Exposing the Lies About Solana: What the Data Really Shows

CryptoNews · 2024-06-20T17:33:08.000Z

Few platforms have faced as much skepticism as Solana. Critics often portray it as a centralized network plagued by frequent outages. However, such a narrative does not align with the actual data and progress witnessed within the Solana ecosystem. This article seeks to debunk these misconceptions by comprehensively analyzing Solana’s key metrics. Contrary to the prevailing negative perception, Solana showcases remarkable growth and innovation across several fronts. The increasing volumes of stablecoins transacted on its network, and the higher decentralized exchange (DEX) volumes compared to Ethereum highlight Solana’s expanding utility. Furthermore, the platform’s superior data throughput showcases its technical capabilities and resilience. Additionally, the surge in new addresses and daily active users further reflects the growing confidence and adoption among the broader crypto community. By examining these metrics, this article aims to provide a balanced and data-driven perspective on why Solana represents an undervalued asset in the cryptocurrency market as of June 2024. Table of Contents Centralization Stability Solana by the Numbers Conclusion Centralization The decentralization of a blockchain network is complex and cannot be evaluated simply on one metric. A deep dive into which network is truly decentralized based on every detail could fill an entire article. Therefore, we will focus on the Nakamoto coefficient. The Nakamoto coefficient measures the minimum number of entities in a network required to collude to disrupt the system. For proof-of-stake networks like Solana and Ethereum, a 33% stake is significant, while for proof-of-work networks like Bitcoin, 51% control is crucial. As of June 20, 2024, Solana has 1,525 active validators, with 20 holding more than 33% of the stake. On the other hand, Ethereum has 1,024,619 active validators, with just two entities controlling more than 33% of the stake. A validator must stake 32 ETH to become a node on the Ethereum network. The issue here is that one entity can control multiple validators, masking the actual level of decentralization. Active Validators and Nakamoto Coefficient, June 20, 2024 According to Dune, Lido and Coinbase hold more than 33% of the stake in Ethereum. If each node holds 32 ETH, then out of the 1,024,629 active nodes, these two entities potentially control 432,389 unique validators. This concentration of control under two entities compromises the decentralization ethos. ETH Stakers Pie Chart, June 20, 2024 For Bitcoin, the network has 17,692 full nodes that have not been pruned, with 7,516 capable of disrupting the network. Unfortunately, no information exists on each node’s individual hashrate. The calculation of this number used the Peer Index (PIX). The PIX value, ranging from 0.0 to 10.0, updates every 24 hours based on a node’s properties and network metrics, with 10.0 being the most desirable. Nodes with a PIX value of 5 or more were considered. Some may argue that Bitcoin’s decentralization should be evaluated through hashrate distribution. Currently, two mining pools, Foundry USA and Antpool, control more than 51% of the network’s hashrate. Bitcoin Mining Pools Pie Chart, June 20, 2024 However, it is incorrect to consider these pools as the network’s controllers because they are pools of individual