Toly asked Solana in Chinese what are the current obstacles? Several teachers in the comment section gave the unanimous answer that Sol is difficult to list and does not have a direct exchange. Exciting, direct. These are indeed direct causes, deeper root causes, and more terrifying. I think they are: By 2026, Sol has yet to find a narrative. 1、 What was Solana's early narrative in the past? It's simple, ETH used to be too expensive, Sol was cheap. I have seen many developers on Sol say the same thing. But now, there are too many cheap chains that are too fast to list. Sol is a bit like a 30-year-old person, younger than ETH who is 40 years old, but it cannot withstand a bunch of young men and girls aged 18, 19, and 20 entering society, who are younger, more beautiful, and less concerned about income than you. This can't be played. 2、 What was Solana's narrative later on? Since we cannot compete for the attention of young people faster than anyone else, Solana has started to support the meme industry, known as the attention economy. w Previously, there were no obstacles to Solana meme's listing, even on the fast lane. For example, Bonk, WIF, Bome, and even Wen, sloth Mew、 Child brother. At its peak, Trump was all posted on Sol, what's the glory of it? Why doesn't it work now? Even my own son Seeker's ability to coin is weak, because he was wiped clean by Pump. In fact, Pump has greatly consumed Solana's momentum and successfully put a large amount of income into its own pocket. I reasonably suspect that Solana's meme craze and the wealth gained by the Pump team may exceed Sol's own, which is equivalent to someone else picking the fruit of victory. In addition, not only did Pump pick the low hanging fruit, but it also left behind a mess. Sol officials may be aware, but not decisive enough. Now I warn that meme is speculation, and then I think that pump is the Tiktok on Solana. But it's too late, now everyone's narrative impression of Sol is meme coins, and it's still - (can't go to the CEX version). You can tell from the comments left by the teachers in the Toly comment section. No one is talking about DeFi Deposit AI stablecoins, it's all about memes. This is not very consistent with the "Internet capital market" advocated by Solana himself, and the Internet capital market needs the intervention of institutions. If you rely too much on memes, institutions will distance themselves from you. It's hard to imagine that BlackRock would be willing to let go of its means and serve the agreement that [although Degen has a positive impression, the public has a negative impression], which has led to BlackRock's delay in promoting the SOL ETF. My personal impression of Solana is positive, but you have to admit that the public's impression is biased towards negative. If you don't believe me, you will know after going to the Pump live broadcast room. At the same time, Meme coin appears to have no barriers on the surface (in fact, trading is quite complex), at least that's what people on the exchange think. This has made institutions within the industry eager to try. Since they have their own chain and pump imitations, the exchange can build its own meme. Moreover, exchanges have a limit to attracting new customers. If the exchange determines through the backend that all meme players on Sol who should have been added have been added, then Solana will also have no utilization value. This is crucial, who is asking whom? In the past, it was the exchange asking for Sol, and now it is Sol asking for the exchange. Essentially, it means that the user's new customer acquisition has been completed √. If Sol wants to regain the favor of the exchange, it must attract new users on its own. Meme has affected institutional and pedestrian relationships, AI has taken away young people and hot money, and Sol cannot generate new users. I hold a lot of SOL and hope SOL is good. If Sol wants to attract new users, it still needs to rely on a new narrative, one that holds up.