Solana 的起源：Alameda 和 FTX 如何将SOL带入深渊

金色财经Published on 2025-02-25Last updated on 2025-02-25

作者：Jeff Albus，Blockworks；编译：白水，金色财经

本文的第一部分可点击《Solana 的起源：如何将想法变成现实？》

2021 年，Solana 的生态系统似乎势不可挡，因为它以惊人的速度扩张。资金涌入 Serum、Raydium 和 Mango Markets 等 DeFi 项目。Magic Eden 等 NFT 市场开始与 OpenSea 等以太坊竞争对手相抗衡，网络的交易量创下了历史新高。但这种快速崛起的背后是一个岌岌可危的依赖关系：Alameda Research 和 FTX。

这两家公司均由现已入狱的 Sam Bankman-Fried (SBF) 创立，是 Solana 最早和最具影响力的支持者之一。Alameda 参与了多轮融资，收购了大量 SOL 代币。FTX 主办了 Solana 黑客马拉松，并在 Serum 的推出和维护中发挥了关键作用，Serum 是一个去中心化交易所，也是 Solana 的旗舰应用程序之一。

起初，与 FTX 的深度纠葛是一个无可争辩的优势。当时被视为有远见卓识的 Bankman-Fried 成为 Solana 最直言不讳的支持者之一，经常吹捧其优于以太坊。这种合作关系帮助 Solana 吸引了流动性、开发者和机构信誉。然而，这也意味着 Solana 的命运与 FTX 的成功密切相关。

2022 年 11 月，一切几乎在一夜之间瓦解。有报道称，FTX 的资产负债表上有 80 亿美元的漏洞，表面上是由于 Alameda 及其创始人 SBF 的鲁莽财务行为造成的。恐慌迅速蔓延。FTX 客户纷纷提取资金，引发了交易所无法承受的流动性危机。几天之内，FTX 和 Alameda 都崩溃了，带走了数十亿美元的客户资金，并将 Sam Bankman-Fried 的帝国夷为平地。

这场灾难对整个加密行业来说是灾难性的，但没有哪个区块链比 Solana 遭受的损失更大。投资者担心崩溃会进一步蔓延，纷纷抛售所持资产。SOL 的价格从一年前近 250 美元的历史高点大幅下跌。虽然熊市是造成这一下跌的主要原因，但 FTX 的崩溃导致其价格进一步跌至 9.77 美元左右。

网络上的 DeFi 活动立即枯竭。依赖 FTX 运营的 Serum 崩溃了，交易员们不得不四处寻找替代方案。更广泛的 Web3 社区已经对 Solana 的稳定性产生了怀疑，因为它过去曾出现过网络中断，现在将其称为“Sam的链”，这是一个离太阳太近的区块链，现在注定要逐渐淡出人们的视线。尽管如此，崩盘并没有像一些人预期的那样持续那么长时间。Solana 在接下来的几周内反弹至 20-24 美元以上，尽管在接下来的一年中大部分时间里，它的价格仍处于长期的横盘停滞状态。

心理上的打击可能比财务损失更严重。在 Solana 上构建项目的开发人员质疑该网络是否能够生存。曾经渴望为 Solana 初创公司提供资金的风险投资公司撤退了，将注意力转移到以太坊和 L2 的承诺上。但即使墙壁关闭，Solana 忠诚的核心社区也坚决拒绝屈服。一小部分忠实的创造者、验证者和用户坚信这项技术本身是可靠的，他们坚持要继续建设和推广这项技术。但仅凭他们的信念就足够了吗？

Solana系列文章下篇内容前瞻：卷土重来。Solana 如何克服困难，浴火重生，并重夺 Web3 强者地位。

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