#永续合约与杠杆交易 Seeing that Solana's annual revenue has surpassed Ethereum's is a bit surprising, but upon closer reflection, it's actually understandable.

The key lies in the advantages of high-frequency usage and productization—perpetual contracts, tokenized financial products, creator ETFs—these ecosystem components on Solana are indeed comparable to mainstream exchanges. What does low cost mean? It means strategies that require frequent opening and closing positions or adjusting holdings finally have room to survive. Several top traders I follow have recently increased their positions in the SOL ecosystem, especially in perpetual contracts—when Hyperliquid's $HYPE fell below the cost basis of the aid fund, their reaction was much faster than usual.

This isn't just simple ecosystem competition; it's a gradual shift in trading use cases. Integration of TradFi with L2, increased throughput of Perp DEXs, improved feasibility of low-cost high-frequency strategies... a chain reaction is unfolding. For copy traders, this means they need to reassess their position management logic—those relying on high-frequency operations may see returns on the SOL ecosystem much better than on the Ethereum mainnet, with lower risk management costs.

But don't forget, surpassing revenue is just surface data. What's truly worth paying attention to is how this shift in landscape will reshape the strategic orientation of top traders. The next step is whether to follow or observe, which depends on one's risk appetite and the attitude of the copy targets.