由於 Pump.fun 啓動失敗導致 SOL 代幣凍結， Solana循環供應量減少
由於存款在失敗的啓動中仍然被鎖定，急於創建 meme 代幣已經造成了Solana (SOL) 的深坑。 Pump.fun 在聯合曲線階段可能仍持有超過 98% 的代幣及其 SOL 存款。
Solana （SOL）可能有一個計劃外的工具來鎖定其代幣——Pump.fun 聯合trac合約。只有一小部分 meme 代幣會遷移到 Raydium，將籌集到的所有流動性轉移到 DEX。
一些模因最終成爲了地毯拉動，將 SOL 交到了代幣開發者手中。但許多代幣仍然陷入困境，無法滿足離開聯合曲線所需的市值。在這個水平上，一些交易正在發生，包括地毯拉動。
然而，一些 SOL 仍然停留在這個水平，附着在不活躍的、幾乎未知的模因上。
SOL 流入聯合曲線trac，減少自由供應
截至 11 月 29 日，Pump.fun 已促成總計 4,022,404 個新代幣的創建，並且每天都會有數以萬計的新代幣被創建。對於每個代幣，都會存入一些 SOL，直到項目達到逃逸估值才能添加到 Raydium。 Pump.fun 仍然是Solana上生成代幣的主要來源，佔所有資產的 70%，其餘 30% 由其他項目和工具創建。
根據粗略計算，Pump.fun 上停滯的聯合曲線平均每個代幣可能保持 3,471 美元。由於混亂的未經審覈的內容而導致直播被禁用後，Pump.fun 代幣可能會面臨更加困難的營銷來提高流動性。
鎖定在聯合曲線代幣中的 SOL 可能來自試圖狙擊資產的創建者、機器人和早期交易者。
另外很大一部分代幣仍在聯合曲線範圍內交易，流動性極低。據可能誇大的估計，他們在 4.748 億代幣的總供應量中鎖定了超過 5800 萬個 SOL。其他人查詢了更新的快照，得出的鎖定 SOL 數字要低得多。
另一種估計揭示了聯合曲線的更大週轉率。即使在當前活躍期，實際鎖定的SOL數量爲162,789 SOL。
我詢問了Solana目前處於泵結合曲線
看起來接近 162K SOL
注意：這不包括分級代幣
每天發行超過 6 萬個代幣，價格之低讓我有點驚訝
顯示瘋狂的流失率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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