The world of decentralized finance on Solana is never short on drama, and Adrena Protocol's DAO is the latest to hit the spotlight. A recent thread from Whale's Friend, a key figure in Solana DAOs and associated with Realms, highlights an upcoming episode of "Would You Invest?" that dives deep into Adrena's recent governance hurdles. If you're into meme tokens or DeFi on Solana, this is worth paying attention to, especially since Adrena supports trading popular assets like BONK.

Adrena Protocol is a decentralized perpetuals exchange built on Solana, allowing users

- 现在正在搜索关于 Solana 上 Adrena Protocol DAO 的详细信息，以为文章补充背景。​

📊 ​请求结果数量：​ 10

🔗 ​Adrena Protocol 介绍 - Medium​
📄 它是一个在 Solana 上的永续合约去中心化交易所。你目前可以用最多 100x 杠杆通过 pool-to-peer（池对点）模型交易 BTC、SOL 和 BONK。
🌐 medium.com

🔗 ​Adrena​
📄 Adrena 的诞生源于一个单一目标：由社区拥有并运营的 DeFi 平台，围绕一个具有治理权和经济激励的强力代币建立...
🌐 www.adrena.xyz

🔗 ​Adrena (@AdrenaProtocol) / 帖子 / X - Twitter​
📄 截图显示了 Solana 上 Adrena DAO 的网页界面，包含提案、217 的金库等部分……显示 Adrena DAO 的投票界面截图……
🌐 x.com

🔗 ​Adrena 价格、ADX 价格、实时图表与市值 - Coinbase​
📄 Adrena 是一个去中心化、开源的点对池（peer-to-pool）现货和永续交易所，构建在 Solana 上，具有低兑换费和低价格冲击的交易特性。
🌐 www.coinbase.com

🔗 ​Adrena 价格：ADX 实时价格图表、市值与今日新闻​
📄 Adrena 是一个去中心化、开源的点对池现货与永续交易所，构建在 Solana 上，提供低滑点交易与低兑换费。
🌐 www.coingecko.com

🔗 ​Adrena Protocol — 三个月回顾 | 由 Algo Rhythmic 撰写 - Medium​
📄 首次在 11 月 18 日，Adrena DAO 投票将 soft cap（软上限）从 1000 万提高到 2000 万，随后在 12 月 10 日再次从 2000 万提高到 3000 万。这...
🌐 medium.com

🔗 ​Adrena ADX 在九月上涨 130%，深度解析​
📄 Adrena 的 ADX 在九月上涨超过 130%，驱动因素包括 DAO 激励、低代币流通量以及 Solana 生态的动力。
🌐 99bitcoins.com

🔗 ​gm @AdrenaProtocol 这就是我们的 DAO 运作方式。对于那些不断...​
📄 截图显示 Solana 上 Adrena DAO 的网页界面，包含提案、217 的金库等部分 · 3.1.22.971 · · 探索热门故事 ...
🌐 x.com

🔗 ​Adrena Protocol：一个在 Solana 上以 $ADX 奖励的 perp DEX - LinkedIn​
📄 事实证明，Adrena 是一个在 Solana 上的 perp DEX，最近获得了稳健的关注。这很好地说明了为什么集成和...
🌐 www.linkedin.com

to trade assets like Bitcoin, Solana, and meme favorites such as BONK with up to 100x leverage. It operates on a peer-to-pool model, meaning liquidity comes from pooled assets rather than direct peer-to-peer matches, which helps keep fees low and trades efficient. The project's governance token, $ADX, empowers holders to vote on key decisions

- Adrena Protocol 在 Solana 上作为一个永续合约 DEX 运行，提供点对池的去中心化交易，资产包括 BTC、SOL 和 BONK，最高可达 100x 杠杆。​
through the DAO.

But lately, things have gotten intense. According to the thread, Adrena has faced what Whale's Friend calls the "governance pressure trilogy": the founding team running

- 该线程提到 ICM Standard 作为评估 DAO 治理的框架，因此正在检查其在 Solana 生态中的更多细节。​

📊 ​请求结果数量：​ 20

🔗 ​ICM：Solana 战略升级的核心叙事​
📄 ICM.RUN 是基于 ICM 哲学建立的去中心化孵化平台，旨在在 Solana 内创建一个开放的创业与融资生态系统...
🌐 coinwofficial.medium.com

🔗 ​Solana Internet Capital Markets - Token Ventures​
📄 ICM 建立在轻松创建与转移任意资产的能力之上。Solana 已成为此功能的事实标准。每月有 180 万...
🌐 token-ventures.com