miners. Mining pools allow miners to combine their computational resources to increase their chances of solving blocks and earning rewards. If a pool begins to act maliciously, individual miners can simply switch to a different pool, maintaining the network’s decentralization. While the decentralization of blockchain networks is multifaceted and cannot be accurately assessed by a single metric, the Nakamoto coefficient provides a useful lens for comparison. Solana’s position is not as concerning as it may initially seem. With a Nakamoto coefficient indicating that 20 validators hold more than 33% of the stake, Solana appears more decentralized than Ethereum, where just two entities hold more than 33% of the stake. Moreover, even though Solana is not as decentralized as Bitcoin, it still maintains a robust decentralization level, contributing to its security and reliability. Stability Solana, known for its high-speed transactions and low fees, has faced scrutiny regarding its network stability due to several outages it has experienced in recent years. However, a closer look reveals that the situation might be overblown. The network’s stability becomes apparent despite the occasional hiccup when examining Solana’s uptime history. In 2021, Solana experienced no outages and demonstrated a full year of uninterrupted service. However, 2022 saw a significant increase, with 27 outages totaling 108 hours. Moving forward, 2023 showed considerable improvement, with only two outages totaling 19 hours. In 2024, up until June 19, the network had just one outage lasting five hours. These numbers, while notable, tell only part of the story. Solana’s Uptime History, 2021-2024 When considering uptime, these outages represent a tiny fraction of the total operational hours. For instance, in 2022, despite 27 outages, the network maintained functionality for 99.47% of the year. Similarly, the 19 hours of downtime in 2023 and 5 hours in 2024 up to mid-June account for negligible interruptions in an otherwise stable performance. The main culprit of these outages is Solana’s design. The network prioritizes speed and low costs, which attract heavy usage. This high traffic can lead to congestion and instability. For example, Solana produces a block every 400 ms, much faster than other blockchains. Due to the rapid production rate, when block creation halts for an hour or two, it appears more severe. However, other blockchains, even Bitcoin, also face downtime. For instance, it took over two hours to mine block 689301 following block 689300. Solana’s strategy of pushing its performance boundaries allows it to encounter and resolve real-world challenges that theoretical models and simulations cannot foresee. This approach resembles SpaceX’s iterative process of learning from failures to achieve rapid innovation. Although some critics view Solana’s historical downtimes as a liability, this rigorous testing and problem-solving phase ultimately provides a significant competitive advantage. You might also like: Solana price prediction: SOL price analysis and overview Solana by the Numbers Daily active wallets Solana currently has 1,600,000 daily active wallets, significantly higher than Ethereum’s 367,000 daily active wallets. Daily Active Addresses, January 2024 – June 2024 Inflows and outflows Additionally, between April 2023 and June 2024, Solana had $801.73 million in inflows and $654.21 million in outflows. In