positioned as a faster and cheaper alternative to Ethereum, boasting the ability to handle high transaction volumes at low cost.

Solana通常被定位为以太坊的更快，更便宜的替代品，具有低成本处理高交易量的能力。

However, Standard Chartered points out that much of this activity has been driven by short-term trading of meme coins, a sector known for its volatility and limited utility.

但是，标准包机指出，这项活动的大部分是由Meme Coins的短期交易驱动的。

With meme coin enthusiasm cooling off in 2025, Kendrick projects a possible usage gap for Solana before other applications, such as decentralised finance platforms, gaming projects, or social media integrations, gain critical mass.

凭借模因硬币的热情在2025年散发出来，肯德里克（Kendrick）在其他应用程序（例如分散的财务平台，游戏项目或社交媒体集成）等其他应用程序之前，可能会为Solana提供差距。

The bank says Ethereum’s advantage lies in its diversified user base, which includes enterprise-level applications, financial products, and long-term smart contract development.

该银行表示，以太坊的优势在于其多元化的用户群，其中包括企业级应用程序，金融产品和长期智能合同开发。

Blockchain analytics also supports this view. Earlier this year, Ethereum overtook Solana in decentralised exchange (DEX) trading volumes after a slump in trading on Raydium (RAY) and Pump.fun, two of Solana’s most active meme coin platforms.

区块链分析还支持此观点。今年早些时候，以太坊超越了索拉纳（Solana）在分散交易所（DEX）交易量之后，在Raydium（Ray）和Pump.Fun的交易低迷之后，这是Solana最活跃的Meme Coin Coin Platform之一。

That shift underlined Ethereum’s dominance across multiple sub-sectors of the blockchain space.

这种转变强调了以太坊在区块链空间多个子部门之间的主导地位。

Market sentiment reflects short-term Solana risks

市场情绪反映了短期索拉纳风险

Investors appear to be reacting to these signals. In February, traders began trimming exposure to Solana-based assets due to uncertainty over the future of meme coin projects and delays in scaling up major Solana-native protocols.

投资者似乎对这些信号有反应。 2月，由于对Meme Coin项目的未来不确定性，并在扩大主要的Solana本地协议时，交易者开始将基于Solana的资产进行修剪。

Standard Chartered says these concerns are now being priced into market forecasts, particularly in terms of revenue from transaction fees and new user onboarding.

标准包机说，这些担忧现在已被定价为市场预测，尤其是在交易费用和新用户入职的收入方面。

One key indicator is Solana’s funding rate. According to blockchain data firm Glassnode, Solana currently has a negative funding rate of -0.0002%, the only such figure among the top 10 cryptocurrencies by market capitalisation, excluding stablecoins.

一个关键指标是Solana的资金率。根据区块链数据公司GlassNode的数据，Solana目前的融资率为-0.0002％，这是市值十大加密货币中唯一的数字，不包括Stablecoins。

A negative funding rate means short sellers are paying fees to hold bearish positions, which typically indicates mounting downward pressure on price.

负资金率意味着卖空者正在支付费用以保持看跌头寸，这通常表明价格下降压力。

However, a negative funding rate can sometimes be a contrarian indicator. Traders may be expecting a short squeeze, where sudden upward price moves force shorts to buy back their positions, potentially creating a sharp rally.

但是，负资金率有时可能是逆势指标。贸易商可能会预计短暂的挤压，突然上升的价格移动了武力短裤以回购其头寸，有可能产生急剧的集会。

BeInCrypto reports that the accumulation of SOL by institutional players in May suggests that long-term investors may still see value in Solana, even if near-term performance lags Ethereum.

Beincrypto报道说，机构参与者在5月份的SOL积累表明，即使近期绩效延迟以太坊，长期投资者仍可能会看到索拉纳的价值。

Analysts say Ethereum remains the dominant layer-1

分析人士说，以太坊仍然是主要层1

While Solana has demonstrated rapid growth and robust technical infrastructure, analysts from IntoTheBlock believe the network still has significant ground to cover before challenging Ethereum’s dominance.

尽管Solana表现出快速的增长和强大的技术基础设施，但来自Intotheblock的分析师认为，在挑战以太坊的主导地位之前，该网络仍然具有巨大的覆盖。

The research group said that although Solana may continue to grow and target niche applications, surpassing Ethereum remains a long-term goal rather than an imminent milestone.

该研究小组说，尽管Solana可能会继续增长并针对利基应用，但超越以太坊仍然是一个长期目标，而不是即将到来的里程碑。

Ethereum’s integration with traditional finance, widespread developer support, and upgrades like the shift to proof-of-stake have helped entrench its position as the go-to blockchain for decentralised applications.

以太坊与传统财务，广泛的开发人员支持以及诸如转移到股份证明的升级的融合有助于巩固其作为分散应用程序的首选区块链的地位。

Until Solana’s next wave of real-world use cases gains momentum, Standard Chartered believes the network’s price and on-chain activity may continue to trail Ethereum.

直到索拉纳（Solana）下一波现实世界中用例获得动力之前，《标准特许》（Standard Chartered）认为，网络的价格和链上活动可能会继续落后于以太坊。

As the market matures, both blockchains may find space for growth—but in the short term, Ethereum’s ecosystem breadth and investor confidence give it the edge, according to the bank’s latest analysis.

随着市场的成熟，两个区块链可能会找到增长的空间，但是在短期内，以太坊的生态系统广度和投资者的信心使它具有优势。