#Solana平台发展 Seeing Raj Gokal's words at the Breakpoint conference, my mind flashed back to the crazy years of 2017. Back then, we were all discussing "on-chain adoption rate," talking about what percentage of global financial transactions could be moved onto the blockchain. Honestly, the expectations were extremely conservative — we couldn't have imagined what it looks like now.

Over a decade of blockchain investing has taught me one thing: a true bull market isn't when prices skyrocket, but when you see entrepreneurs pouring in continuously, and hackathons like Colosseum attracting over 1,700 teams each time. That’s the real sign that the ecosystem has gained genuine vitality.

The story of Solana over the past few years is very interesting. From being a "high-performance pursuer" to now becoming a hub for startups with over a hundred million in revenue, this transformation didn't happen by chance. When most crypto startups that raised around $100 million are building on Solana, what does that indicate? It shows that the ecosystem has formed a positive feedback loop. Where do entrepreneurs go? To places with liquidity, users, and real demand.

What's even more interesting is that the external conditions now are much better than in 2017. Regulations are clearer, sovereign nations are issuing assets on-chain, and traditional finance is starting to enter. These changes are coming faster than we expected. Initially, we said "maybe in ten years, the on-chain adoption rate will reach a certain percentage," but now it seems we need to raise that target — looking at the percentage of global finance, how big can this cake get, and how much of it can Solana carve out?

Those failed projects taught me what a bubble is, and these successful cases now teach me what true network effects are. Time will always give the answer.