加密二狗

8年加密老韭菜；研究加密增长和赚钱方法；NFA

[加密二狗 @CryptoAlphaDog]

🟣How to Make Solana Great Again？🟣
本文旨在从经济模型到生态二次发展，建立一个在ICM大叙事之下的小的发展性战略“ $SOL Focus战略”，该战略的北极星目标是提高SOL的价值捕获能力，从而激励生态的发展，并服务ICM的大叙事。

1⃣经济模型调整
@solana 目前的通胀率过高已经影响了生态的发展，这也是为何SIMD0228被提出的原因。因此，#Solana 的通货膨胀率确实需要进行调整。那么具体要调整到多少呢？可以先设定一些软性条件来确定最终的通胀率以及Staking奖励：

①2%的最终通胀率是比较合适的。
美联储也认同这一标准，2020年其明确将 “平均通胀目标制” 纳入政策框架，虽允许短期通胀略高于2%以弥补此前低于目标的时期，但长期仍以2%为核心锚点，认为这一水平最有利于维持经济稳定增长。这一逻辑同样适用于Solana生态的长期稳定发展。

②不宜让SOL通缩。
SOL通缩虽然看起来会让SOL升值，但是我们仍然需要明白一点，Solana作为高性能区块链基础设施，其增值的主要动力���该是来自于Solana本身的生态发展与性能提升，而不是来自于通缩。SOL通缩会让持有者减少将SOL投入到生态使用（如质押、DeFi、NFT 交易等）的意愿，这会抑制生态的活性与创新。所以，我们也不宜让SOL通缩。

③SOL的Staking收益要高于美国国债的平均收益率。
RWA是目前火热的方向，也会是未来的重大发展方向，它也是符合ICM战略的重要叙事防线，它将会为整个加密行业带来海量的流动性和来自现实世界中最低风险收益率的产品，比如美国国债，因此Solana生态一定会吸纳到美国国债相关的RWA产品。而Solana的Staking收益是Solana生态上原生的最低风险收益率的产品，两者一定会发生一定的竞争，鉴于美国国债的风险是低于Solana的Staking的，因此Solana的Staking收益必须要高于美国国债才能带来竞争力。美国国债的平均收益率大概为百分之四点几，因此 SOL 的 Staking 收益最好要高于这个值。

④SOL是否需要截留一部分通胀资金用于长期的发展呢？（这一点是需要考量的）
如果能将每年通胀率的固定百分比单独提取出来作为一个国库，该国库可以定向的用于长期的生态建设以及预留一部分作为，是否会更加提高Solana生态的吸引力呢？至于该国库具体用于哪些方面，请见下面第三点。

结论：
基于以上的软性条件和Solana的基础背景，我们可以设计SOL的最初通胀率为3%，其中的0.5%固定汇入一个国库确保国库有稳定的收入用于生态建设。剩下的2.5%用于奖励支持Staking的参与者，目前65%的Staking比例较高，当通胀调整后，会迫使一些Staking参与者选择解绑并将SOL投入到生态中获取更高的收益，如果按照50%的Staking比例，可以大概能确保验证者能获得5%左右的收益，略高于美国国债收益，以维持生态的健康运转与吸引力。

2⃣稳定币战略
Solana需要一个基于SOL生成的稳定币。

原因如下：
现阶段的许多公链与生态的关系属于此消彼长的情况，比如像https://t.co/k1umL22dis这种项目商业模式上会让SOL作为其应用的参与资产，从而收集大量的SOL，但是他们获利时又会大量抛售SOL来增强自身，这就会制约SOL本身的增长。

其次，SOL的价格波动本身也会影响Solana生态中的许多项目的发展，生态的繁荣与否与价格高度相关，但这与现实世界的定价方式相悖。

传统上市公司中，商业运营（法币结算的供需体系）与股票市场（股权价值体系）本质上是隔离的——实体经营决定股票表现，但股价波动不会直接影响日常运营。例如瑞幸咖啡即便遭遇股市危机，仍能通过在商业经营上的积极运作创收。

但Crypto世界的单币体系打破了这种隔离机制：同一代币既承担网络的商业场景的主要标的（比如作为Gas费，或者用于参与某些应用类项目的门票），又充当资本市场的投资标的。

这形成了危险的“双螺旋效应”，当代币价格上涨时，市场情绪推动生态虚假繁荣；价格暴跌时，开发者收入锐减导致项目运维困难。这样就好比是某个项目正在正常经营，仅仅是因为其币价大跌，就会直接影响项目的正常经营，这显然不符合常理，但这却是当下Crypto市场的常见情况。

因此，如何保证项目的经营不被资本市场影响，而是其经营情况受供需关系影响，是当前Solana乃至整个Crypto市场都需要解决的问题。

那么，如果将其中的商业模式中流通的代币换成稳定币，似乎就可以同时解决上述两大问题。

如果Solana的生态应用大量采用基于SOL生成的稳定币，那么他们收集了这些稳定币后套现时就会大幅降低对SOL的冲击。同时，SOL的价格也不再会对其正常经营造成影响，避免了双螺旋效应的产生。一旦大量的应用都采用基于SOL的稳定币用于商业中，当SOL的价格下跌时，不会过多冲击这些应用的商业运行，而这些生态的稳定运行反过来还会对SOL的价格形成一定的支撑。

该策略还能吸纳大量的SOL被锁仓在这样的稳定币应用中，并且还可以衍生出Curve这类应用，而大量的稳定币还可以与Payment生态结合起来，由Solana官方推出的Payment App，首先支持基于SOL推出的稳定币，也支持USDT/USDC等。

此外，ICM战略中不仅有纯金融类的应用，也有传统业务通过Web3的方式来实现的场景，而这一类项目通常会使用稳定币或者直接是美元的形式进行流通，如果官方构建了基于SOL的稳定币之后，并且建立一个公司专门做链下美元兑换链上的基于SOL的稳定币的业务，那么就可以吸引许多传统业务直接在Solana上进行Web3化，进一步丰富Solana的生态。

当然，更重要的一点是该稳定币可以不只是将SOL作为抵押物，还可以将更多的资产比如ICM相关的资产，作为抵押物，为ICM的大量资金找到可以参与的应用，也可以进一步赋能该稳定币，带来额外的利息，吸引更多人使用或持有，加速Solana稳定币生态的发展。

3⃣SOL的可持续发展
在现实世界中经常会有这样的刺激经济的方式：税收收集起来汇入国库，国库的一部分作为消费券免费给到用户，鼓励用户消费，再借助这些消费带来的商业行为产生新的税收，从而形成一个循环，既能定向地刺激想要的方向的发展还能确保经济是可持续发展的。

这一点对于公链来说同样适用。许多公链的冷启动就是靠着公链推出激励计划，配合应用吸引用户参与，用户参与一些早期项目既可以获得公链的奖励还能获得这些应用项目给的奖励，一举多得。但是许多公链没有设计可持续的激励计划以及Token价值捕获能力，所以许多公链没有充足的资金持续激励生态，难以长期发展起来。

所以，Solana的发展需要一套长期激励机制来实现可持续发展。这也是为何我会在第一点里提到要划出一部��通胀资金作为国库来使用。

国库的具体使用可以用于以下几大方面：
①定期激励（比如每季度）高TVL和高交易频率的应用的用户（这个激励是作为一个长期性永久不变的激励方向，旨在长期激励更多的SOL被锁仓以及更多的转账带来更多的燃烧，以提高SOL从生态中的价值捕获能力）

②定期激励某些特定方向（比如某季度会激励AI应用类项目、下一季度又可以设定成当前比较流行或者更有前景的方向比如RWA类项目，类似于政府的专项基金以定向支持某些特定产业）

③定向支持采用基于SOL的稳定币的项目，对采用率更多的项目的用户进行空投。

④定向支持符合ICM战略的项目

⑤发展调控储备金，平时长期锁在国库中，当Staking比例过低时才被拿出来使用，用于激励更多人参与Staking以确保Solana的网络安全。

这五大方面的资金总共是占通货膨胀率的0.5%，至于每一项是占其中多少，是均分还是采取不同的百分比，这个可以再进一步考虑，但是有一个这样的国库，并为整个Solana提供持续地且有发展导向的国库是十分必要的。

微调燃烧机制：
目前，燃烧机制是基础费用是50%销毁、50%分配给验证者的机制，优先费用是100%分配给验证者。只靠现在的方式燃烧的比例大概只有总量的0.3%左右，无法将最终的通胀率调整到较为理想的2%。

优先费可以看作是当Solana网络繁荣时带来的超额收益，这部分本就应该与SOL的价值挂钩才对，让Solana的网络繁荣与SOL的价值捕获高度绑定。所以，出于以上两点原因，我提议是否可以将优先费100%分配给验证者改为70%分配给验证者20%销毁10%回流到国库，从而让国库也能从生态发展中获得增长，从而形成一个回收-支出-再回收的良性循环。

这样，既能加大SOL从Solana生态中捕获价值的能力，还能配合刚刚提出的国库里设计的定期激励，加速更多的燃烧，加速价值捕获，这样就能实现最终将通货膨胀率调整到2%左右的目标。

4⃣Solana官方应用的必要性以及战略意义
公链推出官方应用将会成为必然的流行趋势。主要原因有以下几大方面：

①公链需要掌握该链上的一些核心应用，以确保这些核心应用的运转能够切实地赋能��链币，并且核心应用对生态有着至关重要的作用，如果一旦出现问题会影响整个公链的其他许多应用的发展，因此这些应用掌握在公链团队手上是最佳的方式。

比如Base链上的DEX @AerodromeFi 就是Base团队与其他成熟的DeFi团队Velodrome一起联合推出的。而DEX带来的营收也可以继续支持Base团队做更多的事。即使该DEX出现问题，背后还有公链团队为其提供许多可以做支撑的动作。但如果是第三方团队，可能被盗后会一蹶不振，甚至rug，那样会对生态造成巨大损失。这一类项目有哪些呢，DEX、超额抵押稳定币项目、Curve等等。这些方向都是适合Solana官方去做一个Solana上的对应版本的。

