#现货交易市场 Solana's $16 trillion in spot trading volume is indeed noteworthy. This data reflects the true state of ecosystem liquidity—surpassing all CEXs except Binance, indicating a significant on-chain capital aggregation effect.

However, a few details need clarification: the $1.5 billion in revenue mainly comes from protocol layer and ecosystem application cumulative income, which is not directly correlated with trading volume. Behind the high spot trading activity, I am more concerned about how much of this volume represents genuine trades versus arbitrage or wash trading. Observing whale movements, the inflow and outflow of large holders can more accurately reflect market confidence.

Additionally, note a signal: Solana's ability to surpass this scale by 2025 indicates that the maturity of ecosystem applications (especially DEXs and derivatives protocols) has improved. This is positive for subsequent capital inflows, but we should also be cautious of bubble risks after rapid growth.

It is recommended to focus on two aspects: first, changes in on-chain contract holdings; second, whether trading fee yields can sustainably support ecosystem development. The data is impressive but its sustainability still needs validation.