#稳定币市场与应用 Seeing the data for Solana in 2025, I am reminded of the cycle in 2017. At that time, everyone was debating the future of public blockchains, with Ethereum frequently criticized for its high Gas fees, while Solana was quietly accumulating. Looking back now, the two most telling numbers are the stablecoin supply doubling to $14.8 billion and the total transfer volume reaching 11.7 trillion—these are not speculations; they represent real capital flows and practical applications.

I remember the 2018 bear market, when many projects vanished due to the lack of real use cases. But Solana chose a different path: seven applications generating over $100 million in revenue, and long-tail applications contributing over $500 million. This shows that the ecosystem is not sustained by star projects alone but has formed a genuine industry chain. The average transaction fee of $0.017 and a daily active wallet count of 3.2 million, reaching new highs, reflect real user demand behind these metrics, not hype.

Comparing historical cycles, I see the differences. In 2017, everyone was obsessed with concepts; in 2021, it was all about narratives. But in this 2025 cycle, the dominance of stablecoins in payment functions, the DEX trading volume of 1.5 trillion, and the introduction of on-chain stock assets for the first time—all point in one direction: a shift from virtual assets to real-world applications. The move of stablecoins from the periphery to the center is a very important signal.

Early failure cases taught us that the resilience of an ecosystem does not depend on the prominence of a single project but on the breadth of applications and the depth of genuine usage. Looking at Solana’s data now, I believe this time is different.