{
  "version": 1,
  "event_id": "evt_cd8c6345133bb138",
  "url": "https://xiyu.news/events/evt_cd8c6345133bb138/",
  "json": "https://xiyu.news/api/events/evt_cd8c6345133bb138.json",
  "type": "market_structure",
  "status": "monitoring",
  "category": "crypto",
  "title": {
    "zh": "Solana DEX 交易量激增掩盖循环交易，自动化机器人被指为元凶",
    "en": "Solana DEX volume spike hides circular trades, and automated bots are blamed"
  },
  "current_state": {
    "zh": "Bitquery 于 9 月 24 日公布的一项回溯分析显示，其对 8 月 24 日至 9 月 22 日期间记录的 2014 亿美元 Solana DEX 交易中，有 58.4%（即 1177 亿美元）被归类为循环交易或类机器人活动。其中约 1116 亿美元（约占被标记金额的 95%）涉及在同一笔交易内通过同一资金池买卖同一代币。\n\n该结果对把 DEX 总交易量当作独立交易者需求指标的做法提出质疑，因为 Solana 记录在案的成交额中有很大一部分来自反复的往返交易，而非不同的用户。Bitquery 同时指出，该研究并未衡量可执行流动性，因此外部交易者实际可用的市场深度仍然不明。\n\nBitquery 识别出两组分别包含 20 个和 50 个钱包的集群，其交易记录高度相似，合计占被标记金额中的 263 亿美元；该公司按交易量和代币数量对钱包进行分组，并未追踪其资金来源。该样本只涵盖其索引池中以 SOL、USDC 或 USDT 计价的交易，Bitquery 还表示可在 Solana 上运行的检查项少于其研究的其他链，因此这一数字反映的是其规则下某一时间窗口的情况，而非全部 Solana DEX 交易的比率。",
    "en": "Bitquery's 30-day reconstruction of $201.4 billion in Solana DEX trades classified 58.4% ($117.7 billion) as circular or botlike activity, with roughly $111.6 billion coming from buying and selling the same token in the same pool within a single transaction, casting doubt on gross DEX volume as a measure of genuine independent trading demand."
  },
  "first_seen_at": "2026-09-25T09:43:59.639329+00:00",
  "last_updated_at": "2026-09-25T09:43:59.639329+00:00",
  "last_material_change_at": "2026-09-25T09:43:59.639329+00:00",
  "confidence": 0.75,
  "updates_count": 1,
  "sources_count": 1,
  "entities": [
    "dex",
    "solana"
  ],
  "identifiers": [],
  "topics": [
    "dex",
    "on-chain-data",
    "solana",
    "wash-trading"
  ],
  "updates": [
    {
      "update_id": "upd_43c96ae2c9f6794b",
      "event_id": "evt_cd8c6345133bb138",
      "occurred_at": "2026-09-25T08:30:11Z",
      "published_at": "2026-09-25T08:30:11Z",
      "first_seen_at": "2026-09-25T09:43:59.639329Z",
      "time_precision": "published",
      "update_type": "initial",
      "material_change": true,
      "title_zh": "Solana DEX 交易量激增掩盖循环交易，自动化机器人被指为元凶",
      "title_en": "Solana DEX volume spike hides circular trades, and automated bots are blamed",
      "what_changed_zh": "Bitquery 于 9 月 24 日公布的一项回溯分析显示，其对 8 月 24 日至 9 月 22 日期间记录的 2014 亿美元 Solana DEX 交易中，有 58.4%（即 1177 亿美元）被归类为循环交易或类机器人活动。其中约 1116 亿美元（约占被标记金额的 95%）涉及在同一笔交易内通过同一资金池买卖同一代币。\n\n该结果对把 DEX 总交易量当作独立交易者需求指标的做法提出质疑，因为 Solana 记录在案的成交额中有很大一部分来自反复的往返交易，而非不同的用户。Bitquery 同时指出，该研究并未衡量可执行流动性，因此外部交易者实际可用的市场深度仍然不明。\n\nBitquery 识别出两组分别包含 20 个和 50 个钱包的集群，其交易记录高度相似，合计占被标记金额中的 263 亿美元；该公司按交易量和代币数量对钱包进行分组，并未追踪其资金来源。该样本只涵盖其索引池中以 SOL、USDC 或 USDT 计价的交易，Bitquery 还表示可在 Solana 上运行的检查项少于其研究的其他链，因此这一数字反映的是其规则下某一时间窗口的情况，而非全部 Solana DEX 交易的比率。",
      "what_changed_en": "Bitquery's 30-day reconstruction of $201.4 billion in Solana DEX trades classified 58.4% ($117.7 billion) as circular or botlike activity, with roughly $111.6 billion coming from buying and selling the same token in the same pool within a single transaction, casting doubt on gross DEX volume as a measure of genuine independent trading demand.",
      "current_state_zh": "Bitquery 于 9 月 24 日公布的一项回溯分析显示，其对 8 月 24 日至 9 月 22 日期间记录的 2014 亿美元 Solana DEX 交易中，有 58.4%（即 1177 亿美元）被归类为循环交易或类机器人活动。其中约 1116 亿美元（约占被标记金额的 95%）涉及在同一笔交易内通过同一资金池买卖同一代币。\n\n该结果对把 DEX 总交易量当作独立交易者需求指标的做法提出质疑，因为 Solana 记录在案的成交额中有很大一部分来自反复的往返交易，而非不同的用户。Bitquery 同时指出，该研究并未衡量可执行流动性，因此外部交易者实际可用的市场深度仍然不明。\n\nBitquery 识别出两组分别包含 20 个和 50 个钱包的集群，其交易记录高度相似，合计占被标记金额中的 263 亿美元；该公司按交易量和代币数量对钱包进行分组，并未追踪其资金来源。该样本只涵盖其索引池中以 SOL、USDC 或 USDT 计价的交易，Bitquery 还表示可在 Solana 上运行的检查项少于其研究的其他链，因此这一数字反映的是其规则下某一时间窗口的情况，而非全部 Solana DEX 交易的比率。",
      "current_state_en": "Bitquery's 30-day reconstruction of $201.4 billion in Solana DEX trades classified 58.4% ($117.7 billion) as circular or botlike activity, with roughly $111.6 billion coming from buying and selling the same token in the same pool within a single transaction, casting doubt on gross DEX volume as a measure of genuine independent trading demand.",
