{"id":10863,"date":"2026-04-18T09:22:19","date_gmt":"2026-04-18T09:22:19","guid":{"rendered":"https:\/\/backcom.io\/?p=10863"},"modified":"2026-04-18T09:23:04","modified_gmt":"2026-04-18T09:23:04","slug":"bao-cao-holder-token-solana-quy-1-nam-2026","status":"publish","type":"post","link":"https:\/\/backcom.io\/en\/bao-cao-holder-token-solana-quy-1-nam-2026","title":{"rendered":"B\u00e1o C\u00e1o HOLDer Token Solana B\u1edfi Blockworks V\u00e0 Ph\u00e2n T\u00edch \u2013 Q\u00fay 1 N\u0103m 2026"},"content":{"rendered":"<div class=\"kk-star-ratings kksr-auto kksr-align-left kksr-valign-top\"\n    data-payload='{&quot;align&quot;:&quot;left&quot;,&quot;id&quot;:&quot;10863&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;top&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;5&quot;,&quot;greet&quot;:&quot;Rate this post&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;B\u00e1o C\u00e1o HOLDer Token Solana B\u1edfi Blockworks V\u00e0 Ph\u00e2n T\u00edch \u2013 Q\u00fay 1 N\u0103m 2026&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">Rate this post<\/span>\n    <\/div>\n    <\/div>\n\n<h2 class=\"wp-block-heading\">T\u00f3m T\u1eaft<\/h2>\n\n\n\n<p>Solana ti\u1ebfp t\u1ee5c c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf l\u00e0 n\u1ec1n t\u1ea3ng h\u00e0ng \u0111\u1ea7u cho giao d\u1ecbch spot on-chain trong Q1\/2026, chi\u1ebfm <strong>41% th\u1ecb ph\u1ea7n kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch<\/strong> so v\u1edbi c\u00e1c blockchain kh\u00e1c.<\/p>\n\n\n\n<p>D\u00f2ng ti\u1ec1n t\u1ed5 ch\u1ee9c c\u0169ng ghi nh\u1eadn t\u00edn hi\u1ec7u t\u00edch c\u1ef1c khi c\u00e1c s\u1ea3n ph\u1ea9m ETP c\u1ee7a SOL thu h\u00fat <strong>$208 tri\u1ec7u d\u00f2ng v\u1ed1n r\u00f2ng<\/strong>, b\u1ea5t ch\u1ea5p b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng chung suy gi\u1ea3m.<\/p>\n\n\n\n<p>H\u1ec7 sinh th\u00e1i Solana cho th\u1ea5y s\u1ef1 m\u1edf r\u1ed9ng r\u00f5 r\u1ec7t \u1edf nhi\u1ec1u m\u1ea3ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>RWA (Real World Assets)<\/strong> tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh trong lending<br>\u2192 Solana v\u01b0\u1ee3t Ethereum \u0111\u1ec3 d\u1eabn \u0111\u1ea7u v\u1ec1 ti\u1ec1n g\u1eedi RWA v\u1edbi <strong>$1.23 t\u1ef7 (+115% QoQ)<\/strong><\/li>\n\n\n\n<li>Kh\u1ed1i l\u01b0\u1ee3ng t\u00e0i s\u1ea3n token h\u00f3a \u0111\u1ea1t <strong>ATH $1.3 t\u1ef7<\/strong>, ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb c\u1ed5 phi\u1ebfu v\u00e0 t\u00e0i s\u1ea3n pre-IPO<\/li>\n\n\n\n<li>Ho\u1ea1t \u0111\u1ed9ng ng\u01b0\u1eddi d\u00f9ng retail duy tr\u00ec m\u1ea1nh, \u0111\u1eb7c bi\u1ec7t \u1edf c\u00e1c m\u1ea3ng nh\u01b0 launchpad v\u00e0 mobile<\/li>\n<\/ul>\n\n\n\n<p>\u1ede c\u1ea5p \u0111\u1ed9 m\u1ea1ng l\u01b0\u1edbi, Solana ti\u1ebfp t\u1ee5c ch\u1ee9ng minh hi\u1ec7u n\u0103ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>T\u1ed5ng s\u1ed1 giao d\u1ecbch \u0111\u1ea1t <strong>10.1 t\u1ef7 (ATH)<\/strong><\/li>\n\n\n\n<li>T\u1ed1c \u0111\u1ed9 x\u1eed l\u00fd ~<strong>1,300 TPS<\/strong><\/li>\n\n\n\n<li>Ph\u00ed trung v\u1ecb c\u1ef1c th\u1ea5p ~<strong>$0.0005<\/strong>, \u1ed5n \u0111\u1ecbnh ngay c\u1ea3 khi m\u1ea1ng b\u1ecb stress<\/li>\n<\/ul>\n\n\n\n<p>C\u00f9ng t\u00ecm hi\u1ec3u <strong>B\u00e1o c\u00e1o HOLDer Solana b\u1edfi Blackworks Q1\/2026<\/strong> v\u00e0 g\u00f3c nh\u00ecn ph\u00e2n t\u00edch t\u1eeb <a href=\"https:\/\/backcom.io\/en\/\">Backcom.io<\/a> \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn chi ti\u1ebft nh\u1ea5n v\u1ec1 h\u1ec7 sinh th\u00e1i Solana<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">T\u00e0i ch\u00ednh (Financials)<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Gi\u00e1 tr\u1ecb kinh t\u1ebf th\u1ef1c (Real Economic Value \u2013 REV)<\/h3>\n\n\n\n<p>Solana ghi nh\u1eadn <strong>REV \u0111\u1ea1t $89.8 tri\u1ec7u trong Q1\/2026<\/strong>, duy tr\u00ec \u1ed5n \u0111\u1ecbnh so v\u1edbi m\u1ee9c <strong>$91.0 tri\u1ec7u c\u1ee7a Q4\/2025<\/strong>, sau khi gi\u1ea3m m\u1ea1nh t\u1eeb \u0111\u1ec9nh <strong>$819 tri\u1ec7u trong Q1\/2025<\/strong>.<\/p>\n\n\n\n<p>S\u1ef1 s\u1ee5t gi\u1ea3m theo n\u0103m ph\u1ea3n \u00e1nh s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>S\u1ef1 ch\u1eadm l\u1ea1i tr\u00ean di\u1ec7n r\u1ed9ng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng li\u00ean quan \u0111\u1ebfn memecoin, ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng chung<\/li>\n\n\n\n<li>S\u1ef1 thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean DEX, chuy\u1ec3n d\u1ecbch sang c\u1eb7p <strong>SOL-USD<\/strong> do s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c <strong>prop AMM<\/strong><\/li>\n\n\n\n<li>C\u1ea3i thi\u1ec7n trong <strong>c\u1ea5u tr\u00fac vi m\u00f4 (market microstructure)<\/strong> c\u1ee7a Solana, gi\u00fap gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c kho\u1ea3n \u201ctip ngo\u00e0i giao th\u1ee9c\u201d \u0111\u1ec3 \u0111\u01b0\u1ee3c \u01b0u ti\u00ean x\u1eed l\u00fd giao d\u1ecbch<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-X0fXIAA4xGp.jpg\" alt=\"\" class=\"wp-image-10864\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-X0fXIAA4xGp.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-X0fXIAA4xGp-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-X0fXIAA4xGp-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Solana Network REV (<a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a>)<\/figcaption><\/figure>\n\n\n\n<p><strong>REV l\u00e0 th\u01b0\u1edbc \u0111o nhu c\u1ea7u th\u1ef1c c\u1ee7a ng\u01b0\u1eddi d\u00f9ng khi giao d\u1ecbch tr\u00ean blockchain<\/strong>, ph\u1ea3n \u00e1nh to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb m\u00e0 ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 \u0111\u1ec3 th\u1ef1c hi\u1ec7n giao d\u1ecbch.<\/p>\n\n\n\n<p>Trong Q1\/2026, Solana ti\u1ebfp t\u1ee5c l\u00e0 blockchain d\u1eabn \u0111\u1ea7u v\u1ec1 REV, v\u1edbi th\u1ecb ph\u1ea7n doanh thu m\u1ea1ng t\u0103ng t\u1eeb <strong>20% trong Q4\/2025 l\u00ean 29%<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-agnWgAAwxU1-1.jpg\" alt=\"\" class=\"wp-image-10866\" style=\"width:680px;height:auto\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-agnWgAAwxU1-1.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-agnWgAAwxU1-1-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz-agnWgAAwxU1-1-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Ph\u00e2n ph\u1ed1i REV m\u1ea1ng theo chu\u1ed7i (<a href=\"https:\/\/app.blockworksresearch.com\/analytics\/chain-comparison\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a>)<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Doanh thu c\u1ee7a Staker (Staker Revenue)<\/h3>\n\n\n\n<p>L\u1ee3i su\u1ea5t staking danh ngh\u0129a c\u1ee7a Solana (SOL) \u0111\u00e3 gi\u1ea3m xu\u1ed1ng kho\u1ea3ng <strong>5.8% v\u00e0o cu\u1ed1i Q1\/2026<\/strong>, ch\u1ee7 y\u1ebfu do t\u1ef7 l\u1ec7 l\u1ea1m ph\u00e1t th\u1ea5p h\u01a1n.<\/p>\n\n\n\n<p>SOL v\u1eadn h\u00e0nh theo c\u01a1 ch\u1ebf ph\u00e1t h\u00e0nh c\u1ed1 \u0111\u1ecbnh:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u1ea1m ph\u00e1t ban \u0111\u1ea7u: <strong>8%<\/strong><\/li>\n\n\n\n<li>Gi\u1ea3m <strong>15% m\u1ed7i n\u0103m<\/strong><\/li>\n\n\n\n<li>M\u1ee5c ti\u00eau d\u00e0i h\u1ea1n: <strong>1.5% v\u00e0o kho\u1ea3ng n\u0103m 2030<\/strong><\/li>\n<\/ul>\n\n\n\n<p>T\u00ednh \u0111\u1ebfn cu\u1ed1i Q1\/2026, t\u1ef7 l\u1ec7 l\u1ea1m ph\u00e1t h\u00e0ng n\u0103m c\u1ee7a SOL \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n <strong>3.93%<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_DDRWEAA-3vC.jpg\" alt=\"\" class=\"wp-image-10867\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_DDRWEAA-3vC.