②公链需要将核心应用带来的增长准确地赋能到公链币上，而不是被生态应用抢夺了赋能的能力。

公链生态的应用可以有非常多不同的商业模式以及经济模型，这些应用有的会收集大量的公链币，并通过抛售锁定收益，比如https://t.co/k1umL22dis，这又会对SOL带来许多抛压，如果官方推出一个与https://t.co/k1umL22dis同样功能的应用，官方能收集大量的SOL，它可以决定如何更好地处理这部分SOL从而减少对生态的影响，比如它可以决定将这部分收入投入到超额抵押稳定币协议中，生成稳定币再将利润花出去。又或者，官方要求用户必须使用基于SOL的超额抵押稳定币来参与该应用。这样的设计既可以减少对生态的影响，反而还会促进生态对SOL提高需求，加速SOL的价值捕获。

类似的案例则是 @virtuals_io ，它让用户必须使用Virtual代币去参与Virtuals Protocol的打新，并且新产生的代币也必须要与Virtual代币形成交易对才能进行交易，虽然这样设计的原因之一是因为Base链没有自己的公链代币，但是像类似的设计正在其他有公链币的公链上流行起来，这意味着原本属于新代币应该与公链币形成交易对的（这是普遍的现象），但是现在经过Virtuals这样的设计之后，许多项目纷纷效仿，强制要求新代币与自己的代币形成交易对，意味着原本应该由公链币捕获的价值，被这些应用项目捕获到自己的代币上了。

所以，为了应对这样的趋势，公链项目必须亲自下场去争夺生态的赋能。

③其他公链正带来竞争压力
目前，越来越多的“公链基础设施+官方应用”的组合正在被推出。单一的靠区块链技术本身带来的优势和靠自身生态赋能的能力正在衰弱，许多项目都在寻求外部资本能够持续赋能区块链的方式，目前最有效且最直接的方式就是交易所赋能。

有原本是做应用出身的，随着应用做得越好，他们尝试做成公链那样发展自己的生态，比如HyperLiquid就是先做出了一个许可链的链上合约应用，之后再做了一条EVM链去发展生态，属于是交易+公链生态的逻辑。这一类的应用正在被学习借鉴中，比如支付巨头Stripe与加密投资公司Paradigm正携手孵化一个专为稳定币支付打造的新区块链项目 @tempo ，就很可能是支付+公链生态的逻辑。

此外，像Base Chain和BNBChain也是一个典型的交易巨头+公链生态的组合，只不过两者都是借助了CEX为公链赋能。

两种方式都有相似之处，就是这些公链已经不满足于本身的公链上的应用带来的增长了，他们都在公链之外找到了能持续带来现金流的业务再与自身的生态结合，这属于是有额外的正外部性资源导入。以前有FTX交易所为Solana生态赋能，但是如今已经没有额外的正外向性资源为Solana持续注入新的活力了。但是如果再去找一个交易所合作，���免出现FTX那种自身无法控制的情况，因此，Solana不得不也必须去构建出属于自己的正外向性赋能。

具体需要做什么���？

Solana需要构建一个许可链来做官方的链上交易所（包括现货和期货，这是远期目标），为什么需要官方来做而不是通过集结多个第三方项目来做成一个组合，是因为第三方项目不可能围绕SOL的价值捕获来构建，他们会发币，因此他们的商业模式更多的是为了赋能他们自己的代币。Solana需要把对SOL的赋能，从基础设施扩大为基础设施+官方应用集合，而官方应用的商业模式赚取的钱又可以源源不断地投入到Solana的建设中，形成高效的联动。为什么需要构建一个许可链来做链上交易所而不是直接在Solana上构建，是因为只有在许可链上性能和体验才能做到跟CEX类似，这也是HyperLiquid的优势之一。

其次，HyperLiquid的日益增长显示出链上的合约和现货交易一定是未来的重要增长市场，而这个市场绝不可能只有HyperLiquid一家独大，一定会有新的竞争者加入，既然如此，为��不能是Solana去早一点参与竞争呢？而且Solana本链上原本就有大量的资金、用户和项目，如果有一个这样的Solana版的HyperLiquid一定能够再次激活Solana生态，就像Coinbase赋能 @base 链、Binance赋能BNBChain那样。Solana也需要一个能够持续产生现金流的应用不断地作为外正向性支持来赋能SOL，而且Solana还可以构建一个比HyperLiquid某些方面做的更好的功能。比如传统机构进入ICM的核心顾虑是 “合规性与安全性”，官方许可链交易所可通过 “监管对接 + 托管保障” 打消其顾虑，成为ICM的 “机构入口”。

该许可链可能是与一些Solana做Layer2 Stack的项目（比如HyperGrid、或者Altlayer）合作推出的一个许可链，也可以通过Solana官方自主构建Layer2 Stack来构建，为什么需要构建Layer2 Stack，是因为对于更大的ICM叙事是非常必要的，因为许多传统企业和资方进入链上发展经济通常会有两种方式，一种是直接在某公链上构建应用；另一种则是发行他们自己管理和控制的Layer2，并在该Layer2上构建应用并发展出应用生态。选择后者的原因不只是为了更快的速度和更低的费率，还在于这样的Layer2对于他们来说有主权性，他们能够更直接的控制该链的发展，并且不受Layer1其他应���的影响（比如如果选择第一种方式发展，如果Layer1因为某个应用太火爆造成该链的性能降低并且短时间内Gas费提高太多会反而影响自身应用的正常运转），并且在该Layer2上既可以发展出更多的应用生态而不是只是一个应用，并且Layer2还能捕获这些应用带来的赋能。这也是Robinhood想要推出Layer2、以及Stripe想要推出Layer1的原因之一。主权应用链会是未来潜在的发展方向，Solana的Layer2 Stack能够很好地实现这一叙事方向。

此外，Solana的Layer2还可以同时支持SVM和EVM，而且在Layer2上SVM和EVM还可能实现流通性的打通，能吸引那些想要基于EVM的技术但其商业模式又需要更低的费率和更高性能的项目到Solana生态中，如果技术上可以实现，那么以太坊生态迁移到Solana生态很可能会成为新的流行趋势。（Solana的发展潜力应该是围绕着SOL代币，和Solana整体的网络，而不一定是围绕着SVM）有了官方的Layer2 Stack，许多应用场景可以进一步迁移到Layer2中，比如有一条专门的链来支持Solana上的DePIN项目，或者有一条专门的链来支持支付场景，来减轻主链的负担。如果进一步拓展的话，

当然，官方也需要开发出一个能够链接这些Layer2的桥，这个桥也会带来巨大的回报，但是这些回报可以用于反哺SOL的价值。

不过需要注意的是，如果Layer2会让整个网络从手续费中捕获的价值降低，因此，前期可以考虑先完成官方Layer2的许可链来制作一个Solana版本的 @HyperliquidX ，这个优先级最高。

综上所述，这几条战略环环相扣，不仅会为Solana带来更多新的应用类型，丰富Solana的生态，还能为SOL提供多种价值捕获方式，并且让SOL能够正确地从生态中捕获价值，同时也能为ICM战略能够更好地实施打下坚实的基础，因为ICM战略需要一个低通胀的环境来鼓励更多符合ICM战略的新应用发展，同时一个稳定的生态也利于获得传统资金的认可，愿意更多地参与到Solana生态中。而且随着越来越多的链都有交易所（CEX/DEX/PERP）赋能，Solana也需要为未来可能面临的竞争提前做好充分准备。

后记
近期，@BNBChain 生态掀起了一股热潮，生态活跃度迎来第二春，虽然许多人会将BNB的这一波小高潮看作只是短暂的兴起，但是实际情况是，行业会有两条路径发展，一条就是不断有新的热点来引领大家情绪带来众多的拉高出货，但是这其中一定会有暴富机会，会吸引资金和用户以及开发团队围绕着这一路径摸索出更高效的产品和工具。

另一条路径，则是更能推动行业发展的更本质的刚需，比如RWA、AI、DePIN等方向，对于公链/DEX/CEX来说，最好的方式是两条路径都需要积极拥抱，因此，Solana可以在一定程度上借鉴BNBChain在第一条路径上的经验，同时还能基于自身独有的优势探索第二条路径。

本文便是在第二条路径上所做的一些思考，当然本文提到的战略只是第一步，当第一步真正迈出之时还将会有第二步的战略，希望有机会能进一步分享。

一些问题的解答：
Q：这么做是否太过中心化？
A：对于公链来说技术可以去中心化，但是经营上则需要主心骨来引导发展，否则很可能会在激烈竞争中被淘汰。因此，一定程度的中心化经营是可以的。

Q：关于文章里提到的一些改动的数据是否有更合适的数据？
A：数据肯定不是最终的，需要进一步讨论，但是整体运行的思路则是相对比较确定的。行业的发展格局将大概率会让公链/DEX/CEX都成为竞争对手。所以，需要��做准备和规划。

Q：文章里提到的许多应用比如稳定币协议已经有现成的项目了，为何还需要官方来做？
A：基于SOL的稳定币协议将会是最重要的DeFi金融基础设施之一，并且与SOL密切相关，必须要有官方团队来掌控，因为如果是第三方的协议，那么该协议的发展将会是以自身的增长为目标，而不会更关心对SOL的影响，而官方来做的话，能够让其中的经济流动为SOL带来资金上的回购与再分配。

以上只是关于Solana增长方面的一些简单思考，希望各位看官可以畅所欲言，交流更多心得。

我是二狗，欢迎大家关注我，交流更多加密发展趋势。 @SolanaFndn @Solana_zh @calilyliu

[加密二狗 @CryptoAlphaDog]

@_FORAB 之后又做了什么过渡的呢？

[加密二狗 @CryptoAlphaDog]

@sentient_zh 三个取名思路：
1、神性：“神��� 喻指 AGI 的超卓感知与通用潜能，“性” 点明其智能本质与开源普惠的核心属性。
2、神信：“神” 凸显 AGI 的顶尖感知智能，“信” 承载开源社区的协作信任与精神坚守。
3、圣芯：“圣” 彰显开源 AGI 的顶尖技术与开创性，“芯” 既指智能核心架构，也暗合开源生态的技术根基。

[加密二狗 @CryptoAlphaDog]

@UP15852474 @connectfarm1 项目是着眼点，很多新公链���很缺生态项目，没有着眼点，就没有根基，就很难发展出坚实的底蕴。老公链跟新公链最大的差距就在此。

[加密二狗 @CryptoAlphaDog]

@tychozzz 还得是编程出身才写的通俗易懂一些，x402现在需要在资本市场上得到广泛的认可，需要跑出一个100m+市值的代表性项目来带动整个板块的增长。

[加密二狗 @CryptoAlphaDog]

@Hutflow 哥，可以进群吗？

[加密二狗 @CryptoAlphaDog]

Bitcoin should do more. Now it can.
Sign and have your support recorded at https://t.co/JOtockA4nO.

