温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ko/58719.html
点击访问原文链接

SOL Guards’ Crisis of Faith: The Fundamentals Are Invincible, So Why Are Prices “Flat”? | Bee Network

进入原网站 导航首页
SOL Guards’ Crisis of Faith: The Fundamentals Are Invincible, So Why Are Prices “Flat”? | Bee Network Login 인기 뉴스 밈 런치패드 AI 에이전트 DeSci 탑체인 익스플로러 뉴비의 경우 100x 코인 꿀벌 게임 필수 웹사이트 필수 앱 암호화폐 유명인 드핀 루키 에센셜 함정 탐지기 기본 도구 고급 웹사이트 교환 NFT 도구 안녕, 로그아웃 웹3 유니버스 계략 DApp 꿀벌 하이브 성장하는 플랫폼 기원 후 찾다 영어 코인 충전 로그인 다운로드 웹3 유니 계략 DApp 꿀벌 하이브 기원 후 집•분석•SOL Guards’ Crisis of Faith: The Fundamentals Are Invincible, So Why Are Prices “Flat”? SOL Guards’ Crisis of Faith: The Fundamentals Are Invincible, So Why Are Prices “Flat”?분석4개월 전업데이트와이엇 16,846 7 참조 링크: Grayscale report

As a loyal SOL guard, I have lost some confidence in SOL now.

Judging from token prices, this cycle may not be over yet. However, among the top tokens by market capitalization, BTC, ETH, BNB, and even XRP all hit all-time highs in the second half of 2025. However, SOL has not broken through its previous high since hitting $295 in January (even though there was a months-long Solana meme coin craze).

Why hasn’t Solana’s value risen yet? It could be due to the token’s inflation mechanism, the shift in meme enthusiasm to other networks, or liquidity issues and the pessimism of whales. Another point worth noting is that Solana seems to always be a step behind others in catching up.

(Group chat screenshot)

Some time ago, Grayscale released a Solana report titled “Solana: Crypto’s Financial Bazaar.” The report analyzed Solana’s technical aspects, network ecology, total token supply and value, and other data indicators, which provided some confidence to the “SOL Guardians.” Odaily Planet Daily summarized the key points of the report as follows:

Solana Fundamentals: Technology, On-Chain Activity, and Transaction Volume According to the report, Solana’s depth and diversity of on-chain activity significantly outperform other networks, including Ethereum, BNB Chain, Tron, Cardano, and Sui. Leading in users, transaction volume, and transaction fees, the Solana network boasts more users and economic activity, which equates to a higher network value.

On-chain data and transaction volume 아래 그림과 같이, SOL’s market capitalization ranks third, but its daily active users, daily transaction volume, daily transaction fees, and transactions per second all rank first among similar blockchains.

Ecological applications and network income The Solana network also hosts many industry-leading applications, such as:

1. Raydium DEX, a core component of Solana’s DeFi infrastructure. Year-to-date, Solana DEX has surpassed $1.2 trillion in trading volume, exceeding any other blockchain ecosystem. Furthermore, Solana’s leading DEX aggregator, Jupiter, is the largest aggregator by trading volume in the 암호화폐화폐산업.

2. pump.fun, a long-standing token issuance platform, has approximately 2 million monthly active users and daily revenue of approximately $1.2 million.

3. Helium is a DePIN project focused on mobile hotspots. Helium allows users to contribute network capacity, thereby building a nationwide network of mobile access points. These services are generally cheaper than centralized alternatives. Helium currently has 1.5 million daily active users, 112,000 hotspots, and partnerships with major telecom companies such as AT&T and Telefónica.

These applications represent only a small fraction of Solana’s 500+ applications. Furthermore, as a blockchain with nearly every feature of other major networks, Solana ranks third in NFT trading, fifth in stablecoin trading volume, and seventh in tokenized assets. Other recent use cases include Pokémon collectible card trading and the on-chain issuance of tokenized stocks.

Measuring the Solana ecosystem requires considering both the economic activity of the blockchain itself and the applications it hosts. While these figures will fluctuate over time, the Solana ecosystem generates approximately $425 million in fees per month and over $5 billion in annual revenue. Grayscale believes fees are the most direct indicator of the aggregate demand for a blockchain and its applications, and these figures demonstrate significant demand for Solana.