      "detailed_summary_zh": "Bitquery's 30-day reconstruction of $201.4 billion in Solana DEX trades classified 58.4% ($117.7 billion) as circular or botlike activity, with roughly $111.6 billion coming from buying and selling the same token in the same pool within a single transaction, casting doubt on gross DEX volume as a measure of genuine independent trading demand.",
      "detailed_summary_en": "Bitquery's 30-day reconstruction of $201.4 billion in Solana DEX trades classified 58.4% ($117.7 billion) as circular or botlike activity, with roughly $111.6 billion coming from buying and selling the same token in the same pool within a single transaction, casting doubt on gross DEX volume as a measure of genuine independent trading demand.",
      "background_zh": "Bitquery 是一家发布链上分析数据的区块链数据公司，DefiLlama 则是被广泛使用的跨链 DEX 交易量看板。9 月 24 日 DefiLlama Solana DEX 看板的快照显示其 30 日滚动交易量为 759 亿美元，而 Bitquery 做了同日对比：其索引的 Solana 交易中有 837 亿美元落在被标记类别之外，DefiLlama 对 8 月 24 日至 9 月 22 日统计的数字为 788 亿美元。Bitquery 称两组接近的数字部分属于巧合，因为 DefiLlama 包含 Bitquery 遗漏的交易场所，同时排除了 Bitquery 纳入的部分资金池。DefiLlama 公布的 PumpSwap 统计方法只计入具备指定报价代币、锁仓总值至少 5000 美元且有至少 50 个独立交易者的资金池，而 Bitquery 的做法是筛查交易与钱包行为。",
      "background_en": "Bitquery is a blockchain data company that publishes on-chain analytics, and DefiLlama is a widely used dashboard that tracks DEX volume across chains. A Sept. 24 snapshot of DefiLlama's Solana DEX dashboard showed $75.9 billion in rolling 30-day volume, while Bitquery made a same-date comparison in which $83.7 billion of its indexed Solana trades fell outside the flagged category versus DefiLlama's $78.8 billion for Aug. 24 through Sept. 22. Bitquery described the close totals as partly coincidental, since DefiLlama includes venues Bitquery misses and excludes pools Bitquery keeps. DefiLlama's published PumpSwap method counts pools with specified quote tokens, at least $5,000 in total value locked and at least 50 unique traders, whereas Bitquery screens transactions and wallet behavior.",
      "community_discussion_zh": "",
      "community_discussion_en": "",
      "market_impact_zh": "该发现影响市场参与者和数据使用者如何将 Solana DEX 交易量解读为需求信号，这可能波及依赖成交额指标的交易所、聚合器与激励计划；事件本身不涉及代币供应、托管或监管行动。由于该研究未量化可执行深度，它本身并不能说明独立交易者在相关资金池中实际可动用的流动性规模。",
      "market_impact_en": "The finding bears on how market participants and data consumers interpret Solana DEX volume as a demand signal, which can affect venues, aggregators and incentive programs that lean on turnover-based metrics; it does not involve token supply, custody or regulatory action. Because the study did not quantify executable depth, it does not by itself establish how much liquidity independent traders can access in the affected pools.",
      "importance_score": 7.0,
      "references": [
        {
          "url": "https://cryptoslate.com/solana-dex-volume-spike-hides-circular-trades-and-automated-bots-are-blamed/",
          "title": "Solana DEX volume spike hides circular trades, and automated bots..."
        },
        {
          "url": "https://solanacompass.com/news/bitquery-flags-1177b-or-58-of-solana-dex-volume-as-circular-or-bot-like",
          "title": "Bitquery: 58% of Solana DEX Volume, $117.7B in... | Solana Compass"
        },
        {
          "url": "https://www.altcoinbuzz.io/solana-dex-bitquery-flags-58-4-of-201b-sample-as-bot-or-circular",
          "title": "Bitquery flags 58.4% of Solana DEX sample as circular... | Altcoin Buzz"
        }
      ],
      "confidence": 0.75,
      "story_ids": [
        "rss:cryptoslate.com_feed_:830e36e62009c337"
      ],
      "sources": [
        {
          "url": "https://cryptoslate.com/solana-dex-volume-spike-hides-circular-trades-and-automated-bots-are-blamed/",
          "label": "CryptoSlate",
          "source_type": "rss",
          "official": false
        }
      ]
    }
  ]
}