🔗 ​ICM：Solana 战略升级的核心叙事 | Bitget 新闻​
📄 被接受的项目必须将大约 1% 的代币供应分配给 DAO 国库，以便将来按比例分发给 ICM 代币持有者。
🌐 www.bitget.com

🔗 ​市场聚焦：结构化 ICO 回归与 MetaDAO ... - CoinDesk​
📄 构建在 Solana 上的 MetaDAO 系统确保了项目国库保持由 DAO 控制，所有支出和结构性变更都需受到监督...
🌐 www.coindesk.com

🔗 ​ICM：Solana 战略升级的核心叙事 - Odaily​
📄 第一层是孵化层，由 DAO 通过导师投票选择项目并分享早期代币奖励。第二层是...
🌐 www.odaily.news

🔗 ​Realms - Solana DAOs 的家 (@realmsdaos) / Highlights / X​
📄 你可以在下面收看完整的第 01 集，我们讨论了 @JupiterExchange & @jup_dao 以及它们如何纳入 icm 标准的视角。Realms...
🌐 x.com

🔗 ​ICM 叙事：代币发行与早期投资者的问题​
📄 机构 Staking 与 DAO 国库策略正在 Solana 上演变，机构对 Solana staking 的兴趣在加速，DAO...
🌐 www.linkedin.com

🔗 ​Solana 向 Internet Capital Markets 的战略转变 | Phemex 新闻​
📄 Solana 正在向 Internet Capital Markets (ICM) 转型，以将互联网转变为价值层，详细内容见 2025 年 7 月的路线图。
🌐 phemex.com

🔗 ​Internet Capital Market ICM：一种新趋势还是另一次 meme 热潮？​
📄 当前 ICM 生态的领头平台是 Solana 上的 Believe App（前身为 Clout）。该平台允许创始人直接发行他们自己的...
🌐 www.panewslab.com

🔗 ​ICM：Solana 战略升级的核心叙事 - ChainCatcher​
📄 被接受的项目必须将大约 1% 的代币供应分配给 DAO 国库，以便将来按比例分发给 ICM 代币持有者。
🌐 www.chaincatcher.com

low on funds (known as "runway" in startup speak), a big shake-up in tokenomics (how the token's supply, distribution, and economics work), and proposals from outside teams to step in and

- ICM Standard 指的是 Solana 上的 Internet Capital Markets，作为评估 DAO 的一把尺子，用于战略升级与去中心化孵化的视角。​
handle future development. These are classic challenges for DAOs, where community governance meets real-world pressures.

Breaking Down the Issues

First up, the funding crunch. DAOs often rely on treasury funds or revenue shares to support ongoing development. In Adrena's case, a proposal is on the table to allocate 10% of the DAO's revenue share to the foundation for maintenance costs. This kind of move is common when teams need to cover expenses but can spark debates about centralization versus sustainability.

Then there's the tokenomics adjustment. Recent votes have lifted the soft cap on token supply—first from 10 million to 20 million, then up to 30 million. These changes can dilute existing holders' stakes but might be necessary to incentivize growth or reward contributors. It's a delicate balance, and not everyone agrees on the best path.

Finally, the stewardship proposal from an external group called Autonom suggests entrusting them with overseeing the protocol moving forward. This could mean a shift in control, raising questions about token-holder protections and whether the DAO is truly decentralized.

The ICM Standard Evaluation

The upcoming episode, set to go live on Thursday at 10:00 AM UTC right here on X (formerly Twitter), will evaluate Adrena through the lens of the ICM Standard. ICM stands for Internet Capital Markets, a framework gaining traction on Solana for assessing DAO health and investor confidence. It looks at how well a project handles governance, protects stakeholders, and adapts to challenges—exactly what's playing out at Adrena.

Whale's Friend and the Realms team will compare Adrena's responses to ideal practices under ICM, spotlighting where protections worked and where they fell short. They'll also draw parallels with competitors like FlashTrade, which have navigated similar issues.

Why This Matters for Meme Token Enthusiasts

While Adrena isn't a pure meme token, its integration with Solana's vibrant ecosystem—including support for BONK trading—makes it relevant. Solana's speed and low costs have fueled the meme token boom, but sustainable governance is key to long-term success. Episodes like this offer valuable lessons: How do you spot red flags in a DAO? When should holders push back on changes?

If you're holding $ADX or eyeing Solana projects, tune in live or catch the replay on YouTube, Spotify, or other platforms. It's a chance to learn from real-time DeFi drama and maybe even decide if Adrena is worth your investment.

For more on Adrena, check out their official site at adrena.xyz. And stay tuned to Meme Insider for the latest on Solana's meme and DeFi scenes—we're here to help you navigate the wild world of blockchain.