contrast, Ethereum had $694.17 million in inflows and $694.1 million in outflows. This results in a net inflow of about $150 million for Solana, compared to Ethereum’s net inflow of approximately $70,000. Total Transferred Amount Between Bridges, April 2023 – June 2024 DEX volumes In terms of DEX volumes, Solana has also performed excellently. It has begun to match or exceed Ethereum’s trading volumes on several occasions. This is significant because Solana’s market cap is about $63 billion, much smaller than Ethereum’s $430 billion. Additionally, Solana’s token was launched only four years ago, compared to Ethereum’s nine years in the market. Despite being newer and smaller, Solana’s ability to compete with Ethereum in DEX volumes showcases its potential. DEX Trading Volumes, January 2024 – June 2024 Stablecoin transfer volumes Solana’s high stablecoin transfer volumes stem from its fast transaction speeds and low fees, making it attractive to users. The network’s ability to process many transactions efficiently supports high-volume activity. Additionally, Solana’s focus on scalability and user-friendly experience further drives its dominance in stablecoin transfers. Stablecoin Transfer Volumes, January 2024 – June 2024 Revenue Solana’s revenue has surged to 50% of Ethereum’s in mid 2024, an unprecedented high. Historically, during the peak activity periods of 2021 and 2022, Solana’s revenue was less than 1% of Ethereum’s. At the beginning of 2024, this figure was approximately 10%. This dramatic increase in revenue ratio indicates Solana’s growing usage and economic activity on the network. Solana’s Revenue, April 2020 – June 2024 Conclusion Solana’s narrative as a centralized and unreliable network does not hold up against the actual data. With its robust technical capabilities and growing adoption, Solana demonstrates significant progress and resilience. The Nakamoto coefficient shows Solana’s decentralization is more favorable than Ethereum’s, with fewer entities required to collude to disrupt the network. Although not as decentralized as Bitcoin, Solana still maintains a substantial level of decentralization, which contributes to its security and reliability. Network stability, often criticized due to past outages, shows marked improvement, with substantial uptime and continuous enhancements. Solana’s strategic focus on high performance and scalability results in occasional instability but also rapid innovation and resilience akin to iterative development seen in other cutting-edge tech fields. Metrics such as daily active wallets, inflows and outflows, decentralized exchange volumes, and revenue indicate Solana’s rising prominence in the cryptocurrency ecosystem. Despite its smaller market cap and younger age, the network’s ability to handle high transaction volumes at low costs positions it as a formidable competitor to Ethereum. Overall, Solana’s performance and growth reflect a platform that is not only maturing but also setting new standards in the industry, challenging prevailing negative perceptions and establishing itself as a valuable asset in the market. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

很少有平臺像 Solana 一樣受到如此多的質疑。批評者經常將其描述爲一個頻繁中斷的集中式網絡。然而，這種說法與 Solana 生態系統中見證的實際數據和進展不符。本文試圖通過全面分析 Solana 的關鍵指標來揭穿這些誤解。
與普遍的負面看法相反，Solana 在多個方面都表現出了顯著的增長和創新。其網絡上交易的穩定幣數量不斷增加，與以太坊相比，去中心化交易所 (DEX) 的交易量更高，凸顯了 Solana 不斷擴大的實用性。此外，該平臺卓越的數據吞吐量展示了其技術能力和彈性。此外，新地址和每日活躍用戶的激增進一步反映了更廣泛的加密社區日益增長的信心和採用率。
