With the continuous development of blockchain technology, Solana, as a highly regarded public chain platform, is facing multiple challenges in its Decentralized Finance ecosystem. These challenges not only affect the current project operations but may also have far-reaching implications for future development directions.

First, the Solana ecosystem is facing a serious problem of liquidity internal consumption. The high staking yield of validator nodes (usually around 7%-8%) attracts a large amount of capital, which leads to liquidity shortages for other DeFi projects, such as lending protocols. If the SIMD-0228 proposal is implemented, it could further exacerbate this issue, causing a loss of funds for DeFi protocols that rely on validator staking yields.

Secondly, the user base and market size of the Solana DeFi ecosystem are growing slowly. Currently, the daily active users of DeFi across all blockchain platforms are only about 500,000, which is significantly lower compared to traditional technology applications. At the same time, compared to other blockchain platforms, Solana is also at a disadvantage in terms of capital allocation, which limits the development potential of projects.

The uncertainty of the regulatory environment has also posed challenges for the Solana Decentralized Finance ecosystem. The regulatory pressure faced by the cryptocurrency industry is increasing, especially regarding the integration of on-chain and off-chain, with relevant regulations still unclear, creating obstacles for DeFi developers and entrepreneurs. In addition, political factors such as the U.S. elections may also increase the uncertainty in the industry due to differing attitudes toward cryptocurrency regulation among various political parties.

On the technical level, Solana still needs to address some protocol layer issues to enhance scalability. For example, MarginFi had to adjust its oracle system and risk management strategies due to Solana's efficiency problems, which highlights the challenges that technical shortcomings bring to project development and operations.

Market volatility risk is another issue that cannot be ignored. The activity of the Solana Decentralized Finance ecosystem highly depends on speculative trends, which makes its development susceptible to market sentiment and speculative behavior. For example, after the MEME craze subsided at the end of 2024, on-chain trading volume plummeted by over 90%, reflecting a lack of stable use cases in the market.

Finally, the security risks of smart contracts still exist. Although the Solana decentralized exchange relies on audited smart contracts, potential vulnerabilities in the code may still be exploited by hackers, threatening the security of user assets and affecting the project's reputation and long-term development.

In the face of these challenges, the Solana Decentralized Finance ecosystem needs to make comprehensive improvements in areas such as technological innovation, user experience optimization, risk management, and compliance in order to maintain competitiveness and achieve sustainable development in the highly competitive blockchain market.