[加密二狗 @CryptoAlphaDog]

@binancezh 如果x402这个赛道被认可了，那么后面很可能会有一个叫 x402 的币跑出来。

[加密二狗 @CryptoAlphaDog]

如果x402这个赛道被认可了，那么后面很可能会有一个叫 x402 的币跑出来。

[加密二狗 @CryptoAlphaDog]

@BinanceWallet 上一波 $ORDI 大涨，就是 @Binance 上线，代表着对铭文这一赛道的确定，现在 @Binancewallet 确定了x402的列表，也预示着对这一赛道的确定，那么目前的x402龙头很可能就是 $PING 了，如果往上看至少100M可以看得到，距离现在还有一倍多的空间。

[加密二狗 @CryptoAlphaDog]

上一波 $ORDI 大涨，就是 @Binance 上线，代表着对铭文这一赛道的确定，现在 @Binancewallet 确定了x402的列表，也预示着对这一赛道的确定，那么目前的x402龙头很可能就是 $PING 了，如果往上看至少100M可以看得到，距离现在还有一倍多的空间。

[Binance Wallet @BinanceWallet]

Check out the new x402 list!

Open your Binance Wallet and head to the Markets tab to discover and trade seamlessly the latest tokens.

[加密二狗 @CryptoAlphaDog]

@BTCdayu 一人之下，刺客伍六七，剑来，完美世界，一念永恒，先看完这些再说。

[加密二狗 @CryptoAlphaDog]

🟣How to Make Solana Great Again?🟣

This article aims to establish a targeted developmental strategy – the " $SOL Focus Strategy" – under the grand narrative of ICM, covering areas from tokenomic model optimization to secondary ecological development. The north star goal of this strategy is to enhance SOL's value capture capability, thereby incentivizing ecological growth and aligning with the grand narrative of ICM.

1⃣Tokenomic Model Adjustment
Solana's current excessively high inflation rate has hindered ecological development, which is precisely why SIMD0228 was proposed. Therefore, adjusting Solana's inflation rate is imperative. But what should the specific adjusted rate be? We can first define several soft conditions to determine the final inflation rate and staking rewards:

① A 2% terminal inflation rate is appropriate.
The U.S. Federal Reserve also endorses this standard: in 2020, it explicitly incorporated the "Average Inflation Targeting" framework into its policy system. While it allows short-term inflation to slightly exceed 2% to offset periods of below-target inflation, it maintains 2% as the long-term core anchor, believing this level is most conducive to sustaining stable tokenomic growth. This logic equally applies to the long-term stable development of the Solana ecosystem.

② SOL should avoid deflation.
While SOL deflation may seem to drive price appreciation, we must recognize that Solana, as a high-performance blockchain infrastructure, should derive its value growth primarily from its own ecological development and performance improvements – not deflation. SOL deflation would reduce holders' willingness to deploy SOL in ecological use cases (such as staking, DeFi, and NFT transactions), which would suppress ecological vitality and innovation. Thus, deflation for SOL is undesirable.

③ SOL's staking yield should exceed the average yield of U.S. Treasury bonds.
RWA (Real-World Assets) is a current hot trend and will be a key development direction in the future. It also serves as a critical narrative pillar aligned with the ICM strategy, as it will bring massive liquidity to the entire crypto industry and introduce products with real-world risk-free rates of return (e.g., U.S. Treasury bonds). Consequently, the Solana ecosystem will inevitably integrate RWA products related to U.S. Treasury bonds.

SOL's staking yield represents the native risk-free rate of return within the @solana ecosystem, and it will inevitably compete with RWA products. Given that U.S. Treasury bonds carry lower risk than Solana staking, SOL's staking yield must exceed that of U.S. Treasury bonds to remain competitive. Since the average yield of U.S. Treasury bonds is approximately 4%, SOL's staking yield should ideally surpass this level.

④ Should SOL earmark a portion of inflationary funds for long-term development? (This requires further consideration.)
Would it enhance the attractiveness of the Solana ecosystem if a fixed percentage of the annual inflation rate were set aside as a dedicated treasury, with funds targeted allocated to long-term ecological development and reserved for contingency use? For details on how this treasury should be utilized, please refer to Section 3 below.

Conclusion:
Based on the above soft conditions and Solana's foundational context, we can design an initial inflation rate of 3% for SOL:

0.5% of this rate will be permanently directed to a treasury, ensuring a stable revenue stream for ecological development.

The remaining 2.5% will be used to reward staking participants.

Currently, Solana's staking ratio stands at 65% – a relatively high level. After the inflation adjustment, some stakers will be incentivized to unstake and redeploy SOL into the ecosystem to pursue higher returns. If the staking ratio stabilizes at 50%, validators can expect an approximate 5% yield, slightly exceeding the yield of U.S. Treasury bonds. This will maintain the healthy operation and attractiveness of the ecosystem.

2⃣Stablecoin Strategy
Solana needs a SOL-collateralized stablecoin.

Rationale:
At present, the relationship between many public chains and their ecosystems exhibits a zero-sum dynamic. For example, projects like https://t.co/k1umL22dis require SOL as the participation asset for their business model, allowing them to accumulate large amounts of SOL. However, when these projects realize profits, they often sell off SOL to strengthen their own operations – which restricts SOL's inherent growth.

Secondly, SOL's price volatility directly impacts the development of many projects within the Solana ecosystem. The prosperity of the ecosystem is highly correlated with SOL's price, which contradicts real-world pricing mechanisms.

In traditional public companies, business operations (fiat-settled supply and demand systems) and stock markets (equity value systems) are inherently isolated: entity operations determine stock performance, but stock price fluctuations do not directly affect daily operations. For instance, even amid a stock market crisis, Luckin Coffee was able to maintain revenue growth through proactive business operations.

However, the single-token system in the crypto world breaks this isolation: a single token simultaneously serves as the primary medium for the network's commercial scenarios (e.g., gas fees, entry tickets for application participation) and as an investment asset in the capital market.

This creates a risky "double helix effect": when the token price rises, market sentiment fuels false ecological prosperity; when the price plummets, developers' incomes decline sharply, leading to difficulties in project operation and maintenance. This is analogous to a project facing operational disruptions solely due to a sharp drop in its token price – a scenario that defies common sense yet is prevalent in the current crypto market.

Therefore, ensuring that project operations are driven by supply-demand dynamics (rather than capital market fluctuations) is a critical challenge for Solana and the broader crypto market.

Replacing the tokens used in commercial scenarios with stablecoins could address both issues mentioned above:

If Solana's ecological applications widely adopt SOL-collateralized stablecoins, cashing out these stablecoins would significantly reduce selling pressure on SOL.

Meanwhile, SOL's price would no longer disrupt normal business operations, avoiding the double helix effect.

Once a large number of applications adopt SOL-collateralized stablecoins for commercial use, a drop in SOL's price will not severely impact their operations. In turn, the stable operation of these ecological projects will provide support for the prices of both SOL and their own tokens.

This strategy will also lock up significant amounts of SOL within such stablecoin applications and spawn derivative applications similar to Curve. Additionally, large-scale stablecoin adoption can integrate with the payment ecosystem: an officially launched Solana Payment App could first support SOL-collateralized stablecoins, followed by USDT/USDC and other mainstream stablecoins.

Furthermore, the ICM strategy includes not only pure financial applications but also scenarios where traditional businesses are implemented via Web3. Such projects typically use stablecoins or fiat currencies (e.g., USD) for transactions. If Solana officially launches a SOL-collateralized stablecoin and establishes a dedicated entity to handle off-chain USD-to-on-chain stablecoin exchanges, it will attract more traditional businesses to Web3-ize their operations on Solana – further enriching the ecosystem.

Most importantly, this stablecoin need not rely solely on SOL as collateral; it can also accept additional assets (e.g., ICM-related assets) as collateral. This would provide a use case for the large capital pools in ICM, enhance the stablecoin's utility by generating additional interest, and attract more users to adopt or hold it – accelerating the development of Solana's stablecoin ecosystem.

3⃣Sustainable Development of SOL
In the real world, a common economic stimulus method involves:

Collecting tax revenue into a treasury;
Distributing a portion of the treasury as consumption vouchers to encourage spending;
Generating new tax revenue through the commercial activities driven by this spending.

This creates a cycle that enables targeted stimulation of desired sectors while ensuring sustainable tokenomic development.

The same logic applies to public chains. Many public chains achieve cold start by launching incentive programs, collaborating with applications to attract users. Early users can earn both public chain rewards and application-specific incentives – a win-win scenario. However, many public chains lack sustainable incentive plans and token value capture mechanisms, leading to insufficient funds for long-term ecological incentives and hindering their long-term growth.

Thus, Solana's development requires a long-term incentive mechanism to achieve sustainability – which is why Section 1 proposes earmarking a portion of inflationary funds for a treasury.

Specific Uses of the Treasury:
The treasury's 0.5% share of the inflation rate will be allocated to five key areas (the exact percentage for each area can be further deliberated, but establishing such a treasury is essential for providing sustained, direction-driven support to Solana):

① Regular incentives (e.g., quarterly) for users of applications with high TVL and transaction frequency. This is a long-term, permanent incentive direction aimed at increasing long-term SOL lock-up and driving more transaction-based burns – ultimately enhancing SOL's value capture from the ecosystem.

② Periodic incentives for specific sectors: For example, one quarter may prioritize incentives for AI application projects, while the next quarter may focus on high-potential sectors like RWA. This mirrors government-specific funds, which provide targeted support for key industries.

