SOL ETF开始交易：Jito能否推动网络反弹?

Another significant announcement in the encrypted ETF market: The Bitwise SOL Pledge ETF (BSOL) has officially started trading. It now becomes one of only two Solana spot ETFs available in the United States, alongside the SSK ETF. Bitwise claims that its goal is to achieve a 100% pledge ratio to maximize returns. Currently, the pledge return rate is as high as 7.34%. However, industry experts point out that achieving a fully pledged position still presents challenges. In comparison, the SSK ETF and the European SOL ETP, which have been operating for four years, maintain lower pledge ratios to ensure daily liquidity. Whether BSOL can find a balance between high returns and liquidity risks will be a key focus of attention in the market.

The cryptocurrency market began the week with relatively quiet news. Bitcoin closed at around $114,000 on Monday, down by 0.2%. Its performance was better than gold, but worse than the U.S. stock market. Gold prices finally dropped below $4,000, reflecting a decrease of 1.6%. Meanwhile, the three major stock indices—the S&P 500, the NASDAQ 100, and the Dow Jones—all reached record highs, with technology stocks leading the gains.

The positive trend in the U.S. stock market was partly due to constructive trade negotiations held before the meeting between Chinese and U.S. leaders on Thursday. On a macro level, investors expect the Federal Reserve to cut interest rates by 25 basis points on Wednesday. The Chicago Mercantile Exchange predicts a 98% chance of such a move. Additionally, several quarterly financial reports will be released this week, including from large tech companies like Apple and Meta, as well as Coinbase in the cryptocurrency sector.

就交叉指数表现而言，周一唯一跑赢纳斯达克指数的板块是人工智能(+2.4%)和加密矿业(+1.5%)。在矿业板块中，RIOT 是表现最佳的股票，昨日上涨约 7%，此前该公司将于周四发布第三季度财报。除加密货币股票小幅上涨(+0.2%)外，所有其他加密货币相关板块当日均下跌。

如前所述，Coinbase 将于周四(10 月 30 日)收盘后公布第三季度财报。这家美国加密货币交易所昨日宣布与花旗集团合作，为机构客户开发支付解决方案。该解决方案将专注于改进资金存取通道及其他基础设施建设。Coinbase 股价盘中一度上涨 5.3%，最终收涨 2%。

尽管投资者对 Coinbase 与花旗集团的合作持积极态度，但他们对 Galaxy 宣布发行 10 亿美元可交换优先票据(2031 年到期)的消息最初持负面看法。尽管该公司表示计划将所得款项净额用于“支持其核心业务的增长以及一般公司用途”，但 GLXY 昨日盘后交易中仍下跌近 9%。值得注意的是，Galaxy 在上周的第三季度财报电话会议上业绩超出预期，公布的每股收益为 1.13 美元，远超此前 0.38 美元的预期。

As for DATCO, the situation isn’t very optimistic. ETHZilla (Nasdaq stock code: ETHZ) announced that it has sold approximately $40 million in ETH inventory and plans to use the proceeds to repurchase shares. Since Friday, October 24th, ETHZ has already repurchased around 600,000 shares, costing approximately $12 million. It intends to continue repurchasing shares until its net value becomes more attractive again. It’s worth noting that although ETHZ stated on September 26th that it had $570 million in cash, the company is unable to use this cash to repurchase shares. As shown below, on October 22nd, ETHZ’s market value divided by net asset value was 0.6 times, which is the lowest among all similar companies. After yesterday’s announcement, ETHZ’s price-to-book ratio remained at 0.86 times, indicating that the company will continue to repurchase more shares under its $250 million repurchase authorization.

The “magic” of DATCO lies in their ability to buy more underlying tokens by selling shares, thereby maintaining operations. This relies on a premium over the net asset value. However, this is essentially a marketing strategy. DATCO, like ETHZ, which trades at prices below the net asset value, has tightened its financing conditions. In the Ethereum DATCO context, BitMine (BMNR) still trades at a price slightly above the net asset value (1.08 times), although this ratio has decreased over recent weeks. BMNR announced yesterday that, after last week’s acquisition, it now holds more than 3.3 million ETH, valued at approximately $13.7 billion. BMNR currently holds nearly four times as many ETH as its nearest competitor, SBET.