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_DDRWEAA-3vC-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_DDRWEAA-3vC-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">L\u1ee3i nhu\u1eadn t\u1eeb Staking Solana (<a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a>)<\/figcaption><\/figure>\n\n\n\n<p>T\u1ed5ng c\u1ed9ng, c\u00e1c staker tr\u00ean Solana thu v\u1ec1 <strong>$630 tri\u1ec7u trong Q1\/2026<\/strong>, gi\u1ea3m so v\u1edbi:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>$1.03 t\u1ef7<\/strong> \u1edf qu\u00fd tr\u01b0\u1edbc<\/li>\n\n\n\n<li><strong>$1.55 t\u1ef7<\/strong> trong Q1\/2025<\/li>\n<\/ul>\n\n\n\n<p>Con s\u1ed1 n\u00e0y ch\u1ec9 bao g\u1ed3m:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ph\u1ea7n th\u01b0\u1edfng t\u1eeb <strong>ph\u00e1t h\u00e0nh SOL<\/strong><\/li>\n\n\n\n<li>L\u1ee3i su\u1ea5t t\u1eeb <strong>Jito tips<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Trong \u0111\u00f3, ph\u1ea7n ph\u00e1t h\u00e0nh SOL chi\u1ebfm t\u1edbi <strong>97.5% t\u1ed5ng doanh thu staking trong Q1\/2026<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_F4ZXMAA5Bg0.jpg\" alt=\"\" class=\"wp-image-10868\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_F4ZXMAA5Bg0.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_F4ZXMAA5Bg0-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_F4ZXMAA5Bg0-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Doanh thu t\u1eeb c\u1ed5 ph\u1ea7n (Staker) Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>Nh\u01b0 th\u1ec3 hi\u1ec7n trong bi\u1ec3u \u0111\u1ed3, <strong>bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a holder SOL \u0111\u00e3 gi\u1ea3m li\u00ean ti\u1ebfp trong 4 qu\u00fd<\/strong>, ch\u1ea1m m\u1ee9c th\u1ea5p nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i l\u00e0 <strong>25.5% trong Q1\/2026<\/strong>.<\/p>\n\n\n\n<p>\u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, <strong>ph\u00ed hoa h\u1ed3ng c\u1ee7a validator<\/strong> hi\u1ec7n chi\u1ebfm <strong>73.2% t\u1ed5ng REV<\/strong>, t\u0103ng m\u1ea1nh so v\u1edbi <strong>33.3% trong Q1\/2025<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_Ij3WMAAKZ00.jpg\" alt=\"\" class=\"wp-image-10869\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_Ij3WMAAKZ00.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_Ij3WMAAKZ00-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_Ij3WMAAKZ00-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Ph\u00e2n ph\u1ed1i Solana REV &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>Nguy\u00ean nh\u00e2n khi\u1ebfn <strong>bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a holder gi\u1ea3m<\/strong> l\u00e0 do <strong>doanh thu t\u1eeb priority fee kh\u00f4ng \u0111\u01b0\u1ee3c t\u00ednh v\u00e0o staking revenue<\/strong>, v\u00ec lo\u1ea1i ph\u00ed n\u00e0y kh\u00f4ng th\u1ec3 theo d\u00f5i tr\u1ef1c ti\u1ebfp \u1edf c\u1ea5p \u0111\u1ed9 giao th\u1ee9c.<\/p>\n\n\n\n<p>Hi\u1ec7n t\u1ea1i, Solana v\u1eabn ch\u01b0a c\u00f3 c\u01a1 ch\u1ebf ti\u00eau chu\u1ea9n trong giao th\u1ee9c \u0111\u1ec3 validator chia s\u1ebb priority fee cho staker, d\u00f9 tr\u00ean th\u1ef1c t\u1ebf nhi\u1ec1u validator l\u1edbn \u0111\u00e3 l\u00e0m \u0111i\u1ec1u n\u00e0y th\u00f4ng qua h\u1ea1 t\u1ea7ng b\u00ean th\u1ee9 ba.<\/p>\n\n\n\n<p>Example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Helius<\/strong> and <strong>Jupiter<\/strong> s\u1eed d\u1ee5ng <strong>Sanctum<\/strong> cho c\u00e1c LST nh\u01b0 <strong>hSOL<\/strong> and <strong>JupSOL<\/strong><\/li>\n\n\n\n<li>Vi\u1ec7c ph\u00e2n ph\u1ed1i ph\u1ea7n th\u01b0\u1edfng \u0111\u01b0\u1ee3c t\u1ef1 \u0111\u1ed9ng h\u00f3a th\u00f4ng qua Sanctum<\/li>\n<\/ul>\n\n\n\n<p>Tr\u01b0\u1edbc \u0111\u00e2y, kh\u00f4ng c\u00f3 framework native \u0111\u1ec3 chia s\u1ebb priority fee v\u00ec:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>50% priority fee b\u1ecb burn<\/strong><\/li>\n\n\n\n<li>Ch\u1ec9 <strong>50% c\u00f2n l\u1ea1i tr\u1ea3 cho block producer<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y \u0111\u00e3 thay \u0111\u1ed5i v\u1edbi <strong>SIMD-96<\/strong> (tri\u1ec3n khai th\u00e1ng 02\/2025):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lo\u1ea1i b\u1ecf c\u01a1 ch\u1ebf burn priority fee<\/strong><\/li>\n\n\n\n<li><strong>100% priority fee chuy\u1ec3n cho block producer<\/strong><\/li>\n\n\n\n<li>Trong khi \u0111\u00f3, <strong>base fee v\u1eabn gi\u1eef c\u01a1 ch\u1ebf burn 50%<\/strong><\/li>\n<\/ul>\n\n\n\n<p>M\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a SIMD-96:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c c\u01a1 ch\u1ebf tr\u1ea3 ph\u00ed ngo\u00e0i giao th\u1ee9c (out-of-protocol)<\/li>\n\n\n\n<li>\u0110\u01a1n gi\u1ea3n h\u00f3a h\u1ec7 th\u1ed1ng cho developer v\u00e0 market maker<\/li>\n<\/ul>\n\n\n\n<p>Trong th\u1eddi gian t\u1edbi, \u0111i\u1ec1u n\u00e0y s\u1ebd ti\u1ebfp t\u1ee5c thay \u0111\u1ed5i v\u1edbi <strong>SIMD-123<\/strong> \u2013 m\u1ed9t trong nh\u1eefng n\u00e2ng c\u1ea5p quan tr\u1ecdng d\u1ef1 ki\u1ebfn c\u1ee7a Solana trong n\u0103m 2026.<\/p>\n\n\n\n<p>Khi \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1ebd c\u00f3 <strong>c\u01a1 ch\u1ebf ti\u00eau chu\u1ea9n ngay trong giao th\u1ee9c<\/strong><\/li>\n\n\n\n<li>Cho ph\u00e9p validator <strong>chia s\u1ebb priority fee tr\u1ef1c ti\u1ebfp v\u1edbi staker<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Doanh thu t\u1eeb \u1ee9ng d\u1ee5ng (Application Revenue)<\/h3>\n\n\n\n<p>Doanh thu \u1ee9ng d\u1ee5ng l\u00e0 ch\u1ec9 b\u00e1o quan tr\u1ecdng ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 th\u00e0nh c\u00f4ng c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong m\u1ed9t h\u1ec7 sinh th\u00e1i. D\u00f9 <strong>REV<\/strong> l\u00e0 ch\u1ec9 s\u1ed1 c\u1ea7n theo d\u00f5i, nh\u01b0ng <strong>th\u01b0\u1edbc \u0111o th\u1ef1c s\u1ef1 c\u1ee7a product-market fit<\/strong> l\u1ea1i n\u1eb1m \u1edf doanh thu do c\u00e1c \u1ee9ng d\u1ee5ng ph\u1ee5c v\u1ee5 ng\u01b0\u1eddi d\u00f9ng t\u1ea1o ra.<\/p>\n\n\n\n<p>C\u00e1c \u1ee9ng d\u1ee5ng tr\u00ean Solana t\u1ea1o ra t\u1ed5ng c\u1ed9ng <strong>$292 tri\u1ec7u doanh thu trong Q1\/2026<\/strong>, gi\u1ea3m <strong>5.8% so v\u1edbi qu\u00fd tr\u01b0\u1edbc (QoQ)<\/strong>, ph\u00f9 h\u1ee3p v\u1edbi xu h\u01b0\u1edbng suy gi\u1ea3m ho\u1ea1t \u0111\u1ed9ng chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p><strong>Notes:<\/strong><br>Danh s\u00e1ch \u1ee9ng d\u1ee5ng \u0111\u01b0\u1ee3c theo d\u00f5i kh\u00f4ng bao g\u1ed3m to\u00e0n b\u1ed9 h\u1ec7 sinh th\u00e1i, n\u00ean t\u1ed5ng doanh thu th\u1ef1c t\u1ebf c\u00f3 th\u1ec3 cao h\u01a1n m\u1ed9t ch\u00fat, nh\u01b0ng kh\u00f4ng \u0111\u00e1ng k\u1ec3.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_VRlasAEr1Bv.jpg\" alt=\"\" class=\"wp-image-10870\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_VRlasAEr1Bv.