Solana’s advantage: second only to Ethereum in terms of developer scale, and applicable to all users Universal technological advantages In addition to fundamental analysis, Grayscale also mentioned that the reason why SOL has good data is that it provides fast, cheap transactions and a seamless user experience. The network generates a new block every 400 milliseconds, and transactions can be finally confirmed in about 12-13 seconds . In addition to high throughput, transaction costs have also remained at a relatively low level:

Solana uses a technique called “local fee markets,” which limits fee competition to specific applications. So far this year, users have paid an average transaction fee of just $0.02. Partly due to this feature, the median daily transaction fee has been just $0.001 this year. Solana’s transaction speed and cost-effectiveness are faster and cheaper than comparable blockchains. Solana’s upcoming upgrade, Alpenglow, is expected to reduce final confirmation times to 100-150 milliseconds.

Solana’s user experience is primarily due to its “monolithic” design (a single blockchain, rather than a layered design) (which avoids the need to bridge assets between network components) and its wallet infrastructure, which is led by Phantom. Furthermore, Solana’s network failure rate has been significantly lower than the industry average in recent years, which has also provided a foundation for user adoption.

Furthermore, Solana smart contracts do not rely on the Ethereum Virtual Machine (the system used by Ethereum and many other smart contract platforms, including BNB Chain, Polygon, and Avalanche). Instead, they utilize a unique architecture called the Solana Virtual Machine (SVM). Applications built on the SVM cannot be easily transferred to non-SVM blockchains, which results in a stable user stickiness.

Second only to Ethereum in the number of developers Currently, there are over 1,000 full-time developers working on applications for Solana and the SVM, and over the past two years, the number of developers dedicated to Solana has grown faster than any other smart contract platform (see chart below), second only to Ethereum. This human capital can contribute to Solana’s continued innovation over time.

The long-term store of value of the SOL token (inflation, token performance, and competitor competition) As we all know, due to the collapse of FTX, the price of the SOL token fell from a peak of nearly $260 in November 2021 to only $2 in December 2022. After the bankruptcy of FTX, many retail investors were uncertain about the future of Solana, although there were still a large number of SVM developers staying in Solana at that time.

But starting at the end of 2023, the SOL token began to recover, significantly outperforming the FTSE/Grayscale Smart Contract Platform Cryptocurrency Industry Index.

Currently, the supply of SOL tokens is growing at approximately 4% to 4.5% annually, which, all else being equal, could be considered a dilution of value for token holders. Depending on network conditions, SOL stakers can earn a nominal return of approximately 7%, but after adjusting for inflation, their “real” return is approximately 2.5% to 3%. Currently, approximately two-thirds of outstanding SOL tokens are staked.

Grayscale states that SOL provides utility within the Solana network and may earn additional corresponding financial returns, but its value is tied to network size. Like other smart contract platform tokens, the investment thesis for the SOL token centers on the potential growth of the Solana network. Like other assets, the SOL token price doesn’t always move in tandem with changes in network fundamentals. However, if the Solana network grows over time—acquiring more users, processing more transactions, and earning more fees—investors can expect the SOL price to increase.

Grayscale believes that Solana’s vision is to be a “fast, low-cost blockchain open to everyone.” However, its specific design leaves room for competitors to seize or retain market share in certain use cases.

For example, other blockchains sometimes offer faster and/or cheaper transactions by operating more centralized networks (e.g., using only a small number of active network nodes). Users may favor this convenience, even though centralization may introduce risks. Other blockchains may compete with Solana by keeping their networks permissioned (i.e., allowing only approved users and/or approved activities).

반면에, the Solana token may be less suitable as a long-term “store of value” monetary asset than Bitcoin or Ethereum. This partly reflects Solana’s higher nominal supply inflation: scarcity is a key characteristic of any long-term store of value. But a more important factor may be the network’s resilience to third-party interference. For a digital asset to serve as a long-term store of value, users need to be confident that they will be able to transact in virtually all future scenarios. One way to support this outcome is to keep node requirements low, so that the network remains highly decentralized and easily replicable. Solana’s efficiency comes at the cost of relatively high hardware and bandwidth requirements, resulting in many network nodes running in data centers. In theory, this could become a source of centralization over time and a vector for third-party interference with the network.

Of course, these are complex and unresolved issues, and investor perceptions of crypto assets as a long-term store of value may change over time.