③ Targeted support for projects adopting SOL-collateralized stablecoins: Airdrops will be provided to users of projects with higher stablecoin adoption rates.

④ Targeted support for ICM-aligned projects: Funding will be directed to projects that align with the ICM strategy.

⑤ Development regulatory reserves: These funds will be locked in the treasury long-term and only deployed when the staking ratio is insufficient. Their purpose is to incentivize more participants to stake, ensuring Solana's network security.

Fine-Tuning the Burn Mechanism
Currently, Solana's burn mechanism operates as follows:

50% of base fees are burned, and 50% are distributed to validators;
100% of priority fees are distributed to validators.

This mechanism only burns approximately 0.3% of SOL's total supply, making it impossible to achieve the ideal 2% terminal inflation rate.

Priority fees can be viewed as excess returns generated by Solana's network prosperity – and these returns should be aligned with SOL's value. This alignment would tightly bind network prosperity to SOL's value capture.

For these reasons, we propose revising the priority fee distribution to (The specific ratio can be further discussed.):

🔹70% to validators,
🔹20% burned,
🔹10% reverted to the treasury.

This adjustment will enable the treasury to benefit from ecological growth, creating a positive "recovery-expenditure-recovery" cycle. It will also enhance SOL's value capture from the ecosystem and, when combined with the treasury's regular incentives, accelerate burns and value capture – ultimately helping achieve the 2% terminal inflation rate target.

4⃣The Necessity and Strategic Significance of Solana's Official Applications
The launch of official applications by public chains will become an inevitable trend, driven by three key factors:

① Public chains need to control core applications
Core applications play a crucial role in empowering the public chain's token and ensuring ecological stability. If core applications encounter issues, they can disrupt the development of other ecological projects. Thus, managing these applications in-house (by the public chain team) is optimal.

For example, @AerodromeFi – the DEX on Base – was co-launched by the Base team and Velodrome, an established DeFi team. Revenue from Aerodrome can be reinvested to support the Base team's operations. Even if Aerodrome faces issues, the public chain team can provide backup support. In contrast, third-party teams may struggle to recover from hacks or even execute rug pulls – resulting in significant ecological losses.

Examples of such core applications include DEXs, over-collateralized stablecoin projects, and Curve-like protocols. These are all suitable for Solana to develop as official, native applications.

② Public chains need to ensure core applications empower the native token (which is $SOL, not third-party tokens)

Ecological applications on public chains employ diverse business models and tokenomic mechanisms. Some accumulate large amounts of the public chain's token and lock in profits by selling it (e.g., https://t.co/k1umL22dis), creating selling pressure on SOL.

If Solana officially launches an application with the same functionality as https://t.co/k1umL22dis, it can accumulate large amounts of SOL and manage it in ways that minimize ecological impact. For instance:

The revenue could be reinvested into over-collateralized stablecoin protocols to generate stablecoins, with profits used for ecological development;
Users could be required to use SOL-collateralized stablecoins to participate in the application.

Such designs would not only reduce negative ecological impacts but also increase demand for SOL and accelerate its value capture.

A relevant case is @virtuals_io , which mandates that users use Virtual tokens to participate in its token launches. Additionally, newly issued tokens must form trading pairs with Virtual tokens to be traded. While this design partially stems from @base 's lack of a native token, similar models are gaining traction on public chains with native tokens.

Traditionally, new tokens would form trading pairs with the public chain's native token – a standard practice. However, designs like Virtuals' have led many projects to mandate trading pairs with their own tokens instead. This means value that would have been captured by the public chain's token is now siphoned off by third-party application tokens.

To counter this trend, public chain projects must directly compete for ecological empowerment.

③ Competitive pressure from other public chains
An increasing number of "public chain infrastructure + official applications" combinations are emerging. The competitive edge derived solely from blockchain technology or ecological empowerment is diminishing; many projects are seeking ways to secure sustained external capital support for their blockchains – with exchange empowerment being the most effective and direct method.

Some projects originated as applications and later expanded into public chains to develop their ecosystems. For example, @HyperliquidX first launched a permissioned chain-based on-chain contract application, then built an EVM chain to grow its ecosystem – following a "trading + public chain ecosystem" logic. This model is being adopted widely: for instance, payment giant Stripe and crypto investment firm Paradigm are jointly incubating Tempo, a new blockchain project built specifically for stablecoin payments, which will likely follow a "payment + public chain ecosystem" logic.

Additionally, Base Chain and @BNBCHAIN are typical examples of "exchange giant + public chain ecosystem" combinations, both leveraging CEXs to empower their public chains.

These models share a common trait: public chains are no longer satisfied with growth driven solely by on-chain applications. Instead, they are integrating off-chain cash flow-generating businesses with their ecosystems – importing additional positive external resources.

In the past, #Solana's ecosystem was empowered by the FTX exchange, but no such external positive resources currently exist to continuously inject vitality into Solana. Collaborating with another exchange could lead to uncontrollable risks (like the FTX incident). Thus, Solana must build its own positive external empowerment.

Specific Actions Required:
Solana needs to build a permissioned chain to host an official on-chain exchange (including spot and futures trading – a long-term goal). The rationale for developing this in-house (rather than assembling third-party projects) is that third-party projects cannot be built around SOL's value capture – they issue their own tokens and design business models to empower those tokens instead.

Solana must expand its value capture from "infrastructure only" to "infrastructure + official application suite." Revenue generated by official applications should be continuously reinvested into Solana's development, creating efficient synergy.

A permissioned chain is necessary (rather than building directly on Solana's mainnet) because only permissioned chains can deliver performance and user experience comparable to CEXs – a key advantage of HyperLiquid.

Furthermore, HyperLiquid's growing success demonstrates that on-chain contract and spot trading will be a key growth market in the future. This market will not be dominated by a single player; new competitors will inevitably emerge. Solana should enter this space early to compete.

Solana's mainnet already hosts substantial capital, users, and projects – an official Solana-based HyperLiquid equivalent could reactivate the ecosystem, similar to how Coinbase empowers Base and Binance empowers BNBChain. Solana needs cash flow-generating applications to provide sustained external positive support for SOL – and it can even develop features that outperform HyperLiquid. For example, traditional institutions' core concerns about entering ICM are "compliance and security"; an official permissioned chain exchange could address these concerns through "regulatory alignment + custody guarantees," serving as an "institutional gateway" to ICM.

This permissioned chain could be co-developed with Solana Layer2 Stack projects (e.g., HyperGrid or Other Layer 2 infrastructure teams, such as Altlayer), or built independently by Solana via its own Layer2 Stack. Developing a Layer2 Stack is critical for the broader ICM narrative, as traditional enterprises and investors typically enter on-chain tokenomic development through two paths:

Building applications directly on a public chain;
Launching their own managed and controlled Layer2s, then building application ecosystems on these Layer2s.

The latter path is preferred not only for faster speeds and lower fees but also for "sovereignty": enterprises can directly control the Layer2's development and avoid disruptions from other Layer1 applications (e.g., Layer1 performance degradation or short-term gas fee surges caused by a popular application). Additionally, Layer2s enable the development of broader application ecosystems (not just single applications) and capture value from these applications. This explains why Robinhood plans to launch a Layer2 and Stripe is developing a Layer1 – sovereign application chains will be a potential future trend, and Solana's Layer2 Stack can fully enable this narrative.

Moreover, Solana's Layer2 can support both SVM and EVM, with potential liquidity interoperability between the two. This will attract projects that require EVM-compatibility but demand lower fees and higher performance – potentially making the migration of Ethereum ecosystems to Solana a new trend. (Solana's growth potential should revolve around the SOL token and its overall network, not exclusively around SVM.)

With an official Layer2 Stack, more application scenarios can be migrated to Layer2: for example, a dedicated chain for Solana's DePIN projects or a specialized chain for payment scenarios – reducing the mainnet's load. Expanding further, Solana could also develop an official bridge to connect these Layer2s; the revenue from this bridge could be reinvested to enhance SOL's value.

However, it is important to note that Layer2 may reduce value capture from fees in the short term. Thus, the highest priority in the early stages should be completing the official permissioned chain (via Layer2 Stack) to launch a Solana-based HyperLiquid equivalent.

Summary
These strategies are interconnected and mutually reinforcing. They will:

Introduce new types of applications to enrich Solana's ecosystem;
Provide diverse value capture mechanisms for SOL, ensuring it correctly captures value from the ecosystem;
Lay a solid foundation for the effective implementation of the ICM strategy (ICM requires a low-inflation environment to encourage the development of new ICM-aligned applications, and a stable ecosystem will attract more traditional capital to participate in Solana);
Prepare Solana for future competition, as an increasing number of chains are leveraging exchanges (CEX/DEX/PERP) for empowerment.

Note: The strategic insights presented in this article reflect the author's current views. If given the opportunity to communicate in depth and gain a better understanding of Solana's future plans, the author is capable of developing more aligned strategies, facilitating their implementation, and validating the author's vision for Web3 development.

AfterWord
Recently, the BNBChain ecosystem has seen a surge in momentum, and ecosystem activity has experienced a resurgence. While many may view this recent upswing of BNB as merely a short-lived boom, the actual situation is that the industry will develop along two paths:

🔹The first path involves the continuous emergence of new hot topics that drive market sentiment, leading to numerous pump-and-dump activities. However, this path will undoubtedly present opportunities for substantial gains, attracting capital, users, and development teams to explore more efficient products and tools around it.

🔹The second path focuses on more fundamental inherent needs that better drive industry development, such as directions like RWA AI , and DePIN.
For public chains, DEXs , and CEXs , the optimal approach is to actively embrace both paths.

Therefore, Solana can, to a certain extent, draw lessons from BNBChain’s experience in the first path while exploring the second path based on its own unique advantages.

This article represents some reflections on the second path. Of course, the strategy mentioned in this article is only the first step; once this first step is truly taken, there will be a second-phase strategy. I hope to have the opportunity to share more about it in the future.

Answers to Some Questions
Q: Is this approach too centralized?
A: For a public chain, technology can be decentralized, but operationally, a central guiding force is needed to steer its development. Otherwise, it may well be eliminated in the fierce competition. Therefore, a certain degree of centralized operation is acceptable.