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_VRlasAEr1Bv-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_VRlasAEr1Bv-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Doanh thu \u1ee9ng d\u1ee5ng Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>C\u00e1c \u1ee9ng d\u1ee5ng d\u1eabn \u0111\u1ea7u v\u1ec1 doanh thu trong Q1\/2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pumpfun<\/strong>: $123M (<strong>42%<\/strong>)<\/li>\n\n\n\n<li><strong>Axiom<\/strong>: $58M (<strong>20%<\/strong>)<\/li>\n\n\n\n<li><strong>Phantom<\/strong>: $33M (<strong>11%<\/strong>)<\/li>\n\n\n\n<li><strong>Jupiter<\/strong>: $14M (<strong>5%<\/strong>)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00f2ng ti\u1ec1n t\u1ed5 ch\u1ee9c (Institutional Flows)<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">S\u1ea3n ph\u1ea9m giao d\u1ecbch tr\u00ean s\u00e0n (Exchange-Traded Products \u2013 ETPs)<\/h3>\n\n\n\n<p>B\u1ea5t ch\u1ea5p th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m, Solana v\u1eabn ghi nh\u1eadn <strong>nhu c\u1ea7u m\u1ea1nh t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c trong Q1\/2026<\/strong>, v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m ETP t\u1ea1i B\u1eafc M\u1ef9, ch\u00e2u \u00c2u v\u00e0 APAC thu h\u00fat <strong>$208 tri\u1ec7u d\u00f2ng v\u1ed1n r\u00f2ng<\/strong>.<\/p>\n\n\n\n<p>Trong c\u00f9ng giai \u0111o\u1ea1n:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ETP spot c\u1ee7a Ethereum ghi nh\u1eadn <strong>$198 tri\u1ec7u d\u00f2ng v\u1ed1n r\u00f2ng b\u1ecb r\u00fat ra<\/strong><\/li>\n\n\n\n<li>ETP c\u1ee7a Bitcoin thu h\u00fat <strong>$1.53 t\u1ef7 d\u00f2ng v\u1ed1n r\u00f2ng<\/strong><\/li>\n<\/ul>\n\n\n\n<p>D\u00f9 Bitcoin d\u1eabn \u0111\u1ea7u v\u1ec1 gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i, nh\u01b0ng khi \u0111i\u1ec1u ch\u1ec9nh theo v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>SOL thu h\u00fat d\u00f2ng ti\u1ec1n g\u1ea5p ~4 l\u1ea7n tr\u00ean m\u1ed7i USD v\u1ed1n h\u00f3a<\/strong> so v\u1edbi c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_ZqlW8AAqsiM.jpg\" alt=\"\" class=\"wp-image-10872\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_ZqlW8AAqsiM.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_ZqlW8AAqsiM-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_ZqlW8AAqsiM-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">D\u00f2ng ti\u1ec1n ETP Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">C\u00f4ng ty kho b\u1ea1c t\u00e0i s\u1ea3n s\u1ed1 (Digital Asset Treasury Companies \u2013 DATCOs)<\/h3>\n\n\n\n<p><strong>C\u00f4ng ty kho b\u1ea1c t\u00e0i s\u1ea3n s\u1ed1 (DATCOs)<\/strong><\/p>\n\n\n\n<p>L\u01b0\u1ee3ng n\u1eafm gi\u1eef SOL c\u1ee7a c\u00e1c DATCOs g\u1ea7n nh\u01b0 <strong>kh\u00f4ng thay \u0111\u1ed5i trong su\u1ed1t Q1\/2026<\/strong>, do b\u1ecb h\u1ea1n ch\u1ebf b\u1edfi:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p th\u1ea5p<\/li>\n\n\n\n<li>T\u00ecnh tr\u1ea1ng chi\u1ebft kh\u1ea5u <strong>mNAV<\/strong> k\u00e9o d\u00e0i<\/li>\n<\/ul>\n\n\n\n<p>T\u1ed5ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef \u0111\u1ea1t <strong>15.98 tri\u1ec7u SOL v\u00e0o cu\u1ed1i Q1<\/strong>, g\u1ea7n nh\u01b0 \u0111i ngang trong <strong>6 th\u00e1ng li\u00ean ti\u1ebfp<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ph\u00e2n t\u00edch theo ng\u00e0nh (Sector Analysis)<\/h2>\n\n\n\n<p>Solana \u0111ang ng\u00e0y c\u00e0ng c\u1ee7ng c\u1ed1 vai tr\u00f2 l\u00e0 n\u1ec1n t\u1ea3ng h\u00e0ng \u0111\u1ea7u cho giao d\u1ecbch spot on-chain.<\/p>\n\n\n\n<p>Trong Q1\/2026, m\u1ea1ng l\u01b0\u1edbi \u0111\u00e3 ch\u1ee9ng minh r\u1eb1ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>H\u1ea1 t\u1ea7ng<\/li>\n\n\n\n<li>C\u00f4ng c\u1ee5 (tooling)<\/li>\n\n\n\n<li>Thanh kho\u1ea3n<\/li>\n<\/ul>\n\n\n\n<p>\u0111\u1ec1u \u0111\u00e3 \u0111\u1ee7 \u0111\u1ec3 h\u1ed7 tr\u1ee3 <strong>giao d\u1ecbch permissionless g\u1ea7n nh\u01b0 m\u1ecdi lo\u1ea1i t\u00e0i s\u1ea3n<\/strong>, ti\u1ebfn g\u1ea7n h\u01a1n t\u1edbi m\u00f4 h\u00ecnh m\u1ed9t \u201c<strong>everything exchange<\/strong>\u201d (s\u00e0n giao d\u1ecbch cho m\u1ecdi lo\u1ea1i t\u00e0i s\u1ea3n).<\/p>\n\n\n\n<p>Tuy nhi\u00ean, giao d\u1ecbch kh\u00f4ng ph\u1ea3i l\u00e0 to\u00e0n b\u1ed9 c\u00e2u chuy\u1ec7n.<\/p>\n\n\n\n<p>H\u1ec7 sinh th\u00e1i Solana ti\u1ebfp t\u1ee5c th\u1ec3 hi\u1ec7n chi\u1ec1u s\u00e2u \u1edf nhi\u1ec1u m\u1ea3ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lending<\/strong><\/li>\n\n\n\n<li><strong>RWA (t\u00e0i s\u1ea3n th\u1ef1c)<\/strong><\/li>\n\n\n\n<li><strong>\u1ee8ng d\u1ee5ng ti\u00eau d\u00f9ng (consumer apps)<\/strong><\/li>\n\n\n\n<li><strong>H\u1ea1 t\u1ea7ng stablecoin<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y cho th\u1ea5y Solana \u0111ang d\u1ea7n chuy\u1ec3n m\u00ecnh t\u1eeb m\u1ed9t blockchain chuy\u00ean v\u1ec1 trading<br>\u2192 tr\u1edf th\u00e0nh <strong>m\u1ed9t n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u00e0 \u1ee9ng d\u1ee5ng to\u00e0n di\u1ec7n h\u01a1n<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Giao d\u1ecbch Spot (Spot Trading)<\/h3>\n\n\n\n<p>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch spot tr\u00ean DEX c\u1ee7a Solana \u0111\u1ea1t <strong>$284.5 t\u1ef7 trong Q1\/2026<\/strong>, gi\u1ea3m:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>~18% so v\u1edbi qu\u00fd tr\u01b0\u1edbc (QoQ)<\/strong><\/li>\n\n\n\n<li><strong>~50% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc<\/strong> (Q1\/2025: $566.3 t\u1ef7)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_eZPWAAAP0vW.jpg\" alt=\"\" class=\"wp-image-10873\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_eZPWAAAP0vW.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_eZPWAAAP0vW-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_eZPWAAAP0vW-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch Solana Spot theo t\u1eebng c\u1eb7p &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>M\u1ee9c gi\u1ea3m theo n\u0103m ch\u1ee7 y\u1ebfu ph\u1ea3n \u00e1nh:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1ef1 \u201ch\u1ea1 nhi\u1ec7t\u201d sau giai \u0111o\u1ea1n b\u00f9ng n\u1ed5 memecoin<\/li>\n\n\n\n<li>\u0110i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng chung suy y\u1ebfu<\/li>\n<\/ul>\n\n\n\n<p>\ud83d\udc49 Kh\u00f4ng ph\u1ea3i do Solana m\u1ea5t th\u1ecb ph\u1ea7n c\u1ea1nh tranh<\/p>\n\n\n\n<p>Trong Q1\/2026, Solana v\u1eabn l\u00e0 chain d\u1eabn \u0111\u1ea7u v\u1ec1 volume spot, chi\u1ebfm:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>41% th\u1ecb ph\u1ea7n<\/strong>, v\u01b0\u1ee3t qua Ethereum v\u00e0 to\u00e0n b\u1ed9 h\u1ec7 L2 c\u1ed9ng l\u1ea1i<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_hMiXsAAFYUF.jpg\" alt=\"\" class=\"wp-image-10874\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_hMiXsAAFYUF.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_hMiXsAAFYUF-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_hMiXsAAFYUF-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean Solana Spot DEX so v\u1edbi c\u00e1c chu\u1ed7i kh\u00e1c &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong>C\u01a1 c\u1ea5u volume tr\u00ean DEX:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>C\u1eb7p <strong>SOL-USD<\/strong> v\u1eabn l\u1edbn nh\u1ea5t, nh\u01b0ng gi\u1ea3m t\u1ef7 tr\u1ecdng t\u1eeb <strong>69.2% \u2192 59.6%<\/strong><\/li>\n\n\n\n<li><strong>Stablecoin swaps<\/strong> \u0111\u1ee9ng th\u1ee9 2, t\u0103ng m\u1ea1nh t\u1eeb <strong>6.6% \u2192 17.1%<\/strong> QoQ<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_jofWIAA9mIa.jpg\" alt=\"\" class=\"wp-image-10875\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_jofWIAA9mIa.