결론 Finally, Grayscale believes that the three most important metrics for measuring on-chain activity are users, transaction volume, and transaction fees, and that Solana is currently the leading network in terms of on-chain activity. While the Solana network faces many formidable competitors, the depth and diversity of Solana’s on-chain economy provide a solid foundation for SOL’s valuation, a prerequisite for its further growth.

The network boasts robust performance, a massive user base, and leads in transaction volume and fees. It has experienced a resurgence, even dominating the meme craze. Furthermore, Solana is backed by a massive SOL treasury. Aside from its inflation mechanism, SOL appears to have no significant blemishes that could significantly impact its value. Despite being a “cool story” protagonist, it’s yet to reach new highs. Finally, at the end of this article, the SOL token price has fallen back to $185, leaving the SOL defenders at their wits’ end.

이 글은 인터넷에서 퍼왔습니다: SOL Guards’ Crisis of Faith: The Fundamentals Are Invincible, So Why Are Prices “Flat”?Recommended Articles

Related: BitMart Card Launched: Enjoy the Freedom of Crypto PaymentsRecommended Articles Truly unlimited flexibility: a core advantage The BitMart Card stands out for its unparalleled freedom. With no fixed spending limit, users can easily handle everything from daily expenses to large investments. For your security, only transactions over $250,000 are subject to security review. Unlimited annual ATM withdrawals break traditional restrictions, allowing you to withdraw cash instantly worldwide. This card is ideal for high-end users who travel frequently, make high-value payments, or seek independent control over their assets. Industry-leading rewards to help you maximize your value Users can earn industry-leading cashback ranging from 1% to 10% based on transaction type, merchant category, and BitMart membership level. BitMart Card is available in three versions: virtual, plastic, and premium metal, and comes with exclusive VIP privileges. Every everyday purchase can potentially earn cashback…

# 분석# 비트코인# 암호# 데피# 이더리움# 마켓# 밈 코인# 토큰© 版权声명배열 上一篇 The Chinese name "Solara" was born. Is Solana sounding the clarion call for a counterattack? 下一篇 DFG's WebX and KBW 2025 Review and Insights: Japan and South Korea Converge in Vision, but Divergent in Strategies 상关文章 Japans Financial Services Agency approves new regulatory framework for cryptocurrencies and stablecoins: policy interpre 6086cf14eb90bc67ca4fc62b 35,497 1 Black Swan Operator? Who is Garrett Jin? 6086cf14eb90bc67ca4fc62b 20,978 Chen Yizhou, who brought Renren.com to its knees, turned around and invested in the first crypto bank in the United Stat 6086cf14eb90bc67ca4fc62b 17,580 The Conversation That Best Reflects Warsh’s Policy Stance: Inflation Is a Choice for the Fed 6086cf14eb90bc67ca4fc62b 7,436 Must-watch next week | Trump’s digital asset task force will submit its first policy report; Coinbase Derivatives will l 6086cf14eb90bc67ca4fc62b 26,609 4 Full record of Odaily editorial departments Meme operations (November 20) 6086cf14eb90bc67ca4fc62b 36,870 2 댓글 없음 댓글을 남기시려면 로그인이 필요합니다! 즉시 로그인 댓글이 없습니다... 최신 기사 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 17시간 전 531 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 17시간 전 655 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 17시간 전 607 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 17시간 전 537 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 17시간 전 586 인기 있는 웹사이트TempoLighterGAIB글라이더PlanckRaylsBCPokerVooi Bee.com 세계 최대의 Web3 포털 파트너 코인카프 바이낸스 코인마켓캡 코인게코 코인라이브 갑옷 Bee Network 앱을 다운로드하고 web3 여정을 시작하세요 백지 역할 자주하는 질문 © 2021-2026. 모든 권리 보유. 개인 정보 정책 | 서비스 약관 꿀벌 네트워크 앱 다운로드 Web3 여정을 시작해보세요 세계 최대의 Web3 포털 파트너 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 백지 역할 자주하는 질문 © 2021-2026. 모든 권리 보유. 개인 정보 정책 | 서비스 약관 찾다 찾다사이트에온체인사회의소식 熱门推荐 : 에어드롭 헌터 데이터 분석 암호화폐 유명인 함정 탐지기 한국어 English 繁體中文 简体中文 日本語 Tiếng Việt العربية Bahasa Indonesia हिन्दी اردو Русский 한국어

智能索引记录