令人欣喜的是， Bitwise SOL 质押 ETF (BSOL) 今日正式上线交易，与 SSK 一起成为美国仅有的两只 Solana 现货 ETF。值得注意的是，Bitwise 表示将力争实现 100%的质押率，以最大化质押收益，从而获得 7.34%的质押回报率。BSOL 能否真正实现 100%的 SOL 持仓质押，值得关注。在欧洲，SSK 和 SOL ETP 已运营四年多，但它们的质押率有意远低于 100%。这完全是出于运营方面的考虑：这些发行方需要确保有足够的流动性来满足每日赎回需求。

与这些参与者不同，Bitwise 将通过 Helius 进行内部质押，这可能会提高 BSOL 的运营效率。Bitwise 将免除其前 10 亿美元资产管理规模 (AUM) 的管理费，为期三个月。BSOL 的推出将为更多 SOL ETF 的涌入打开大门，这些 ETF 的预期收益有望超过 SKK 自 7 月以来累计流入的 4.15 亿美元。

Finally, regarding cryptocurrencies, the public sale of MegaETH was launched yesterday. As of press time, the subscription rate has reached approximately 9 times the required amount, with total subscriptions approaching $450 million. It is expected that the auction price will be set at $0.0999 per token, which means the final issuance value of MegaETH will be $999 million. Since the sale is still two days away, we expect the over-subscription rate to continue rising (I estimate it could be around 20 times). The distribution criteria will be based on users’ social information, such as their Twitter profiles and blockchain transaction history. In recent days, during pre-market transactions on the Hyperliquid platform, the final issuance value of MEGA has fluctuated between $4 billion and $5 billion. This indicates that investors who participate in this sale are likely to gain returns, although most users may not be able to obtain the shares they desire.

Jito’s weaknesses and potential for turning things around

The price of Jito tokens ($JTO) has been weak, far below the value of Solana itself. Jito’s share in the Solana network’s REV has significantly decreased, from more than half of the total REV to less than 30%. The overall decline in Solana’s REV has further exacerbated this trend. The question now is whether Jito can benefit from the rebound in Solana’s network activity—which is precisely what it aims to enhance.

Solana 的架构设计曾一度备受赞誉，但最近却引发了诸多质疑，因为许多应用和 DeFi 活动的表现都逊于整体加密货币市场。这不禁让人发问：为什么 Solana 上没有出现能够与 Hyperliquid 的执行质量相媲美的付费交易平台?为什么像 Elipisis Labs 这样的团队会转而开发 Atlas ?该架构虽然速度快，但并非总能提供可预测的交易顺序、公平的手续费路由以及强大的反垃圾邮件能力。

Jito 的区块组装市场 (BAM) 旨在通过保留 Solana 的单体架构，同时赋予应用程序类似应用链的顺序控制和费用控制权来解决这个问题。一个潜在的例子是设置一个类似 Hyperliquid 的“吃单者速度障碍”，以减缓恶意交易的发生并缩小价差。其目标是实现更清晰的交易队列、更少的延迟以及更高质量的成交，从而促进更优秀的应用程序的开发并增强 DeFi 活动，并可能推动 Solana REV 的反弹。所有 BAM 费用都将流向 DAO，为 BAM 主网提供新的费用来源，目前 BAM 主网上的 SOL 质押量已突破 1000 万枚。

近期由 Andreessen Horowitz 领投的 5000 万美元战略投资(私募代币)表明了支持者的强大信心。此次投资凸显了 BAM 作为 Solana 核心基础设施的地位，它通过赋予应用程序对交易顺序的控制权来提升市场质量，同时降低有害的市场误差 (MEV)。最终，BAM 成为一个扩展 Solana 的网络，并解锁了链上原语，例如中心限价订单簿和暗池，这些功能由于市场误差 (MEV) 的存在而一直难以实现。

Solana 质押 ETF 即将面世。VanEck 已提交 S-1 文件 ， 拟推出 JitoSOL ETF，该 ETF 将直接持有 Jito 的流动性质押代币。随着更多基金的推出和规模扩大，LST 的渗透率潜力将进一步提升，传统金融资金流入与 Jito 价值循环之间的联系也将更加紧密。值得注意的是，Solana 上的流动性质押一直在稳步增长，目前已接近总质押量的 15%。

自 SIMD-0096 版本起，验证者将获得全部优先费用，而非通过销毁机制进行分配，这使得他们获得了不成比例的巨额网络收益。SIMD-0123 版本激活后，将重新引入平衡机制，要求验证者与质押者分享部分费用，从而提高质押收益，并使奖励在网络中更加均衡地分配。这两种动态——更多生态系统活动与质押者共享以及流动性质押的扩展——都直接影响着 Jito 从流动性质押管理费中获得的收入。

然而，Solana 的流动性质押市场竞争日趋激烈。JitoSOL 曾一度占据近一半的质押流动性，但随着新进入者的涌入，其份额已降至 25% 左右。尤其是 Sanctum，凭借其品牌化的 LST 模型和合作伙伴关系，发展势头迅猛，使协议能够推出定制化的质押产品，直接与 Jito 的产品展开竞争。

在此背景下，Jito 正在将协议激励机制与代币持有者的价值挂钩。在 JIP 24 之后，所有 Block Engine 和 BAM 手续费都将流入 DAO 金库。DAO 会将所有收入用于持续回购 JTO，自 2025 年 8 月以来已完成约 250 万美元的回购。SubDAO 正在部署金库、JTO 拍卖系统和 TWAP 回购系统，以实现这一流程的自动化。每月回购金额将与上月收入相匹配，从而在网络活动和代币价值之间建立直接且持续的联系。