由于 Pump.fun 启动失败导致 SOL 代币冻结， Solana循环供应量减少
由于存款在失败的启动中仍然被锁定，急于创建 meme 代币已经造成了Solana (SOL) 的深坑。 Pump.fun 在联合曲线阶段可能仍持有超过 98% 的代币及其 SOL 存款。
Solana （SOL）可能有一个计划外的工具来锁定其代币——Pump.fun 联合trac合约。只有一小部分 meme 代币会迁移到 Raydium，将筹集到的所有流动性转移到 DEX。
一些模因最终成为了地毯拉动，将 SOL 交到了代币开发者手中。但许多代币仍然陷入困境，无法满足离开联合曲线所需的市值。在这个水平上，一些交易正在发生，包括地毯拉动。
然而，一些 SOL 仍然停留在这个水平，附着在不活跃的、几乎未知的模因上。
SOL 流入联合曲线trac，减少自由供应
截至 11 月 29 日，Pump.fun 已促成总计 4,022,404 个新代币的创建，并且每天都会有数以万计的新代币被创建。对于每个代币，都会存入一些 SOL，直到项目达到逃逸估值才能添加到 Raydium。 Pump.fun 仍然是Solana上生成代币的主要来源，占所有资产的 70%，其余 30% 由其他项目和工具创建。
根据粗略计算，Pump.fun 上停滞的联合曲线平均每个代币可能保持 3,471 美元。由于混乱的未经审核的内容而导致直播被禁用后，Pump.fun 代币可能会面临更加困难的营销来提高流动性。
锁定在联合曲线代币中的 SOL 可能来自试图狙击资产的创建者、机器人和早期交易者。
另外很大一部分代币仍在联合曲线范围内交易，流动性极低。据可能夸大的估计，他们在 4.748 亿代币的总供应量中锁定了超过 5800 万个 SOL。其他人查询了更新的快照，得出的锁定 SOL 数字要低得多。
另一种估计揭示了联合曲线的更大周转率。即使在当前活跃期，实际锁定的SOL数量为162,789 SOL。
我询问了Solana目前处于泵结合曲线
看起来接近 162K SOL
注意：这不包括分级代币
每天发行超过 6 万个代币，价格之低让我有点惊讶
显示疯狂的流失率https://t.co/PvQAE3hvCv pic.twitter.com/nbbhL0DeHU
—尤文 (@notjuve) 2024 年 11 月 28 日
One of the reasons is that the long tail of tokens has a much lower value, and the tokens that draw in the most SOL end up leaving Pump.fun trading very fast.
Even if SOL is harvested from those meme pairs, Pump.fun remains a sinkhole for tokens, which are not used in other parts of the ecosystem.
SOL effectively becomes deflationary and valuable, with no pressure to trade or sell for stablecoins. One concern is that SOL is produced at a close to 5% inflation rate from validator rewards. However, the SOL locked in DeFi and meme tokens help to offset that amount.
More than 23% of the total Solana supply comes from the planned inflation rate. Solana is more than 91% unlocked, and at that stage, the market price shows no significant selling pressures. The only question is whether the meme token run is sustainable both in terms of new launches and in subsequent trading for top tokens.
Raydium locks in peak value
While only a few tokens graduate to the Raydium DEX, the ones that reach that level have contributed to a new record in value locked.
On Raydium, liquidity pairs rose to more than $2.3B in value locked, in addition to the highly active daily turnover.
The entire value locked on Solana is now above $9B, based on both DEXs and lending protocols. Pump.fun is still far from that valuation, but it has certainly shown a significant turnover of SOL in the meme token trenches.
As of the end of November, Solana, Jito, and Raydium rank among the top 5 in fee production, far surpassing even Ethereum, which has plummeted to 20th position. High demand keeps SOL near its peak, trading at $240.55.
Bot activity on Solana increased significantly in the past two months. As of November 29, Solana carried 87% of all bot traffic, up from around 50% in early October.
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