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_jofWIAA9mIa-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_jofWIAA9mIa-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch Solana Spot theo t\u1eebng c\u1eb7p &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" data-type=\"link\" data-id=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong>Xu h\u01b0\u1edbng n\u1ed5i b\u1eadt: Prop AMM<\/strong><\/p>\n\n\n\n<p>DEX tr\u00ean Solana hi\u1ec7n ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c d\u1eabn d\u1eaft b\u1edfi <strong>prop AMM<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u00e0 c\u00e1c s\u00e0n spot c\u00f3 <strong>thanh kho\u1ea3n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1ee7 \u0111\u1ed9ng<\/strong> th\u00f4ng qua oracle<\/li>\n\n\n\n<li>M\u1ed7i AMM do <strong>m\u1ed9t market maker v\u1eadn h\u00e0nh<\/strong> (kh\u00f4ng c\u00f3 LP b\u00ean ngo\u00e0i)<\/li>\n\n\n\n<li>Gi\u00e1 \u0111\u01b0\u1ee3c c\u1eadp nh\u1eadt li\u00ean t\u1ee5c v\u1edbi t\u1ea7n su\u1ea5t cao (nhi\u1ec1u l\u1ea7n m\u1ed7i gi\u00e2y)<\/li>\n<\/ul>\n\n\n\n<p>Hi\u1ec7n c\u00f3 h\u01a1n <strong>10 prop AMM<\/strong> \u0111ang ho\u1ea1t \u0111\u1ed9ng tr\u00ean Solana.<\/p>\n\n\n\n<p>\ud83d\udc49 Th\u1ecb ph\u1ea7n prop AMM:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>T\u0103ng t\u1eeb <strong>27% (Q1\/2025)<\/strong><\/li>\n\n\n\n<li>L\u00ean <strong>62% (Q1\/2026)<\/strong> \u2192 m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BqACaoAA-37d.jpg\" alt=\"\" class=\"wp-image-10876\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BqACaoAA-37d.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BqACaoAA-37d-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BqACaoAA-37d-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch giao ngay Solana theo lo\u1ea1i s\u00e0n giao d\u1ecbch &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">T\u00e0i s\u1ea3n token h\u00f3a (Tokenized Assets)<\/h3>\n\n\n\n<p>B\u00ean c\u1ea1nh c\u1eb7p <strong>SOL-USD<\/strong> v\u00e0 giao d\u1ecbch stablecoin, <strong>t\u00e0i s\u1ea3n token h\u00f3a<\/strong> l\u00e0 \u0111i\u1ec3m n\u1ed5i b\u1eadt trong b\u1ee9c tranh giao d\u1ecbch c\u1ee7a Solana trong Q1\/2026.<\/p>\n\n\n\n<p>C\u00e1c DEX tr\u00ean Solana \u0111\u00e3 x\u1eed l\u00fd <strong>$1.3 t\u1ef7 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u00e0i s\u1ea3n token h\u00f3a<\/strong>, t\u0103ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>+164% so v\u1edbi qu\u00fd tr\u01b0\u1edbc (QoQ)<\/strong><\/li>\n\n\n\n<li>\u0110\u1ed3ng th\u1eddi thi\u1ebft l\u1eadp <strong>m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i (ATH)<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_olGW4AAOEqI.jpg\" alt=\"\" class=\"wp-image-10877\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_olGW4AAOEqI.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_olGW4AAOEqI-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_olGW4AAOEqI-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch giao ngay t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong>Theo t\u1eebng nh\u00e0 ph\u00e1t h\u00e0nh:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>xStocks<\/strong> chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn nh\u1ea5t v\u1edbi <strong>41.5% t\u1ed5ng volume<\/strong><br>\u2192 Cung c\u1ea5p quy\u1ec1n truy c\u1eadp permissionless v\u00e0o <strong>c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft \u0111\u01b0\u1ee3c token h\u00f3a<\/strong>, th\u00f4ng qua c\u1ea5u tr\u00fac ch\u1ee9ng ch\u1ec9 tracker t\u1ea1i Th\u1ee5y S\u0129<\/li>\n\n\n\n<li><strong>PreStocks<\/strong> \u0111\u1ee9ng th\u1ee9 hai v\u1edbi <strong>35.8% th\u1ecb ph\u1ea7n<\/strong><br>\u2192 N\u1ed5i b\u1eadt v\u1edbi use case \u0111\u1eb7c th\u00f9 c\u1ee7a tokenization: <strong>giao d\u1ecbch c\u1ed5 phi\u1ebfu pre-IPO<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Cho vay (Lending)<\/h3>\n\n\n\n<p>T\u00ednh \u0111\u1ebfn cu\u1ed1i Q1\/2026, t\u1ed5ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ti\u1ec1n g\u1eedi<\/strong> tr\u00ean hai th\u1ecb tr\u01b0\u1eddng lending l\u1edbn nh\u1ea5t c\u1ee7a Solana (Kamino v\u00e0 Jup Lend) \u0111\u1ea1t <strong>$4.39 t\u1ef7<\/strong><\/li>\n\n\n\n<li><strong>D\u01b0 n\u1ee3 cho vay<\/strong> \u0111\u1ea1t <strong>$1.72 t\u1ef7<\/strong><\/li>\n<\/ul>\n\n\n\n<p>So v\u1edbi qu\u00fd tr\u01b0\u1edbc:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ti\u1ec1n g\u1eedi gi\u1ea3m <strong>14.4% QoQ<\/strong><\/li>\n\n\n\n<li>D\u01b0 n\u1ee3 gi\u1ea3m <strong>6.8% QoQ<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u2192 Ph\u1ea3n \u00e1nh nhu c\u1ea7u s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y suy y\u1ebfu tr\u00ean to\u00e0n th\u1ecb tr\u01b0\u1eddng crypto<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_wG9XkAAFdZA.jpg\" alt=\"\" class=\"wp-image-10878\" style=\"width:680px;height:auto\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_wG9XkAAFdZA.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_wG9XkAAFdZA-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_wG9XkAAFdZA-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Cho vay Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" data-type=\"link\" data-id=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>Tuy nhi\u00ean, trong b\u1ed1i c\u1ea3nh n\u00e0y, <strong>RWA (t\u00e0i s\u1ea3n th\u1ef1c)<\/strong> n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng quan tr\u1ecdng trong m\u1ea3ng lending, d\u1eabn d\u1eaft b\u1edfi Kamino.<\/p>\n\n\n\n<p>M\u1ed9t s\u1ed1 th\u1ecb tr\u01b0\u1eddng ti\u00eau bi\u1ec3u:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>PRIME c\u1ee7a Figure<\/strong>: l\u1ee3i su\u1ea5t \u0111\u1ebfn t\u1eeb cho vay <strong>HELOC<\/strong><\/li>\n\n\n\n<li><strong>OnRe<\/strong>: l\u1ee3i su\u1ea5t t\u1eeb <strong>t\u00e1i b\u1ea3o hi\u1ec3m<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u0110i\u1ec3m chung:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>T\u1ea1o ra d\u00f2ng l\u1ee3i nhu\u1eadn <strong>kh\u00f4ng t\u01b0\u01a1ng quan v\u1edbi th\u1ecb tr\u01b0\u1eddng crypto<\/strong><\/li>\n\n\n\n<li>Gi\u1ea3m ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c ho\u1ea1t \u0111\u1ed9ng thu\u1ea7n crypto<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_zeabIAAoBuv.jpg\" alt=\"\" class=\"wp-image-10879\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_zeabIAAoBuv.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_zeabIAAoBuv-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_zeabIAAoBuv-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Ti\u1ec1n g\u1eedi cho vay RWA theo chu\u1ed7i &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/lending\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>Nh\u1edd s\u1ef1 m\u1edf r\u1ed9ng n\u00e0y, Solana \u0111\u00e3 v\u01b0\u1ee3t Ethereum v\u1ec1 <strong>ti\u1ec1n g\u1eedi RWA trong lending<\/strong>, tr\u1edf th\u00e0nh chain d\u1eabn \u0111\u1ea7u trong m\u1ea3ng n\u00e0y.<\/p>\n\n\n\n<p>K\u1ebft th\u00fac Q1\/2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Solana \u0111\u1ea1t <strong>$1.23 t\u1ef7 RWA deposits<\/strong> (<strong>+115% QoQ<\/strong>)<\/li>\n\n\n\n<li>Ethereum \u0111\u1ea1t <strong>$1.13 t\u1ef7<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Ng\u01b0\u1eddi d\u00f9ng ti\u00eau d\u00f9ng (Consumer)<\/h3>\n\n\n\n<p>C\u00e1c xu h\u01b0\u1edbng trong m\u1ea3ng trading v\u00e0 lending cho th\u1ea5y h\u1ec7 DeFi c\u1ee7a Solana \u0111ang d\u1ea7n tr\u01b0\u1edfng th\u00e0nh, v\u1edbi s\u1ef1 tham gia c\u1ee7a c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng ng\u00e0y c\u00e0ng chuy\u00ean nghi\u1ec7p h\u01a1n v\u00e0 s\u1ef1 n\u1ed5i l\u00ean c\u1ee7a <strong>RWA<\/strong> nh\u01b0 m\u1ed9t ch\u1ee7 \u0111\u1ec1 tr\u1ecdng t\u00e2m \u1edf c\u1ea3 hai m\u1ea3ng.