通過研究這些指標，本文旨在提供一個平衡的、數據驅動的視角，說明爲什麼截至 2024 年 6 月，Solana 是加密貨幣市場中被低估的資產。
目錄
集權
穩定
Solana 的數據
結論
集權
區塊鏈網絡的去中心化程度非常複雜，不能僅根據一個指標來評估。深入研究哪個網絡真正實現了去中心化，需要花費整篇文章的時間。因此，我們將重點關注 Nakamoto 係數。Nakamoto 係數衡量網絡中需要合謀破壞系統所需的最小實體數量。對於像 Solana 和以太坊這樣的權益證明網絡，33% 的股權非常重要，而對於像比特幣這樣的工作量證明網絡，51% 的控制權至關重要。
截至 2024 年 6 月 20 日，Solana 擁有 1,525 名活躍驗證者，其中 20 名持有超過 33% 的股份。另一方面，以太坊擁有 1,024,619 名活躍驗證者，只有兩個實體控制着超過 33% 的股份。驗證者必須質押 32 ETH 才能成爲以太坊網絡上的節點。這裏的問題是，一個實體可以控制多個驗證者，從而掩蓋了實際的去中心化程度。
2024 年 6 月 20 日，活躍驗證者和中本聰係數
根據 Dune 的數據，Lido 和 Coinbase 持有以太坊 33% 以上的股份。如果每個節點持有 32 個 ETH，那麼在 1,024,629 個活躍節點中，這兩個實體可能控制着 432,389 個唯一驗證者。控制權集中在兩個實體手中損害了去中心化精神。
ETH 質押者餅圖，2024 年 6 月 20 日
對於比特幣，網絡有 17,692 個完整節點尚未被修剪，其中 7,516 個節點能夠破壞網絡。不幸的是，沒有關於每個節點單獨哈希率的信息。這個數字的計算使用了對等指數 (PIX)。PIX 值範圍從 0.0 到 10.0，根據節點的屬性和網絡指標每 24 小時更新一次，其中 10.0 是最理想的。考慮 PIX 值爲 5 或更高的節點。
有人可能會認爲，比特幣的去中心化程度應該通過哈希率分佈來評估。目前，Foundry USA 和 Antpool 兩大礦池控制着該網絡 51% 以上的哈希率。
2024 年 6 月 20 日比特幣礦池餅圖
然而，將這些礦池視爲網絡控制者是錯誤的，因爲它們是單個礦工的礦池。礦池允許礦工整合他們的計算資源，以增加他們解決區塊和獲得獎勵的機會。如果一個礦池開始惡意行爲，單個礦工可以簡單地切換到另一個礦池，從而保持網絡的去中心化。
雖然區塊鏈網絡的去中心化程度是多方面的，無法通過單一指標準確評估，但中本聰係數提供了一個有用的比較視角。Solana 的地位並不像最初看起來那麼令人擔憂。中本聰係數表明 20 名驗證者持有超過 33% 的股份，Solana 似乎比以太坊更加去中心化，以太坊只有兩個實體持有超過 33% 的股份。此外，儘管 Solana 不像比特幣那樣去中心化，但它仍然保持着強大的去中心化水平，有助於提高其安全性和可靠性。
穩定
Solana 以交易速度快、費用低而聞名，但近年來，由於多次發生網絡中斷，其網絡穩定性受到了質疑。然而，仔細觀察就會發現，情況可能被誇大了。儘管偶爾會出現故障，但從 Solana 的正常運行時間歷史記錄來看，網絡的穩定性顯而易見。
2021 年，Solana 沒有發生過中斷，並實現了全年不間斷的服務。然而，2022 年出現了顯著增長，共計 27 次中斷，總時長爲 108 小時。展望未來，2023 年出現了顯著改善，僅發生過兩次中斷，總時長爲 19 小時。2024 年，截至 6 月 19 日，該網絡僅發生過一次持續 5 小時的中斷。這些數字雖然引人注目，但只是故事的一部分。
Solana 的正常運行時間歷史記錄，2021-2024 年
考慮到正常運行時間，這些中斷僅佔總運行時間的一小部分。例如，在 2022 年，儘管發生了 27 次中斷，但網絡在全年 99.47% 的時間裏仍保持正常運行。同樣，截至 6 月中旬，2023 年的 19 小時停機時間和 2024 年的 5 小時停機時間對於穩定的性能來說微不足道。
這些中斷的主要原因是 Solana 的設計。該網絡優先考慮速度和低成本，因此吸引了大量使用。這種高流量可能導致擁塞和不穩定。例如，Solana 每 400 毫秒生成一個區塊，比其他區塊鏈快得多。由於生成速度快，當區塊創建暫停一兩個小時時，情況似乎更爲嚴重。然而，其他區塊鏈，甚至比特幣，也面臨停機。例如，在區塊 689300 之後，挖掘區塊 689301 需要兩個多小時。
Solana 不斷突破性能極限的策略使其能夠應對並解決理論模型和模擬無法預見的現實挑戰。這種方法類似於 SpaceX 從失敗中學習以實現快速創新的迭代過程。儘管一些批評者認爲 Solana 的歷史停機時間是一種負擔，但這一嚴格的測試和解決問題階段最終提供了顯著的競爭優勢。
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Solana 的數據
每日活躍錢包
Solana 目前擁有 1,600,000 個每日活躍錢包，明顯高於以太坊的 367,000 個每日活躍錢包。
2024 年 1 月至 2024 年 6 月每日活躍地址流入和流出
此外，在 2023 年 4 月至 2024 年 6 月期間，Solana 的資金流入量爲 8.0173 億美元，資金流出量爲 6.5421 億美元。相比之下，以太坊的資金流入量爲 6.9417 億美元，資金流出量爲 6.941 億美元。這導致 Solana 的淨流入量約爲 1.5 億美元，而以太坊的淨流入量約爲 70,000 美元。
2023 年 4 月至 2024 年 6 月橋樑間總轉移金額 DEX 交易量
在 DEX 交易量方面，Solana 也表現出色。它已多次開始匹敵或超過以太坊的交易量。這很重要，因爲 Solana 的市值約爲 630 億美元，遠低於以太坊的 4300 億美元。此外，Solana 的代幣僅在四年前推出，而以太坊在市場上已有九年。儘管 Solana 較新且規模較小，但它在 DEX 交易量方面與以太坊競爭的能力展示了其潛力。
DEX 交易量，2024 年 1 月 - 2024 年 6 月穩定幣轉賬量
Solana 的高穩定幣轉賬量源於其快速的交易速度和低費用，這對用戶很有吸引力。該網絡能夠高效處理大量交易，支持大量活動。此外，Solana 對可擴展性和用戶友好體驗的關注進一步推動了其在穩定幣轉賬領域的主導地位。
2024 年 1 月至 2024 年 6 月穩定幣轉賬量收入
2024 年中期，Solana 的營收飆升至以太坊的 50%，創下前所未有的新高。從歷史上看，在 2021 年和 2022 年的高峯活動期間，Solana 的營收不到以太坊的 1%。2024 年初，這一數字約爲 10%。營收比率的大幅上升表明 Solana 在網絡上的使用率和經濟活動不斷增長。
Solana 2020 年 4 月至 2024 年 6 月收入總結
Solana 作爲一箇中心化且不可靠的網絡的說法與實際數據不符。憑藉其強大的技術能力和日益增長的採用率，Solana 表現出了顯著的進步和韌性。中本聰係數表明，Solana 的去中心化程度比以太坊更高，需要更少的實體來串通以破壞網絡。儘管不像比特幣那樣去中心化，但 Solana 仍然保持了相當程度的去中心化，這有助於提高其安全性和可靠性。
網絡穩定性曾因過去的中斷而受到批評，但現在已經有了顯著改善，正常運行時間大幅增加，性能不斷增強。Solana 的戰略重點是高性能和可擴展性，這雖然偶爾會出現不穩定的情況，但同時也帶來了快速的創新和彈性，類似於其他尖端技術領域的迭代開發。
每日活躍錢包數量、流入和流出量、去中心化交易所交易量和收入等指標表明 Solana 在加密貨幣生態系統中的地位日益提高。儘管 Solana 的市值較小且成立時間較短，但該網絡能夠以低成本處理大量交易，使其成爲以太坊的強大競爭對手。
總體而言，Solana 的表現和增長反映出該平臺不僅正在成熟，而且還在行業中樹立了新的標準，挑戰了普遍存在的負面看法，並將自己確立爲市場上的寶貴資產。
披露：本文不代表投資建議。本頁內容和材料僅供教育之用。