Q: Regarding the revised data mentioned in the article, are there more appropriate data points available?
A: The data is definitely not final and requires further discussion, but the overall operational logic is relatively certain. The development pattern of the industry will most likely make public chains, DEXs, and CEXs competitors to one another. Hence, it is necessary to make preparations and plans early.

Q: The article mentions many applications, such as stablecoin protocols, for which there are already existing projects. Why is there still a need for the official team to develop one?
A: SOL-based stablecoin protocols will be among the most important DeFi financial infrastructures and are closely tied to SOL. They need to be overseen by the official team. Because if it were a third-party protocol, the development of that protocol would be aimed at its own growth and would not prioritize the impact on SOL. In contrast, if developed by the official team, the economic flows within it can drive capital repurchases and redistribution for SOL.

The above are just some brief reflections on Solana’s growth. I hope all readers can speak freely and exchange more insights.

I am @CryptoAlphaDog . Welcome to follow me to discuss more about cryptocurrency development trends. @toly @calilyliu @SolanaFndn

[加密二狗 @CryptoAlphaDog]

🟣How to Make Solana Great Again？🟣
本文旨在从经济模型到生态二次发展，建立一个在ICM大叙事之下的小的发展性战略“ $SOL Focus战略”，该战略的北极星目标是提高SOL的价值捕获能力，从而激励生态的发展，并服务ICM的大叙事。

1⃣经济模型调整
@solana 目前的通胀率过高已经影响了生态的发展，这也是为何SIMD0228被提出的原因。因此，#Solana 的通货膨胀率确实需要进行调整。那么具体要调整到多少呢？可以先设定一些软性条件来确定最终的通胀率以及Staking奖励：

①2%的最终通胀率是比较合适的。
美联储也认同这一标准，2020年其明确将 “平均通胀目标制” 纳入政策框架，虽允许短期通胀略高于2%以弥补此前低于目标的时期，但长期仍以2%为核心锚点，认为这一水平最有利于维持经济稳定增长。这一逻辑同样适用于Solana生态的长期稳定发展。

②不宜让SOL通缩。
SOL通缩虽然看起来会让SOL升值，但是我们仍然需要明白一点，Solana作为高性能区块链基础设施，��增值的主要动力应该是来自于Solana本身的生态发展与性能提升，而不是来自于通缩。SOL通缩会让持有者减少将SOL投入到生态使用（如质押、DeFi、NFT 交易等）的意愿，这会抑制生态的活性与创新。所以，我们也不宜让SOL通缩。

③SOL的Staking收益要高于美国国债的平均收益率。
RWA是目前火热的方向，也会是未来的重大发展方向，它也是符合ICM战略的重要叙事防线，它将会为整个加密行业带来海量的流动性和来自现实世界中最低风险收益率的产品，比如美国国债，因此Solana生态一定会吸纳到美国国债相关的RWA产品。而Solana的Staking收益是Solana生态上原生的最低风险收益率的产品，两者一定会发生一定的竞争，鉴于美国国债的风险是低于Solana的Staking的，因此Solana的Staking收益必须要高于美国国债才能带来竞争力。美国国债的平均收益率大概为百分之四点几，因此 SOL 的 Staking 收益最好要高于这个值。

④SOL是否需要截留一部分通胀资金用于长期的发展呢？（这一点是需要考量的）
如果能将每年通胀率的固定百分比单独提取出来作为一个国库，该国库可以定向的用于长期的生态建设以及预留一部分作为，是否会更加提高Solana生态的吸引力呢？至于该国库具体用于哪些方面，请见下面第三点。

结论：
基于以上的软性条件和Solana的基础背景，我们可以设计SOL的最初通胀率为3%，其中的0.5%固定汇入一个国库确保国库有稳定的收入用于生态建设。剩下的2.5%用于奖励支持Staking的参与者，目前65%的Staking比例较高，当通胀调整后，会迫使一些Staking参与者选择解绑并将SOL投入到生态中获取更高的收益，如果按照50%的Staking比例，可以大概能确保验证者能获得5%左右的收益，略高于美国国债收益，以维持生态的健康运转与吸引力。

2⃣稳定币战略
Solana需要一个基于SOL��成的稳定币。

原因如下：
现阶段的许多公链与生态的关系属于此消彼长的情况，比如像https://t.co/k1umL22dis这种项目商业模式上会让SOL作为其应用的参与资产，从而收集大量的SOL，但是他们获利时又会大量抛售SOL来增强自身，这就会制约SOL本身的增长。

其次，SOL的价格波动本身也会影响Solana生态中的许多项目的发展，生态的繁荣与否与价格高度相关，但这与现实世界的定价方式相悖。

传统上市公司中，商业运营（法币结算的供需体系）与股票市场（股权价值体系）本质上是隔离的——实体经营决定股票表现，但股价波动不会直接影响日常运营。例如瑞幸咖啡即便遭遇股市危机，仍能通过在商业经营上的积极运作创收。

但Crypto世界的单币体系打破了这种隔离机制：同一代币既承担网络的商业场景的主要标的（比如作为Gas费，或者用于参与���些应用类项目的门票），又充当资本市场的投资标的。

这形成了危险的“双螺旋效应”，当代币价格上涨时，市场情绪推动生态虚假繁荣；价格暴跌时，开发者收入锐减导致项目运维困难。这样就好比是某个项目正在正常经营，仅仅是因为其币价大跌，就会直接影响项目的正常经营，这显然不符合常理，但这却是当下Crypto市场的常见情况。

因此，如何保证项目的经营不被资本市场影响，而是其经营情况受供需关系影响，是当前Solana乃至整个Crypto市场都需要解决的问题。

那么，如果将其中的商业模式中流通的代币换成稳定币，似乎就可以同时解决上述两大问题。

如果Solana的生态应用大量采用基于SOL生成的稳定币，那么他们收集了这些稳定币后套现时就会大幅降低对SOL的冲击。同时，SOL的价格也不再会对其正常经营造成影响，避免了双螺旋效应的产生。一���大量的应用都采用基于SOL的稳定币用于商业中，当SOL的价格下跌时，不会过多冲击这些应用的���业运行，而这些生态的稳定运行反过来还会对SOL的价格形成一定的支撑。

该策略还能吸纳大量的SOL被锁仓在这样的稳定币应用中，并且还可以衍生出Curve这类应用，而大量的稳定币还可以与Payment生态结合起来，由Solana官方推出的Payment App，首先支持基于SOL推出的稳定币，也支持USDT/USDC等。

此外，ICM战略中不仅有纯金融类的应用，也有传统业务通过Web3的方式来实现的场景，而这一类项目通常会使用稳定币或者直接是美元的形式进行流通，如果官方构建了基于SOL的稳定币之后，并且建立一个公司专门做链下美元兑换链上的基于SOL的稳定币的业务，那么就可以吸引许多传统业务直接在Solana上进行Web3化，进一步丰富Solana的生态。

当然，更重要的一点是该稳定币可以不只是将SOL作为抵押物，还可以将更多的资产比如ICM相关的资产，作为抵押物，为ICM的大量资金找到���以参与的应用，也可以进一步赋能该稳定币，带来额外的利息，吸引更多人使用或持有，加速Solana稳定币生态的发展。

3⃣SOL的可持续发展
在现实世界中经常会有���样的刺激经济的方式：税收收集起来汇入国库，国库的一部分作为消费券免费给到用户，鼓励用户消费，再借助这些消费带来的商业行为产生新的税收，从而形成一个循环，既能定向地刺激想要的方向的发展还能确保经济是可持续发展的。

这一点对于公链来说同样适用。许多公链的冷启动就是靠着公链推出激励计划，配合应用吸引用户参与，用户参与一些早期项目既可以获得公链的奖励还能获得这些应用项目给的奖励，一举多得。但是许多公链没有设计可持续的激励计划以及Token价值捕获能力，所以许多公链没有充足的资金持续激励生态，难以长期发展起来。

所以，Solana的发展需要一套长期激励机制来实现可持续发展。这也是为何我会在第一点里提到要划出一部分通胀资金作为国库来使用。

国库的具体使用可以用于以下几大方面：
①定期激励（比如每季���）高TVL和高交易频率的应用的用户（这个激励是作为一个长期性永久不变的激励方向，旨在长期激励更多的SOL被锁仓以及更多的转账带来更多的燃烧，以提高SOL从生态中的价值捕获能力）

②定期激励某些特定方向（比如某季度会激励AI应用类项目、下一季度又可以设定成当前比较流行或者更有前景的方向比如RWA类项目，类似于政府的专项基金以定向支持某些特定产业）

③定向支持采用基于SOL的稳定币的项目，对采用率更多的项目的用户进行空投。

④定向支持符合ICM战略的项目

⑤发展调控储备金，平时长期锁在国库中，当Staking比例过低时才被拿出来使用，用于激励更多人参与Staking以确保Solana的网络安全。

这五大方面的资金总共是占通货膨胀率的0.5%，至于每一项是占其中多少，是均分还是采取不同的百分比，这个可以再进一步考虑，但是有一个这样的国库，并为整个Solana提供持续地且有发展导向的国库是十分必要的。

微调燃烧机制：
目前，燃烧机制是基础费用是50%销毁、50%分配给验证者的机制，优先费用是100%分配给验证者。只靠现在的方式燃烧的比例大概只有总量的0.3%左右，无法将最终的通胀率调整到较为理想的2%。

优先费可以看作是当Solana网络繁荣时带来的超额收益，这部分本���应该与SOL的价值挂钩才对，让Solana的网络繁荣与SOL的价值捕获高度绑定。所以，出于以上两点原因，我提议是否可以将优先费100%分配给验证者改为70%分配给验证者20%销毁10%回流到国库，从而让国库也能从生态发展中获得增长，从而形成一个回收-支出-再回收的良性循环。

这样，既能加大SOL从Solana生态中捕获价值的能力，还能配合刚刚提出的国库里设计的定期激励，加速更多的燃烧，加速价值捕获，这样就能实现最终将通货膨胀率调整到2%左右的目标。