<\/p>\n\n\n\n<p>Song song \u0111\u00f3, <strong>t\u00e0i ch\u00ednh ti\u00eau d\u00f9ng v\u00e0 c\u00e1c \u1ee9ng d\u1ee5ng consumer<\/strong> v\u1eabn l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng quan tr\u1ecdng, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>M\u1ed9t trong nh\u1eefng <strong>t\u1ec7p ng\u01b0\u1eddi d\u00f9ng retail l\u1edbn v\u00e0 t\u00edch c\u1ef1c nh\u1ea5t trong crypto<\/strong><\/li>\n\n\n\n<li>M\u1ee9c \u0111\u1ed9 t\u01b0\u01a1ng t\u00e1c cao v\u00e0 li\u00ean t\u1ee5c<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">N\u1ec1n t\u1ea3ng launch token (Token Launchpads)<\/h4>\n\n\n\n<p>C\u00e1c n\u1ec1n t\u1ea3ng launch token v\u1eabn ph\u1ee5 thu\u1ed9c nhi\u1ec1u v\u00e0o \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng \u0111\u00e3 <strong>ch\u1ee9ng minh \u0111\u01b0\u1ee3c product-market fit r\u00f5 r\u00e0ng v\u1edbi ng\u01b0\u1eddi d\u00f9ng retail<\/strong>.<\/p>\n\n\n\n<p>K\u1ec3 t\u1eeb khi <strong>Pumpfun<\/strong> b\u00f9ng n\u1ed5 v\u00e0o Q2\/2024, ho\u1ea1t \u0111\u1ed9ng bonding curve tr\u00ean c\u00e1c launchpad c\u1ee7a Solana \u0111\u00e3 t\u1ea1o ra h\u01a1n <strong>$1 t\u1ef7 doanh thu t\u00edch l\u0169y<\/strong>.<\/p>\n\n\n\n<p>Trong Q1\/2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Doanh thu t\u1eeb launchpad \u0111\u1ea1t <strong>$95.2 tri\u1ec7u<\/strong><\/li>\n\n\n\n<li>T\u0103ng so v\u1edbi <strong>$84.3 tri\u1ec7u \u1edf qu\u00fd tr\u01b0\u1edbc<\/strong><\/li>\n\n\n\n<li><strong>Pumpfun chi\u1ebfm 86% t\u1ed5ng doanh thu<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_12yWUAEXAJu.jpg\" alt=\"\" class=\"wp-image-10880\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_12yWUAEXAJu.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_12yWUAEXAJu-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_12yWUAEXAJu-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Doanh thu t\u1eeb Launchpad Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" data-type=\"link\" data-id=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>V\u1ec1 ho\u1ea1t \u0111\u1ed9ng t\u1ea1o token:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kho\u1ea3ng <strong>2.8 tri\u1ec7u token<\/strong> \u0111\u01b0\u1ee3c t\u1ea1o trong Q1\/2026<\/li>\n\n\n\n<li>T\u0103ng <strong>63% QoQ<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Trong \u0111\u00f3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pumpfun chi\u1ebfm h\u01a1n 90% t\u1ed5ng s\u1ed1 token \u0111\u01b0\u1ee3c t\u1ea1o<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_4W5XwAALnh4.jpg\" alt=\"\" class=\"wp-image-10881\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_4W5XwAALnh4.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_4W5XwAALnh4-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_4W5XwAALnh4-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">M\u00e3 th\u00f4ng b\u00e1o Solana Launchpad \u0111\u00e3 \u0111\u01b0\u1ee3c t\u1ea1o &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Seeker (Solana Mobile)<\/h4>\n\n\n\n<p><strong>Seeker<\/strong>, thi\u1ebft b\u1ecb di \u0111\u1ed9ng th\u1ee9 hai c\u1ee7a Solana Mobile, l\u00e0 m\u1ed9t b\u01b0\u1edbc \u0111i tham v\u1ecdng trong m\u1ea3ng ph\u1ea7n c\u1ee9ng ti\u00eau d\u00f9ng, nh\u1eb1m x\u00e2y d\u1ef1ng <strong>k\u00eanh ph\u00e2n ph\u1ed1i native cho c\u00e1c \u1ee9ng d\u1ee5ng crypto tr\u00ean mobile<\/strong>.<\/p>\n\n\n\n<p>Trong Q1\/2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Doanh thu t\u1eeb b\u00e1n \u0111i\u1ec7n tho\u1ea1i Seeker \u0111\u1ea1t <strong>$1.3 tri\u1ec7u<\/strong><\/li>\n\n\n\n<li>Ph\u1ea7n l\u1edbn \u0111\u01b0\u1ee3c thanh to\u00e1n b\u1eb1ng <strong>SKR<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Sau giai \u0111o\u1ea1n ch\u1eefng l\u1ea1i \u1edf Q4\/2025 (ch\u1ec9 <strong>$166K doanh thu<\/strong>), doanh s\u1ed1 \u0111\u00e3 ph\u1ee5c h\u1ed3i m\u1ea1nh, v\u01b0\u1ee3t m\u1ed1c <strong>$1 tri\u1ec7u\/qu\u00fd<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_-sma0AAwM0X.jpg\" alt=\"\" class=\"wp-image-10882\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_-sma0AAwM0X.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_-sma0AAwM0X-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HFz_-sma0AAwM0X-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">C\u00e1c \u1ee9ng d\u1ee5ng phi t\u1eadp trung (dApps) c\u1ee7a Seeker \u0111\u00e3 \u0111\u01b0\u1ee3c ra m\u1eaft theo th\u1eddi gian &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/seeker\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong>Ho\u1ea1t \u0111\u1ed9ng developer c\u0169ng t\u0103ng tr\u01b0\u1edfng m\u1ea1nh:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1ed1 l\u01b0\u1ee3ng developer t\u0103ng <strong>116% QoQ<\/strong>, \u0111\u1ea1t <strong>443 (ATH)<\/strong><\/li>\n\n\n\n<li>S\u1ed1 l\u01b0\u1ee3ng dApp t\u0103ng t\u1eeb <strong>308 \u2192 784<\/strong><br>\u2192 T\u01b0\u01a1ng \u0111\u01b0\u01a1ng <strong>476 \u1ee9ng d\u1ee5ng m\u1edbi ra m\u1eaft ch\u1ec9 trong Q1\/2026<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Khi h\u1ec7 sinh th\u00e1i m\u1edf r\u1ed9ng, ng\u01b0\u1eddi d\u00f9ng Seeker c\u0169ng b\u1eaft \u0111\u1ea7u \u0111\u00f3ng g\u00f3p \u0111\u00e1ng k\u1ec3 v\u00e0o ho\u1ea1t \u0111\u1ed9ng m\u1ea1ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Chi\u1ebfm <strong>2% t\u1ed5ng volume spot DEX<\/strong><\/li>\n\n\n\n<li>Chi\u1ebfm <strong>0.3% volume chuy\u1ec3n stablecoin<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Stablecoin<\/h3>\n\n\n\n<p>Ngu\u1ed3n cung stablecoin l\u01b0u h\u00e0nh tr\u00ean Solana g\u1ea7n nh\u01b0 <strong>\u0111i ngang theo qu\u00fd (QoQ)<\/strong>, duy tr\u00ec \u1edf m\u1ee9c <strong>g\u1ea7n $16 t\u1ef7<\/strong>.<\/p>\n\n\n\n<p>C\u01a1 c\u1ea5u stablecoin:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>USDC<\/strong> c\u1ee7a Circle chi\u1ebfm <strong>55%<\/strong><\/li>\n\n\n\n<li><strong>USDT<\/strong> c\u1ee7a Tether chi\u1ebfm <strong>22%<\/strong><\/li>\n\n\n\n<li><strong>USDG<\/strong> c\u1ee7a Paxos chi\u1ebfm <strong>6%<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0ABLQX0AAMLoQ.jpg\" alt=\"\" class=\"wp-image-10883\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0ABLQX0AAMLoQ.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0ABLQX0AAMLoQ-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0ABLQX0AAMLoQ-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">T\u1ed5ng ngu\u1ed3n cung c\u1ee7a Solana Stablecoin &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" data-type=\"link\" data-id=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>V\u1ec1 ho\u1ea1t \u0111\u1ed9ng s\u1eed d\u1ee5ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>T\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng chuy\u1ec3n stablecoin \u0111\u1ea1t <strong>$2.1 ngh\u00ecn t\u1ef7 trong Q1\/2026<\/strong><\/li>\n\n\n\n<li>T\u0103ng kho\u1ea3ng <strong>60% c\u1ea3 QoQ v\u00e0 YoY<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Notes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1ed1 li\u1ec7u n\u00e0y <strong>kh\u00f4ng bao g\u1ed3m flash loan<\/strong> v\u00e0 c\u00e1c d\u1ea1ng volume \u201ckh\u00f4ng t\u1ef1 nhi\u00ean\u201d kh\u00e1c<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Ph\u00e2n t\u00edch m\u1ea1ng l\u01b0\u1edbi (Network Analysis)<\/h2>\n\n\n\n<p>Trong su\u1ed1t Q1\/2026, Solana ti\u1ebfp t\u1ee5c ch\u1ee9ng minh v\u1ecb th\u1ebf l\u00e0 <strong>blockchain general-purpose c\u00f3 hi\u1ec7u n\u0103ng cao nh\u1ea5t \u0111ang v\u1eadn h\u00e0nh th\u1ef1c t\u1ebf<\/strong>, d\u1ef1a tr\u00ean nhi\u1ec1u ch\u1ec9 s\u1ed1 kh\u00e1c nhau.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">S\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 TPS (Transaction Count &amp; TPS)<\/h3>\n\n\n\n<p>Solana x\u1eed l\u00fd <strong>10.1 t\u1ef7 giao d\u1ecbch non-vote trong Q1\/2026<\/strong>, thi\u1ebft l\u1eadp m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i (ATH), v\u01b0\u1ee3t qua k\u1ef7 l\u1ee5c tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 <strong>8.9 t\u1ef7 giao d\u1ecbch trong Q2\/2025<\/strong> h\u01a1n <strong>1 t\u1ef7 giao d\u1ecbch<\/strong>.<\/p>\n\n\n\n<p>Trong t\u1ed5ng s\u1ed1 10.1 t\u1ef7 giao d\u1ecbch:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>74.4% th\u00e0nh c\u00f4ng<\/strong><\/li>\n\n\n\n<li><strong>25.6% b\u1ecb revert (ho\u00e0n l\u1ea1i)<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AGF5asAAmF-9.jpg\" alt=\"\" class=\"wp-image-10884\" style=\"width:680px;height:auto\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AGF5asAAmF-9.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AGF5asAAmF-9-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AGF5asAAmF-9-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">S\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch kh\u00f4ng li\u00ean quan \u0111\u1ebfn phi\u1ebfu b\u1ea7u t\u1ea1i Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" data-type=\"link\" data-id=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>C\u00e1c giao d\u1ecbch b\u1ecb revert th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u1ef1 \u0111\u1ed9ng nh\u01b0 <strong>arbitrage bot<\/strong><\/li>\n<\/ul>\n\n\n\n<p>V\u00ec v\u1eady, \u0111\u00e2y th\u01b0\u1eddng l\u00e0 <strong>\u0111\u1eb7c \u0111i\u1ec3m b\u00ecnh th\u01b0\u1eddng c\u1ee7a h\u1ec7 th\u1ed1ng<\/strong>, kh\u00f4ng ph\u1ea3i l\u1ed7i, khi:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0110i\u1ec1u ki\u1ec7n tr\u01b0\u1ee3t gi\u00e1 (slippage) x\u1ea5u \u0111i<\/li>\n\n\n\n<li>Ho\u1eb7c v\u01b0\u1ee3t ngo\u00e0i gi\u1edbi h\u1ea1n \u0111\u00e3 thi\u1ebft l\u1eadp \u2192 giao d\u1ecbch b\u1ecb h\u1ee7y<\/li>\n<\/ul>\n\n\n\n<p>V\u1ec1 hi\u1ec7u n\u0103ng:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>TPS (non-vote) \u0111\u1ea1t kho\u1ea3ng <strong>1,300 giao d\u1ecbch\/gi\u00e2y<\/strong>, m\u1ee9c cao nh\u1ea5t t\u1eeb tr\u01b0\u1edbc \u0111\u1ebfn nay<\/li>\n<\/ul>\n\n\n\n<p>Trong th\u1eddi gian t\u1edbi:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gi\u1edbi h\u1ea1n block c\u1ee7a Solana c\u00f3 th\u1ec3 t\u0103ng l\u00ean <strong>100M CUs<\/strong><\/li>\n\n\n\n<li>Qua \u0111\u00f3 m\u1edf r\u1ed9ng n\u0103ng l\u1ef1c m\u1ea1ng v\u00e0 h\u1ed7 tr\u1ee3 TPS cao h\u01a1n m\u1ed9t c\u00e1ch \u1ed5n \u0111\u1ecbnh<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AI-yWMAIm9Vv.jpg\" alt=\"\" class=\"wp-image-10885\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AI-yWMAIm9Vv.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AI-yWMAIm9Vv-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AI-yWMAIm9Vv-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Solana Non-Vote TPS &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" data-type=\"link\" data-id=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Ph\u00ed giao d\u1ecbch trung v\u1ecb (Median Transaction Fees)<\/h3>\n\n\n\n<p>M\u1eb7c d\u00f9 s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 TPS \u0111\u1ec1u \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i, Solana v\u1eabn duy tr\u00ec <strong>m\u1ee9c ph\u00ed giao d\u1ecbch trung v\u1ecb th\u1ea5p h\u01a1n nhi\u1ec1u b\u1eadc so v\u1edbi c\u00e1c blockchain \u0111\u1eaft \u0111\u1ecf kh\u00e1c<\/strong>.<\/p>\n\n\n\n<p>Trong su\u1ed1t Q1\/2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ph\u00ed giao d\u1ecbch trung v\u1ecb c\u1ee7a Solana duy tr\u00ec quanh m\u1ee9c <strong>~$0.0005<\/strong><\/li>\n\n\n\n<li>T\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng <strong>1\/20 cent<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u2192 Tr\u1edf th\u00e0nh <strong>m\u1ea1ng l\u01b0\u1edbi c\u00f3 chi ph\u00ed giao d\u1ecbch r\u1ebb nh\u1ea5t trung b\u00ecnh<\/strong><\/p>\n\n\n\n<p>L\u01b0u \u00fd: So s\u00e1nh n\u00e0y ch\u1ec9 \u00e1p d\u1ee5ng v\u1edbi c\u00e1c blockchain c\u00f3 <strong>doanh thu ph\u00ed t\u1ed1i thi\u1ec3u $10,000\/ng\u00e0y<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AjENasAEFIPk.jpg\" alt=\"\" class=\"wp-image-10887\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AjENasAEFIPk.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AjENasAEFIPk-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AjENasAEFIPk-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Ph\u00ed giao d\u1ecbch trung b\u00ecnh t\u1ea1i Solana &#8211; <a href=\"https:\/\/app.blockworksresearch.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Stress test v\u00e0 \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh ph\u00ed (Stress Tests &amp; Fee Stability)<\/h3>\n\n\n\n<p>Q1\/2026 ghi nh\u1eadn hai s\u1ef1 ki\u1ec7n stress test quan tr\u1ecdng, cho th\u1ea5y kh\u1ea3 n\u0103ng ch\u1ecbu t\u1ea3i v\u00e0 \u1ed5n \u0111\u1ecbnh c\u1ee7a Solana trong \u0111i\u1ec1u ki\u1ec7n bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh.<\/p>\n\n\n\n<p><strong>S\u1ef1 ki\u1ec7n ng\u00e0y 31\/01:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ph\u00ed trung v\u1ecb gi\u1eef \u1edf kho\u1ea3ng <strong>$0.00065<\/strong>, \u0111\u1ec9nh <strong>$0.00085 (+32%)<\/strong><\/li>\n\n\n\n<li>TPS \u0111\u1ea1t \u0111\u1ec9nh <strong>4,366<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Trong khi \u0111\u00f3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ethereum: ph\u00ed t\u0103ng l\u00ean <strong>$8.67 (~+500 l\u1ea7n)<\/strong><\/li>\n\n\n\n<li>Base: ph\u00ed t\u0103ng l\u00ean <strong>$0.61 (~+100 l\u1ea7n)<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AmlxXcAAUzOc-1.jpg\" alt=\"\" class=\"wp-image-10888\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AmlxXcAAUzOc-1.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AmlxXcAAUzOc-1-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0AmlxXcAAUzOc-1-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">M\u1ee9c ph\u00ed trung b\u00ecnh t\u1ea1i Solana (ng\u00e0y 31 th\u00e1ng 1 n\u0103m 2026) &#8211; <a href=\"https:\/\/solanalightspeed.com\/reports\/under-load-solana-outperforms\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong>S\u1ef1 ki\u1ec7n ng\u00e0y 05\/02:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>H\u01a1n <strong>$2 t\u1ef7 b\u1ecb thanh l\u00fd<\/strong> sau m\u1ed9t \u0111\u1ee3t gi\u1ea3m m\u1ea1nh<\/li>\n\n\n\n<li>Gi\u00e1 SOL gi\u1ea3m <strong>15% trong ng\u00e0y<\/strong><\/li>\n<\/ul>\n\n\n\n<p>D\u00f9 v\u1eady:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ph\u00ed tr\u00ean Solana v\u1eabn <strong>\u1ed5n \u0111\u1ecbnh<\/strong>, k\u1ec3 c\u1ea3 trong k\u1ecbch b\u1ea3n bi\u1ebfn \u0111\u1ed9ng c\u1ef1c m\u1ea1nh<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BCy_W8AASHlJ.jpg\" alt=\"\" class=\"wp-image-10889\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BCy_W8AASHlJ.