4⃣Solana官方应用的必要性以及战略意义
公链推出官方应用将会成为必然的流行趋势。主要原因有以下几大方面：

①公链需要掌握该链上的一些核心应用，以确保这些核心应用的运转能够切实地赋能公链币，并且核心应用对生态有着至关重要的作用，如果一旦出现问题会影响整个公链的其他许多应用的发展，因此这些应用掌握在公链团队手上是最佳的方式。

比如Base链上的DEX @AerodromeFi 就是Base团队与其他成熟的DeFi团队Velodrome一起联合推出的。而DEX带来的营收也可以继续支持Base团队做更多的事。即使该DEX出现问题，背后还有公链团队为其提供许多可以做���撑的动作。但如果是第三方团队，可能被盗后会一蹶不振，甚至rug，那样会对生态造成巨大损失。这一类项目有哪些呢，DEX、超额抵押稳定币项目、Curve等等。这些方向都是适合Solana官方去做一个Solana上的对应版本的。

②公链需要将核心应用带来的增长准确地赋能到公链币上，而不是被生态应用抢夺了赋能的能力。

公链生态的应用可以有非常多不同的商业模式以及经济模型，这些应用有的会收集大量的公链币，并通过抛售锁定收益，比如https://t.co/k1umL22dis，这又会对SOL带来许多抛压，如果官方推出一个与https://t.co/k1umL22dis同样功能的应用，官方能收集大量的SOL，它可以决定如何更好地处理这部分SOL从而减少对生态的影响，比如它可以决定将这部分收入投入到超额抵押稳定币协议中，生成稳定币再将利润花出去。又或者，官方要求用户必须使用基于SOL的超额抵押稳定币来参与该应用。这样的设计既可以减少对生态的影响，反而还会促进生态对SOL提高需求，加速SOL的价值捕获。

类似的案例则是 @virtuals_io ，它让用户必须使用Virtual代币去参与Virtuals Protocol的打新，并且新产生的代币也必须要与Virtual代币形成交易对才能进行交易���虽然这样设计的原因之一是因为Base链没有自己的公链代币，但是像类似的设计正在其他有公链币的公链上流行起来，这意味着原本属于新代币应该与公链币形成交易对的（这是普遍的现象），但是现在经过Virtuals这样的设计之后，许多项目纷纷效仿，强制要求新代币与自己的代币形成交易对，意味着原本应该由公链币捕获的价值，被这些应用项目捕获到自己的代币上了。

所以，为了应对这样的趋势，公链项目必须亲自下场去争夺生态的赋能。

③其他公链正带来竞争压力
目前，越来越多的“公链基础设施+官方应用”的组合正在被推出。单一的靠区块链技术本身带来的优势和靠自身生态赋能的能力正在衰弱，许多项目都在寻求外部资本能够持续赋能区块链的方式，目前最有效且最直接的方式就是交易所赋能。

有原本是做应用出身的，随着应用做得越好，他��尝试做成公链那样发展自己的生态，比如HyperLiquid就是先做出了一个许可链的链上合约应用，之后再做了一条EVM链去发展生态，属于是交易+公链生态的逻辑。这一类的应用正在被学习借鉴中，比如��付巨头Stripe与加密投资公司Paradigm正携手孵化一个专为稳定币支付打造的新区块链项目 @tempo ，就很可能是支付+公链生态的逻辑。

此外，像Base Chain和BNBChain也是一个典型的交易巨头+公链生态的组合，只不过两者都是借助了CEX为公链赋能。

两种方式都有相似之处，就是这些公链已经不满足于本身的公链上的应用带来的增长了，他们都在公链之外找到了能持续带来现金流的业务再与自身的生态结合，这属于是有额外的正外部性资源导入。以前有FTX交易所为Solana生态赋能，但是如今已经没有额外的正外向性资源为Solana持续注入新的活力了。但是如果再去找一个交易所合作，难免出现FTX那种自身无法控制的情况，因此，Solana不得不也必须去构建出属于自己的正外向性赋能。

具体需要做什么呢？

Solana需要构建一个许可链来做官方的链上交易所（包括现货和期货，���是远期目标），为什么需要官方来做而不是通过集结多个第三方项目来做成一个组合，是因为第三方项目不可能围绕SOL的价值捕获来构建，他们会发币，因此他们的商业模式更多的是为了赋能他们自己的代币。Solana需要把对SOL的赋能，从基础设施扩大为基础设施+官方应用集合，而官方应用的商业模式赚取的钱又可以源源不断地投入到Solana的建设中，形成高效的联动。为什么需要构建一个许可链来做链上交易所而不是直接在Solana上构建，是因为只有在许可链上性能和体验才能做到跟CEX类似，这也是HyperLiquid的优势之一。

其次，HyperLiquid的日益增长显示出链上的合约和现货交易一定是未来的重要增长市场，而这个市场绝不可能只有HyperLiquid一家独大，一定会有新的竞争者加入，既然如此，为何不能是Solana去早一点参与竞争呢？而且Solana本链上原本就有大量的资金、用户和项目，如果有一个这样的Solana版的HyperLiquid一定能够再次激活Solana生态，就像Coinbase赋能 @base 链、Binance赋能BNBChain那样。Solana也需要一个能够持续产生现金流的应用不断地作为外正向性支持来赋能SOL，而且Solana还可以构建一个比HyperLiquid某些方面做的更好的功能。比如传统机构进入ICM的核心顾虑是 “合规性与安全性”，官方许可链交易所可通过 “监管对接 + 托管保障” 打消其顾虑，成为ICM的 “机构入口”。

该许可链可能是与一些Solana做Layer2 Stack的项目（比如HyperGrid、或者Altlayer）合作推出的一个许可链，也可以通过Solana官方自主构建Layer2 Stack来构建，为什么需要构建Layer2 Stack，是因为对于更大的ICM叙事是非常必要的，因为许多传统企业和资方进入链上发展经济通常会有两种方式，一种是直接在某公链上构建应用；另一种则是发行他们自己管理和控制的Layer2，并在该Layer2上构建应用并发展出应用生态。选择后者的原因不只是为了更快的速度和更低的费率，还在于这样的Layer2对于他们来说有主权性，他们能够更直接的控制该链的发展，并且不受Layer1其他应用的影响（比如如果选择第一种方式发展，如果Layer1因为某个应用太火爆造成该链的性能降低并且短时间内Gas费提高太多会反而影响自身应用的正常运转），并且在该Layer2上既可以发展出更多的应用生态而不是只是一个应用，并且Layer2还能捕获这些��用带来的赋能。这也是Robinhood想要推出Layer2、以及Stripe想要推出Layer1的原因之一。主权应用链会是未来潜在的发展方向，Solana的Layer2 Stack能够很好地实现这一叙事方向。

此外，Solana的Layer2还可以同时支持SVM和EVM，而且在Layer2上SVM和EVM还可能实现流通性的打通，能吸引那些想要基于EVM的技术但其商业模式又需要更低的费率和更高性能的项目到Solana生态中，如果技术上可以实现，那么以太坊生态迁移到Solana生态很可能会成为新的流行趋势。（Solana的发展潜力应该是围绕着SOL代币，和Solana整体的网络，而不一定是围绕着SVM）有了官方的Layer2 Stack，许多应用场景可以进一步迁移到Layer2中，比如有一条专门的链来支持Solana上的DePIN项目，或者有一条专门的链来支持支付场景，来减轻主链的负担。如果进一步拓展的话，

当然，官方也需要开发出一个能够链接这些Layer2的桥，这个桥也会带来巨大的回报，但是这些回报可以用于反哺SOL的价值。

不过需要注意的是，如果Layer2会让整个网络从手续费中捕获的价值降低，因此，前期可以考虑先完成官方Layer2的许可链来制作一个Solana版本的 @HyperliquidX ，这个优先级最高。

综上所述，这几条战略环环相扣，不仅会为Solana带来更多新的应用类型，丰富Solana的生态，还能为SOL提供多种价值捕获方式，并且让SOL能够正确地从生态中捕获价值，同时也能为ICM战略能够更好地实施打下坚实的基础，因为ICM战略需要一个低通胀的环境来鼓励更多符合ICM战略的新应用发展，同时一个稳定的生态也利于获得传统资金的认可，愿意更多地参与到Solana生态中。而且随着越来越多的链都有交易所（CEX/DEX/PERP）赋能，Solana也需要为未来可能面临的竞争提前做好充分准备。

后记
近期，@BNBChain 生态掀起了一股热潮，生态活跃度迎来第二春，虽然许多人会将BNB的这一波小高潮看作只是短暂的兴起，但是实际情况是，行业会有两条路径发展，一条就是不断有新的热点来引领大家情绪带来众多的拉高出货，但是这其中一定会有暴富机会，会吸引资金和用户以及开发团队围绕着这一路径摸索出更高效的产品和工具。

另一条路径，则是更能推动行业发展的更本质的刚需，比如RWA、AI、DePIN等方向，对于公链/DEX/CEX来说，最好的方式是两条路径都需要积极拥抱，因此，Solana可以在一定程度上借鉴BNBChain在第一条路径上的经验，同时还能基于自身独有的优势探索第二条路径。

本文便是在第二条路径上所做的一些思考，当然本文提到��战略只是第一步，当第一步真正迈出之时还将会有第二步的战略，希望有机会能进一步分��。

一些问题的解答：
Q：这么做是否太过中心化？
A：对于公链来说技术可以去中心化，但是经营上则需要主心骨来引导发展，否则很可能会在激烈竞争中被淘汰。因此，一定程度的中心化经营是可以的。

Q：关于文章里提到的一些改动的数据是否有更合适的数据？
A：数据肯定不是最终的，需要进一步讨论，但是整体运行的思路则是相对比较确定的。行业的发展格局将大概率会让公链/DEX/CEX都成为竞争对手。所以，需要早做准备和规划。

Q：文章里提到的许多应用比如稳定币协议已经有现成的项目了，为何还需要官方来做？
A：基于SOL的稳定币协议将会是最重要的DeFi金融基础设施之一，并且与SOL密切相关，必须要有官方团队来掌控，因为如果是第三方的协议，那么该协议的发展将会是以自身的增长为目标，而不会更关心对SOL的影响，而官方来做的话，能够���其中的经济流动为SOL带来资金上的回购与再分配。

以上只是关于Solana增长方面的一些简单思考，希望各位看官可以畅所欲言，交流更多心得。

我是二狗，欢迎大家关注我，交流更多加密发展趋势。 @SolanaFndn @Solana_zh @calilyliu

[加密二狗 @CryptoAlphaDog]

🟣How to Make Solana Great Again?🟣

This article aims to establish a targeted developmental strategy – the " $SOL Focus Strategy" – under the grand narrative of ICM, covering areas from tokenomic model optimization to secondary ecological development. The north star goal of this strategy is to enhance SOL's value capture capability, thereby incentivizing ecological growth and aligning with the grand narrative of ICM.