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BCy_W8AASHlJ-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0BCy_W8AASHlJ-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">M\u1ee9c ph\u00ed trung b\u00ecnh t\u1ea1i Solana (ng\u00e0y 5 th\u00e1ng 2 n\u0103m 2026) &#8211; <a href=\"https:\/\/solanalightspeed.com\/reports\/under-load-solana-outperforms\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<p>Hi\u1ec7u n\u0103ng trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng cao l\u00e0 y\u1ebfu t\u1ed1 c\u1ef1c k\u1ef3 quan tr\u1ecdng v\u00ec:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0110\u00e2y l\u00e0 l\u00fac trader c\u1ea7n <strong>b\u1eaft \u0111\u00e1y<\/strong><\/li>\n\n\n\n<li>B\u1ed5 sung t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p<\/li>\n\n\n\n<li>Qu\u1ea3n l\u00fd r\u1ee7i ro<\/li>\n\n\n\n<li>Th\u1ef1c hi\u1ec7n thanh l\u00fd<\/li>\n<\/ul>\n\n\n\n<p>\u2192 T\u1ea5t c\u1ea3 \u0111\u1ec1u di\u1ec5n ra trong th\u1eddi gian r\u1ea5t ng\u1eafn<\/p>\n\n\n\n<p>N\u1ebfu m\u1ed9t blockchain b\u1ecb qu\u00e1 t\u1ea3i:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kh\u1ea3 n\u0103ng kh\u1edbp l\u1ec7nh tr\u1edf n\u00ean <strong>kh\u00f4ng ch\u1eafc ch\u1eafn<\/strong><\/li>\n\n\n\n<li>Chi ph\u00ed tr\u1edf n\u00ean <strong>kh\u00f3 \u0111o\u00e1n<\/strong><br>\u2192 L\u00e0m gi\u1ea3m ch\u1ea5t l\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng<\/li>\n<\/ul>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>C\u00e1c m\u1ea1ng duy tr\u00ec \u1ed5n \u0111\u1ecbnh s\u1ebd <strong>ph\u00f9 h\u1ee3p h\u01a1n cho ho\u1ea1t \u0111\u1ed9ng t\u00e0i ch\u00ednh<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Trong c\u00e1c s\u1ef1 ki\u1ec7n n\u00e0y, Solana c\u0169ng \u0111\u1ea1t:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Throughput duy tr\u00ec cao nh\u1ea5t<\/strong><\/li>\n\n\n\n<li>TPS trung v\u1ecb lu\u00f4n cao h\u01a1n <strong>m\u1ed9t b\u1eadc \u0111\u1ed9 l\u1edbn (order of magnitude)<\/strong> so v\u1edbi c\u00e1c chain EVM<\/li>\n\n\n\n<li>TPS \u0111\u1ec9nh \u0111\u1ea1t <strong>3,635<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0Bud7asAE1ZY8.jpg\" alt=\"\" class=\"wp-image-10890\" srcset=\"https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0Bud7asAE1ZY8.jpg 680w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0Bud7asAE1ZY8-300x169.jpg 300w, https:\/\/backcom.io\/wp-content\/uploads\/2026\/04\/HF0Bud7asAE1ZY8-18x10.jpg 18w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><figcaption class=\"wp-element-caption\">Solana TPS (Ng\u00e0y 5 th\u00e1ng 2 n\u0103m 2026) &#8211; <a href=\"https:\/\/solanalightspeed.com\/reports\/under-load-solana-outperforms\" data-type=\"link\" data-id=\"https:\/\/solanalightspeed.com\/reports\/under-load-solana-outperforms\" target=\"_blank\" rel=\"noopener\">Ngu\u1ed3n<\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">C\u1eadp nh\u1eadt s\u1ea3n ph\u1ea9m &amp; h\u1ec7 sinh th\u00e1i (Product &amp; Ecosystem Updates)<\/h2>\n\n\n\n<p>\u1ede ph\u00eda s\u1ea3n ph\u1ea9m, c\u00e1c core developer c\u1ee7a Solana ti\u1ebfp t\u1ee5c t\u1eadp trung v\u00e0o vi\u1ec7c t\u0103ng b\u0103ng th\u00f4ng th\u00f4ng qua vi\u1ec7c n\u00e2ng gi\u1edbi h\u1ea1n block, gi\u1ea3m \u0111\u1ed9 tr\u1ec5 b\u1eb1ng c\u00e1ch r\u00fat ng\u1eafn th\u1eddi gian slot, v\u00e0 c\u1ea3i thi\u1ec7n c\u1ea5u tr\u00fac vi m\u00f4 c\u1ee7a th\u1ecb tr\u01b0\u1eddng (market microstructure).<\/p>\n\n\n\n<p>C\u00e1c n\u1ed7 l\u1ef1c v\u1ec1 microstructure nh\u1eb1m m\u1edf r\u1ed9ng kh\u00f4ng gian thi\u1ebft k\u1ebf cho c\u00e1c \u1ee9ng d\u1ee5ng y\u00eau c\u1ea7u ki\u1ec3m so\u00e1t chi ti\u1ebft h\u01a1n v\u1ec1 th\u1ee9 t\u1ef1 x\u1eed l\u00fd giao d\u1ecbch (sequencing) \u2013 ch\u1eb3ng h\u1ea1n nh\u01b0 \u01b0u ti\u00ean l\u1ec7nh h\u1ee7y tr\u00ean c\u00e1c s\u00e0n perpetual \u2013 \u0111\u1ed3ng th\u1eddi gi\u00fap gi\u1ea3m thi\u1ec3u c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c nh\u01b0 frontrunning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Gi\u1ea3m th\u1eddi gian slot (Halving Slot Times)<\/h3>\n\n\n\n<p>Brennan Watt t\u1eeb Anza \u0111\u00e3 kh\u1edfi \u0111\u1ed9ng c\u00e1c th\u1ea3o lu\u1eadn ban \u0111\u1ea7u v\u1ec1 vi\u1ec7c gi\u1ea3m th\u1eddi gian slot c\u1ee7a Solana nh\u01b0 m\u1ed9t ph\u1ea7n trong \u0111\u1ecbnh h\u01b0\u1edbng n\u00e2ng c\u1ea5p \u201cIBRL\u201d, v\u1edbi gi\u00e1 tr\u1ecb m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 <strong>200ms m\u1ed7i block<\/strong>.<\/p>\n\n\n\n<p>Vi\u1ec7c gi\u1ea3m th\u1eddi gian block t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i kho\u1ea3ng <strong>~400ms<\/strong> xu\u1ed1ng c\u00f2n m\u1ed9t n\u1eeda s\u1ebd:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gi\u1ea3m \u0111\u00e1ng k\u1ec3 <strong>\u0111\u1ed9 tr\u1ec5 m\u1ea1ng (latency)<\/strong><\/li>\n\n\n\n<li>H\u1ea1n ch\u1ebf h\u00e0nh vi <strong>late packing<\/strong> c\u1ee7a validator tr\u01b0\u1edbc khi tri\u1ec3n khai MCP<\/li>\n<\/ul>\n\n\n\n<p>R\u00e0o c\u1ea3n l\u1edbn nh\u1ea5t trong ng\u1eafn h\u1ea1n kh\u00f4ng n\u1eb1m \u1edf k\u1ef9 thu\u1eadt m\u00e0 \u1edf y\u1ebfu t\u1ed1 kinh t\u1ebf.<\/p>\n\n\n\n<p>Specifically:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gi\u1ea3m th\u1eddi gian slot s\u1ebd <strong>t\u0103ng g\u1ea5p \u0111\u00f4i t\u1ea7n su\u1ea5t voting<\/strong><\/li>\n\n\n\n<li>\u0110\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c <strong>chi ph\u00ed voting c\u0169ng t\u0103ng g\u1ea5p \u0111\u00f4i<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Hi\u1ec7n t\u1ea1i:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Voting \u0111\u00e3 l\u00e0 chi ph\u00ed v\u1eadn h\u00e0nh l\u1edbn nh\u1ea5t c\u1ee7a nhi\u1ec1u validator<\/li>\n\n\n\n<li>Trung b\u00ecnh kho\u1ea3ng <strong>~32 SOL\/th\u00e1ng<\/strong><\/li>\n<\/ul>\n\n\n\n<p>N\u1ebfu gi\u1ea3m slot time:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Chi ph\u00ed n\u00e0y c\u00f3 th\u1ec3 t\u0103ng l\u00ean kho\u1ea3ng <strong>~64 SOL\/th\u00e1ng<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Constellation \u2013 nhi\u1ec1u proposer \u0111\u1ed3ng th\u1eddi (Multiple Concurrent Proposers \u2013 MCP)<\/h3>\n\n\n\n<p>V\u00e0o ng\u00e0y 25\/03, Anza \u0111\u00e3 gi\u1edbi thi\u1ec7u <strong>Constellation<\/strong>, m\u1ed9t \u0111\u1ec1 xu\u1ea5t giao th\u1ee9c MCP nh\u1eb1m tri\u1ec3n khai v\u00e0o client Agave c\u1ee7a Solana.<\/p>\n\n\n\n<p>MCP h\u01b0\u1edbng t\u1edbi vi\u1ec7c:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>H\u1ea1n ch\u1ebf s\u1ef1 \u0111\u1ed9c quy\u1ec1n c\u1ee7a <strong>single leader<\/strong> trong vi\u1ec7c quy\u1ebft \u0111\u1ecbnh giao d\u1ecbch n\u00e0o \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o block<\/li>\n\n\n\n<li>Gi\u1ea3m c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c nh\u01b0 <strong>late packing<\/strong> ho\u1eb7c ki\u1ec3m duy\u1ec7t giao d\u1ecbch (censorship)<\/li>\n<\/ul>\n\n\n\n<p>Trong th\u1ef1c t\u1ebf, MCP gi\u00fap:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 <strong>censorship giao d\u1ecbch<\/strong><\/li>\n\n\n\n<li>C\u1ea3i thi\u1ec7n <strong>ch\u1ea5t l\u01b0\u1ee3ng kh\u1edbp l\u1ec7nh (execution quality)<\/strong> cho market maker<\/li>\n<\/ul>\n\n\n\n<p>Khi h\u1ec7 sinh th\u00e1i trading tr\u00ean Solana ng\u00e0y c\u00e0ng tr\u01b0\u1edfng th\u00e0nh:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Vi\u1ec7c market maker c\u00f3 th\u1ec3 <strong>quote gi\u00e1 m\u00e0 kh\u00f4ng lo b\u1ecb t\u1eeb ch\u1ed1i giao d\u1ecbch<\/strong> tr\u1edf n\u00ean c\u1ef1c k\u1ef3 quan tr\u1ecdng<\/li>\n<\/ul>\n\n\n\n<p>Trong th\u1eddi gian ch\u1edd MCP ho\u00e0n thi\u1ec7n, <strong>JitoBAM<\/strong> \u0111ang gi\u1ea3i quy\u1ebft m\u1ed9t ph\u1ea7n v\u1ea5n \u0111\u1ec1 n\u00e0y b\u1eb1ng c\u00e1ch:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cho ph\u00e9p developer ki\u1ec3m so\u00e1t chi ti\u1ebft h\u01a1n v\u1ec1 <strong>th\u1ee9 t\u1ef1 x\u1eed l\u00fd v\u00e0 vi\u1ec7c \u0111\u01b0a giao d\u1ecbch v\u00e0o block<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Trong Q1\/2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JitoBAM ghi nh\u1eadn <strong>t\u0103ng tr\u01b0\u1edfng stake +155%<\/strong><\/li>\n\n\n\n<li>Chi\u1ebfm <strong>28% t\u1ed5ng stake to\u00e0n m\u1ea1ng v\u00e0o cu\u1ed1i qu\u00fd<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">N\u1ec1n t\u1ea3ng ph\u00e1t tri\u1ec3n Solana (Solana Developer Platform)<\/h3>\n\n\n\n<p>S\u1ef1 ki\u1ec7n ra m\u1eaft <strong>Solana Developer Platform (SDP)<\/strong> v\u00e0o ng\u00e0y 24\/03 \u2013 v\u1edbi s\u1ef1 tham gia c\u1ee7a <strong>Mastercard, Western Union, Worldpay, Worldcoin v\u00e0 Alibaba Cloud<\/strong> \u2013 \u0111\u00e1nh d\u1ea5u b\u1ed9 quan h\u1ec7 \u0111\u1ed1i t\u00e1c doanh nghi\u1ec7p l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed c\u1ee7a Solana.<\/p>\n\n\n\n<p>D\u00f9 SDP v\u1eabn ch\u01b0a ch\u00ednh th\u1ee9c v\u1eadn h\u00e0nh v\u00e0o th\u1eddi \u0111i\u1ec3m cu\u1ed1i qu\u00fd, h\u1ec7 sinh th\u00e1i \u0111\u1ed1i t\u00e1c n\u00e0y cho th\u1ea5y:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1ef1 <strong>c\u00f4ng nh\u1eadn t\u1eeb c\u00e1c t\u1eadp \u0111o\u00e0n l\u1edbn (Fortune 500)<\/strong><\/li>\n\n\n\n<li>\u0110\u1ecbnh v\u1ecb Solana nh\u01b0 m\u1ed9t <strong>\u1ee9ng vi\u00ean ti\u1ec1m n\u0103ng cho l\u1edbp settlement (x\u1eed l\u00fd giao d\u1ecbch) \u1edf c\u1ea5p doanh nghi\u1ec7p<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">T\u1ed5ng k\u1ebft &amp; tri\u1ec3n v\u1ecdng (Closing Summary &amp; Outlook)<\/h2>\n\n\n\n<p>Solana k\u1ebft th\u00fac Q1\/2026 v\u1edbi v\u1ecb th\u1ebf c\u1ed1t l\u00f5i ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 r\u00f5 r\u00e0ng tr\u00ean c\u1ea3 ph\u01b0\u01a1ng di\u1ec7n c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng v\u00e0 n\u1ec1n t\u1ea3ng m\u1ea1ng l\u01b0\u1edbi. M\u1ea1ng l\u01b0\u1edbi ti\u1ebfp t\u1ee5c l\u00e0 n\u1ec1n t\u1ea3ng h\u00e0ng \u0111\u1ea7u cho giao d\u1ecbch spot on-chain, chi\u1ebfm 41% th\u1ecb ph\u1ea7n v\u00e0 ch\u1ee9ng minh t\u00ednh kh\u1ea3 thi c\u1ee7a m\u00f4 h\u00ecnh \u201ceverything exchange\u201d, v\u1edbi ho\u1ea1t \u0111\u1ed9ng gia t\u0103ng \u1edf c\u00e1c m\u1ea3ng t\u00e0i s\u1ea3n token h\u00f3a v\u00e0 c\u1eb7p stablecoin. \u0110\u1ed3ng th\u1eddi, s\u1ef1 tham gia c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi d\u00f2ng v\u1ed1n ETP \u1ed5n \u0111\u1ecbnh v\u00e0 s\u1ef1 r\u00f5 r\u00e0ng h\u01a1n v\u1ec1 m\u1eb7t ph\u00e1p l\u00fd.<\/p>\n\n\n\n<p>H\u1ec7 sinh th\u00e1i c\u0169ng \u0111ang th\u1ec3 hi\u1ec7n \u0111\u1ed9 r\u1ed9ng v\u00e0 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu ng\u00e0y c\u00e0ng t\u1ed1t \u1edf c\u00e1c l\u0129nh v\u1ef1c kh\u00e1c. RWA n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng quan tr\u1ecdng trong m\u1ea3ng lending, khi Solana v\u01b0\u1ee3t qua Ethereum v\u1ec1 l\u01b0\u1ee3ng ti\u1ec1n g\u1eedi RWA, trong khi kh\u1ed1i l\u01b0\u1ee3ng t\u00e0i s\u1ea3n token h\u00f3a \u0111\u1ea1t m\u1ee9c cao m\u1edbi nh\u1edd c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c t\u00e0i s\u1ea3n pre-IPO. Ho\u1ea1t \u0111\u1ed9ng ng\u01b0\u1eddi d\u00f9ng ti\u00eau d\u00f9ng ti\u1ebfp t\u1ee5c l\u00e0 l\u1ee3i th\u1ebf c\u1ea5u tr\u00fac, v\u1edbi m\u1ee9c \u0111\u1ed9 t\u01b0\u01a1ng t\u00e1c m\u1ea1nh tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng launchpad v\u00e0 ph\u00e2n ph\u1ed1i mobile, c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf c\u1ee7a Solana l\u00e0 m\u1ed9t trong nh\u1eefng h\u1ec7 sinh th\u00e1i retail s\u00f4i \u0111\u1ed9ng nh\u1ea5t trong crypto.<\/p>\n\n\n\n<p>\u1ede c\u1ea5p \u0111\u1ed9 m\u1ea1ng l\u01b0\u1edbi, hi\u1ec7u n\u0103ng v\u1eabn l\u00e0 y\u1ebfu t\u1ed1 kh\u00e1c bi\u1ec7t r\u00f5 r\u00e0ng. Solana \u0111\u1ea1t c\u00e1c m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i v\u1ec1 s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 throughput, \u0111\u1ed3ng th\u1eddi duy tr\u00ec m\u1ee9c ph\u00ed th\u1ea5p v\u00e0 \u1ed5n \u0111\u1ecbnh ngay c\u1ea3 trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng cao. Nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u00e0y ti\u1ebfp t\u1ee5c h\u1ed7 tr\u1ee3 vai tr\u00f2 c\u1ee7a Solana nh\u01b0 l\u1edbp th\u1ef1c thi ch\u00ednh cho c\u00e1c \u1ee9ng d\u1ee5ng y\u00eau c\u1ea7u t\u1ea7n su\u1ea5t cao v\u00e0 \u0111\u1ed9 tr\u1ec5 th\u1ea5p.<\/p>\n\n\n\n<p>Trong th\u1eddi gian t\u1edbi, c\u00e1c c\u1ea3i ti\u1ebfn v\u1ec1 b\u0103ng th\u00f4ng, \u0111\u1ed9 tr\u1ec5 v\u00e0 thi\u1ebft k\u1ebf sequencing, c\u00f9ng v\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a h\u1ea1 t\u1ea7ng v\u00e0 c\u00e1c n\u00e2ng c\u1ea5p \u1edf c\u1ea5p validator, \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng kh\u00f4ng gian thi\u1ebft k\u1ebf \u1ee9ng d\u1ee5ng tr\u00ean Solana. Khi c\u00e1c thay \u0111\u1ed5i n\u00e0y \u0111\u01b0\u1ee3c tri\u1ec3n khai, Solana c\u00f3 v\u1ecb th\u1ebf t\u1ed1t \u0111\u1ec3 c\u1ee7ng c\u1ed1 v\u1ecb tr\u00ed d\u1eabn \u0111\u1ea7u trong m\u1ea3ng giao d\u1ecbch spot, \u0111\u1ed3ng th\u1eddi thu h\u1eb9p kho\u1ea3ng c\u00e1ch \u1edf c\u00e1c l\u0129nh v\u1ef1c li\u00ean quan.<\/p>\n\n\n\n<p>*B\u1ea1n c\u00f3 th\u1ec3 t\u1ea3i to\u00e0n b\u1ed9 b\u1ea3n b\u00e1o c\u00e1o <a href=\"https:\/\/blockworks.com\/quarterly-reports\" target=\"_blank\" rel=\"noopener\">t\u1ea1i \u0111\u00e2y<\/a>.<\/p>\n\n\n\n<p>*T\u1ea5t c\u1ea3 d\u1eef li\u1ec7u trong b\u00e1o c\u00e1o n\u00e0y \u0111\u1ec1u \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi <a href=\"https:\/\/blockworks.com\/analytics\/solana\" target=\"_blank\" rel=\"noopener\">Blockworks Solana Dashboard<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>B\u00e1o c\u00e1o Q1\/2026 cho th\u1ea5y Solana ti\u1ebfp t\u1ee5c d\u1eabn \u0111\u1ea7u v\u1ec1 giao d\u1ecbch spot on-chain, m\u1edf r\u1ed9ng m\u1ea1nh sang RWA, t\u00e0i s\u1ea3n token h\u00f3a v\u00e0 stablecoin, \u0111\u1ed3ng th\u1eddi duy tr\u00ec hi\u1ec7u n\u0103ng cao v\u1edbi ph\u00ed th\u1ea5p v\u00e0 \u1ed5n \u0111\u1ecbnh. S\u1ef1 gia t\u0103ng d\u00f2ng ti\u1ec1n t\u1ed5 ch\u1ee9c c\u00f9ng h\u1ec7 sinh th\u00e1i \u1ee9ng d\u1ee5ng ph\u00e1t tri\u1ec3n cho th\u1ea5y Solana \u0111ang chuy\u1ec3n m\u00ecnh th\u00e0nh m\u1ed9t n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n, kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf trading.<\/p>","protected":false},"author":4,"featured_media":10893,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[178,246],"tags":[322,324,323],"class_list":["post-10863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insight","category-kien-thuc","tag-bao-cao","tag-blockworks","tag-holder-token-solana"],"acf":[],"views":31,"_links":{"self":[{"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/posts\/10863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/comments?post=10863"}],"version-history":[{"count":2,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/posts\/10863\/revisions"}],"predecessor-version":[{"id":10894,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/posts\/10863\/revisions\/10894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/media\/10893"}],"wp:attachment":[{"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/media?parent=10863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/categories?post=10863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/backcom.io\/en\/wp-json\/wp\/v2\/tags?post=10863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}