1⃣Tokenomic Model Adjustment
Solana's current excessively high inflation rate has hindered ecological development, which is precisely why SIMD0228 was proposed. Therefore, adjusting Solana's inflation rate is imperative. But what should the specific adjusted rate be? We can first define several soft conditions to determine the final inflation rate and staking rewards:

① A 2% terminal inflation rate is appropriate.
The U.S. Federal Reserve also endorses this standard: in 2020, it explicitly incorporated the "Average Inflation Targeting" framework into its policy system. While it allows short-term inflation to slightly exceed 2% to offset periods of below-target inflation, it maintains 2% as the long-term core anchor, believing this level is most conducive to sustaining stable tokenomic growth. This logic equally applies to the long-term stable development of the Solana ecosystem.

② SOL should avoid deflation.
While SOL deflation may seem to drive price appreciation, we must recognize that Solana, as a high-performance blockchain infrastructure, should derive its value growth primarily from its own ecological development and performance improvements – not deflation. SOL deflation would reduce holders' willingness to deploy SOL in ecological use cases (such as staking, DeFi, and NFT transactions), which would suppress ecological vitality and innovation. Thus, deflation for SOL is undesirable.

③ SOL's staking yield should exceed the average yield of U.S. Treasury bonds.
RWA (Real-World Assets) is a current hot trend and will be a key development direction in the future. It also serves as a critical narrative pillar aligned with the ICM strategy, as it will bring massive liquidity to the entire crypto industry and introduce products with real-world risk-free rates of return (e.g., U.S. Treasury bonds). Consequently, the Solana ecosystem will inevitably integrate RWA products related to U.S. Treasury bonds.

SOL's staking yield represents the native risk-free rate of return within the @solana ecosystem, and it will inevitably compete with RWA products. Given that U.S. Treasury bonds carry lower risk than Solana staking, SOL's staking yield must exceed that of U.S. Treasury bonds to remain competitive. Since the average yield of U.S. Treasury bonds is approximately 4%, SOL's staking yield should ideally surpass this level.

④ Should SOL earmark a portion of inflationary funds for long-term development? (This requires further consideration.)
Would it enhance the attractiveness of the Solana ecosystem if a fixed percentage of the annual inflation rate were set aside as a dedicated treasury, with funds targeted allocated to long-term ecological development and reserved for contingency use? For details on how this treasury should be utilized, please refer to Section 3 below.

Conclusion:
Based on the above soft conditions and Solana's foundational context, we can design an initial inflation rate of 3% for SOL:

0.5% of this rate will be permanently directed to a treasury, ensuring a stable revenue stream for ecological development.

The remaining 2.5% will be used to reward staking participants.

Currently, Solana's staking ratio stands at 65% – a relatively high level. After the inflation adjustment, some stakers will be incentivized to unstake and redeploy SOL into the ecosystem to pursue higher returns. If the staking ratio stabilizes at 50%, validators can expect an approximate 5% yield, slightly exceeding the yield of U.S. Treasury bonds. This will maintain the healthy operation and attractiveness of the ecosystem.

2⃣Stablecoin Strategy
Solana needs a SOL-collateralized stablecoin.

Rationale:
At present, the relationship between many public chains and their ecosystems exhibits a zero-sum dynamic. For example, projects like https://t.co/k1umL22dis require SOL as the participation asset for their business model, allowing them to accumulate large amounts of SOL. However, when these projects realize profits, they often sell off SOL to strengthen their own operations – which restricts SOL's inherent growth.

Secondly, SOL's price volatility directly impacts the development of many projects within the Solana ecosystem. The prosperity of the ecosystem is highly correlated with SOL's price, which contradicts real-world pricing mechanisms.

In traditional public companies, business operations (fiat-settled supply and demand systems) and stock markets (equity value systems) are inherently isolated: entity operations determine stock performance, but stock price fluctuations do not directly affect daily operations. For instance, even amid a stock market crisis, Luckin Coffee was able to maintain revenue growth through proactive business operations.

However, the single-token system in the crypto world breaks this isolation: a single token simultaneously serves as the primary medium for the network's commercial scenarios (e.g., gas fees, entry tickets for application participation) and as an investment asset in the capital market.

This creates a risky "double helix effect": when the token price rises, market sentiment fuels false ecological prosperity; when the price plummets, developers' incomes decline sharply, leading to difficulties in project operation and maintenance. This is analogous to a project facing operational disruptions solely due to a sharp drop in its token price – a scenario that defies common sense yet is prevalent in the current crypto market.

Therefore, ensuring that project operations are driven by supply-demand dynamics (rather than capital market fluctuations) is a critical challenge for Solana and the broader crypto market.

Replacing the tokens used in commercial scenarios with stablecoins could address both issues mentioned above:

If Solana's ecological applications widely adopt SOL-collateralized stablecoins, cashing out these stablecoins would significantly reduce selling pressure on SOL.

Meanwhile, SOL's price would no longer disrupt normal business operations, avoiding the double helix effect.

Once a large number of applications adopt SOL-collateralized stablecoins for commercial use, a drop in SOL's price will not severely impact their operations. In turn, the stable operation of these ecological projects will provide support for the prices of both SOL and their own tokens.

This strategy will also lock up significant amounts of SOL within such stablecoin applications and spawn derivative applications similar to Curve. Additionally, large-scale stablecoin adoption can integrate with the payment ecosystem: an officially launched Solana Payment App could first support SOL-collateralized stablecoins, followed by USDT/USDC and other mainstream stablecoins.

Furthermore, the ICM strategy includes not only pure financial applications but also scenarios where traditional businesses are implemented via Web3. Such projects typically use stablecoins or fiat currencies (e.g., USD) for transactions. If Solana officially launches a SOL-collateralized stablecoin and establishes a dedicated entity to handle off-chain USD-to-on-chain stablecoin exchanges, it will attract more traditional businesses to Web3-ize their operations on Solana – further enriching the ecosystem.

Most importantly, this stablecoin need not rely solely on SOL as collateral; it can also accept additional assets (e.g., ICM-related assets) as collateral. This would provide a use case for the large capital pools in ICM, enhance the stablecoin's utility by generating additional interest, and attract more users to adopt or hold it – accelerating the development of Solana's stablecoin ecosystem.

3⃣Sustainable Development of SOL
In the real world, a common economic stimulus method involves:

Collecting tax revenue into a treasury;
Distributing a portion of the treasury as consumption vouchers to encourage spending;
Generating new tax revenue through the commercial activities driven by this spending.

This creates a cycle that enables targeted stimulation of desired sectors while ensuring sustainable tokenomic development.

The same logic applies to public chains. Many public chains achieve cold start by launching incentive programs, collaborating with applications to attract users. Early users can earn both public chain rewards and application-specific incentives – a win-win scenario. However, many public chains lack sustainable incentive plans and token value capture mechanisms, leading to insufficient funds for long-term ecological incentives and hindering their long-term growth.

Thus, Solana's development requires a long-term incentive mechanism to achieve sustainability – which is why Section 1 proposes earmarking a portion of inflationary funds for a treasury.

Specific Uses of the Treasury:
The treasury's 0.5% share of the inflation rate will be allocated to five key areas (the exact percentage for each area can be further deliberated, but establishing such a treasury is essential for providing sustained, direction-driven support to Solana):

① Regular incentives (e.g., quarterly) for users of applications with high TVL and transaction frequency. This is a long-term, permanent incentive direction aimed at increasing long-term SOL lock-up and driving more transaction-based burns – ultimately enhancing SOL's value capture from the ecosystem.

② Periodic incentives for specific sectors: For example, one quarter may prioritize incentives for AI application projects, while the next quarter may focus on high-potential sectors like RWA. This mirrors government-specific funds, which provide targeted support for key industries.

③ Targeted support for projects adopting SOL-collateralized stablecoins: Airdrops will be provided to users of projects with higher stablecoin adoption rates.

④ Targeted support for ICM-aligned projects: Funding will be directed to projects that align with the ICM strategy.

⑤ Development regulatory reserves: These funds will be locked in the treasury long-term and only deployed when the staking ratio is insufficient. Their purpose is to incentivize more participants to stake, ensuring Solana's network security.

Fine-Tuning the Burn Mechanism
Currently, Solana's burn mechanism operates as follows:

50% of base fees are burned, and 50% are distributed to validators;
100% of priority fees are distributed to validators.

This mechanism only burns approximately 0.3% of SOL's total supply, making it impossible to achieve the ideal 2% terminal inflation rate.

Priority fees can be viewed as excess returns generated by Solana's network prosperity – and these returns should be aligned with SOL's value. This alignment would tightly bind network prosperity to SOL's value capture.

For these reasons, we propose revising the priority fee distribution to (The specific ratio can be further discussed.):

🔹70% to validators,
🔹20% burned,
🔹10% reverted to the treasury.

This adjustment will enable the treasury to benefit from ecological growth, creating a positive "recovery-expenditure-recovery" cycle. It will also enhance SOL's value capture from the ecosystem and, when combined with the treasury's regular incentives, accelerate burns and value capture – ultimately helping achieve the 2% terminal inflation rate target.

4⃣The Necessity and Strategic Significance of Solana's Official Applications
The launch of official applications by public chains will become an inevitable trend, driven by three key factors:

① Public chains need to control core applications
Core applications play a crucial role in empowering the public chain's token and ensuring ecological stability. If core applications encounter issues, they can disrupt the development of other ecological projects. Thus, managing these applications in-house (by the public chain team) is optimal.

For example, @AerodromeFi – the DEX on Base – was co-launched by the Base team and Velodrome, an established DeFi team. Revenue from Aerodrome can be reinvested to support the Base team's operations. Even if Aerodrome faces issues, the public chain team can provide backup support. In contrast, third-party teams may struggle to recover from hacks or even execute rug pulls – resulting in significant ecological losses.

Examples of such core applications include DEXs, over-collateralized stablecoin projects, and Curve-like protocols. These are all suitable for Solana to develop as official, native applications.

② Public chains need to ensure core applications empower the native token (which is $SOL, not third-party tokens)

Ecological applications on public chains employ diverse business models and tokenomic mechanisms. Some accumulate large amounts of the public chain's token and lock in profits by selling it (e.g., https://t.co/k1umL22dis), creating selling pressure on SOL.

If Solana officially launches an application with the same functionality as https://t.co/k1umL22dis, it can accumulate large amounts of SOL and manage it in ways that minimize ecological impact. For instance:

The revenue could be reinvested into over-collateralized stablecoin protocols to generate stablecoins, with profits used for ecological development;
Users could be required to use SOL-collateralized stablecoins to participate in the application.

Such designs would not only reduce negative ecological impacts but also increase demand for SOL and accelerate its value capture.

A relevant case is @virtuals_io , which mandates that users use Virtual tokens to participate in its token launches. Additionally, newly issued tokens must form trading pairs with Virtual tokens to be traded. While this design partially stems from @base 's lack of a native token, similar models are gaining traction on public chains with native tokens.

Traditionally, new tokens would form trading pairs with the public chain's native token – a standard practice. However, designs like Virtuals' have led many projects to mandate trading pairs with their own tokens instead. This means value that would have been captured by the public chain's token is now siphoned off by third-party application tokens.

To counter this trend, public chain projects must directly compete for ecological empowerment.

③ Competitive pressure from other public chains
An increasing number of "public chain infrastructure + official applications" combinations are emerging. The competitive edge derived solely from blockchain technology or ecological empowerment is diminishing; many projects are seeking ways to secure sustained external capital support for their blockchains – with exchange empowerment being the most effective and direct method.

Some projects originated as applications and later expanded into public chains to develop their ecosystems. For example, @HyperliquidX first launched a permissioned chain-based on-chain contract application, then built an EVM chain to grow its ecosystem – following a "trading + public chain ecosystem" logic. This model is being adopted widely: for instance, payment giant Stripe and crypto investment firm Paradigm are jointly incubating Tempo, a new blockchain project built specifically for stablecoin payments, which will likely follow a "payment + public chain ecosystem" logic.

Additionally, Base Chain and @BNBCHAIN are typical examples of "exchange giant + public chain ecosystem" combinations, both leveraging CEXs to empower their public chains.

These models share a common trait: public chains are no longer satisfied with growth driven solely by on-chain applications. Instead, they are integrating off-chain cash flow-generating businesses with their ecosystems – importing additional positive external resources.

In the past, #Solana's ecosystem was empowered by the FTX exchange, but no such external positive resources currently exist to continuously inject vitality into Solana. Collaborating with another exchange could lead to uncontrollable risks (like the FTX incident). Thus, Solana must build its own positive external empowerment.

Specific Actions Required:
Solana needs to build a permissioned chain to host an official on-chain exchange (including spot and futures trading – a long-term goal). The rationale for developing this in-house (rather than assembling third-party projects) is that third-party projects cannot be built around SOL's value capture – they issue their own tokens and design business models to empower those tokens instead.

Solana must expand its value capture from "infrastructure only" to "infrastructure + official application suite." Revenue generated by official applications should be continuously reinvested into Solana's development, creating efficient synergy.

A permissioned chain is necessary (rather than building directly on Solana's mainnet) because only permissioned chains can deliver performance and user experience comparable to CEXs – a key advantage of HyperLiquid.

Furthermore, HyperLiquid's growing success demonstrates that on-chain contract and spot trading will be a key growth market in the future. This market will not be dominated by a single player; new competitors will inevitably emerge. Solana should enter this space early to compete.

Solana's mainnet already hosts substantial capital, users, and projects – an official Solana-based HyperLiquid equivalent could reactivate the ecosystem, similar to how Coinbase empowers Base and Binance empowers BNBChain. Solana needs cash flow-generating applications to provide sustained external positive support for SOL – and it can even develop features that outperform HyperLiquid. For example, traditional institutions' core concerns about entering ICM are "compliance and security"; an official permissioned chain exchange could address these concerns through "regulatory alignment + custody guarantees," serving as an "institutional gateway" to ICM.

This permissioned chain could be co-developed with Solana Layer2 Stack projects (e.g., HyperGrid or Other Layer 2 infrastructure teams, such as Altlayer), or built independently by Solana via its own Layer2 Stack. Developing a Layer2 Stack is critical for the broader ICM narrative, as traditional enterprises and investors typically enter on-chain tokenomic development through two paths:

Building applications directly on a public chain;
Launching their own managed and controlled Layer2s, then building application ecosystems on these Layer2s.

The latter path is preferred not only for faster speeds and lower fees but also for "sovereignty": enterprises can directly control the Layer2's development and avoid disruptions from other Layer1 applications (e.g., Layer1 performance degradation or short-term gas fee surges caused by a popular application). Additionally, Layer2s enable the development of broader application ecosystems (not just single applications) and capture value from these applications. This explains why Robinhood plans to launch a Layer2 and Stripe is developing a Layer1 – sovereign application chains will be a potential future trend, and Solana's Layer2 Stack can fully enable this narrative.

Moreover, Solana's Layer2 can support both SVM and EVM, with potential liquidity interoperability between the two. This will attract projects that require EVM-compatibility but demand lower fees and higher performance – potentially making the migration of Ethereum ecosystems to Solana a new trend. (Solana's growth potential should revolve around the SOL token and its overall network, not exclusively around SVM.)

With an official Layer2 Stack, more application scenarios can be migrated to Layer2: for example, a dedicated chain for Solana's DePIN projects or a specialized chain for payment scenarios – reducing the mainnet's load. Expanding further, Solana could also develop an official bridge to connect these Layer2s; the revenue from this bridge could be reinvested to enhance SOL's value.

However, it is important to note that Layer2 may reduce value capture from fees in the short term. Thus, the highest priority in the early stages should be completing the official permissioned chain (via Layer2 Stack) to launch a Solana-based HyperLiquid equivalent.

Summary
These strategies are interconnected and mutually reinforcing. They will:

Introduce new types of applications to enrich Solana's ecosystem;
Provide diverse value capture mechanisms for SOL, ensuring it correctly captures value from the ecosystem;
Lay a solid foundation for the effective implementation of the ICM strategy (ICM requires a low-inflation environment to encourage the development of new ICM-aligned applications, and a stable ecosystem will attract more traditional capital to participate in Solana);
Prepare Solana for future competition, as an increasing number of chains are leveraging exchanges (CEX/DEX/PERP) for empowerment.

Note: The strategic insights presented in this article reflect the author's current views. If given the opportunity to communicate in depth and gain a better understanding of Solana's future plans, the author is capable of developing more aligned strategies, facilitating their implementation, and validating the author's vision for Web3 development.

AfterWord
Recently, the BNBChain ecosystem has seen a surge in momentum, and ecosystem activity has experienced a resurgence. While many may view this recent upswing of BNB as merely a short-lived boom, the actual situation is that the industry will develop along two paths:

🔹The first path involves the continuous emergence of new hot topics that drive market sentiment, leading to numerous pump-and-dump activities. However, this path will undoubtedly present opportunities for substantial gains, attracting capital, users, and development teams to explore more efficient products and tools around it.

🔹The second path focuses on more fundamental inherent needs that better drive industry development, such as directions like RWA AI , and DePIN.
For public chains, DEXs , and CEXs , the optimal approach is to actively embrace both paths.

Therefore, Solana can, to a certain extent, draw lessons from BNBChain’s experience in the first path while exploring the second path based on its own unique advantages.

This article represents some reflections on the second path. Of course, the strategy mentioned in this article is only the first step; once this first step is truly taken, there will be a second-phase strategy. I hope to have the opportunity to share more about it in the future.

Answers to Some Questions
Q: Is this approach too centralized?
A: For a public chain, technology can be decentralized, but operationally, a central guiding force is needed to steer its development. Otherwise, it may well be eliminated in the fierce competition. Therefore, a certain degree of centralized operation is acceptable.

Q: Regarding the revised data mentioned in the article, are there more appropriate data points available?
A: The data is definitely not final and requires further discussion, but the overall operational logic is relatively certain. The development pattern of the industry will most likely make public chains, DEXs, and CEXs competitors to one another. Hence, it is necessary to make preparations and plans early.

Q: The article mentions many applications, such as stablecoin protocols, for which there are already existing projects. Why is there still a need for the official team to develop one?
A: SOL-based stablecoin protocols will be among the most important DeFi financial infrastructures and are closely tied to SOL. They need to be overseen by the official team. Because if it were a third-party protocol, the development of that protocol would be aimed at its own growth and would not prioritize the impact on SOL. In contrast, if developed by the official team, the economic flows within it can drive capital repurchases and redistribution for SOL.

The above are just some brief reflections on Solana’s growth. I hope all readers can speak freely and exchange more insights.

I am @CryptoAlphaDog . Welcome to follow me to discuss more about cryptocurrency development trends. @toly @calilyliu @SolanaFndn

[加密二狗 @CryptoAlphaDog]

@EnHeng456 @justinsuntron 不说别的，许多热点我们很多时候就当个新闻或者谈资看了就看了，他总能找到一些神奇的角度来吸引流量，这已经远超大部分人了。

[加密二狗 @CryptoAlphaDog]

@Bitget_zh @xiejiayinBitget 凭家印老板的社媒勤奋度的话，结果一定是求锤得锤🤣

[加密二狗 @CryptoAlphaDog]

@wolfyxbt 公链级别的项目，没有做出生态的，都要死。还有一堆高估值的Layer2，都是天亡级项目。