Cardano (ADA)：PoS 網路的全面概述

自 2017 年推出以來，Cardano (ADA) 已發展成為一個 PoS 網絡，旨在突破區塊鏈技術的極限。作為一個致力於安全性、可擴展性和功能性的平台，卡爾達諾不僅僅是一種加密貨幣，而且為開發人員和用戶提供了構建去中心化應用程式和系統的強大環境。

Cardano (ADA) is a proof-of-stake (PoS) layer 1 network that was launched in 2017. It aims to provide security, scalability, and functionality for decentralized applications and systems built on its network.

Cardano (ADA) 是一個於 2017 年推出的權益證明 (PoS) 第 1 層網路。

In addition to community support from developers, node operators, and projects, Cardano is also supported by Input Output Global (IOG), the Cardano Foundation, EMURGO, and others. Together, these organizations drive network development, adoption, and fundraising, leading Cardano toward the final stage of its roadmap, the Voltaire Era.

除了開發人員、節點營運商和專案的社群支持外，Cardano 還得到了 Input Output Global (IOG)、Cardano 基金會、EMURGO 等機構的支持。這些組織共同推動網路的開發、採用和籌款，引領卡爾達諾走向其路線圖的最後階段，即伏爾泰時代。

Compared to other smart contract networks, Cardano takes a unique approach in development. The Ouroboros consensus mechanism allows for staking delegation, while the extended eUTXO accounting model facilitates native token transfers, scalability, and decentralization.

與其他智慧合約網路相比，卡爾達諾採取了獨特的開發方法。 Ouroboros 共識機制允許質押委託，而擴展的 eUTXO 會計模型則有利於本機代幣傳輸、可擴展性和去中心化。

With a loyal group of users and developers, Cardano has proven its staying power. After supporting smart contracts through the 2021 Alonzo hard fork, Cardano began to compete in more traditional crypto markets such as DeFi and NFT.

卡爾達諾擁有一群忠實的用戶和開發人員，證明了其持久力。在透過 2021 年 Alonzo 硬分叉支援智能合約後，卡爾達諾開始在 DeFi 和 NFT 等更傳統的加密市場競爭。

Key Data

關鍵數據

Profitability Data

獲利數據

ADA is the native asset of Cardano and serves as the main medium of exchange for transactions on the network. It has four main network-level use cases:

ADA 是卡爾達諾的原生資產，是網路上交易的主要交換媒介。它有四個主要的網路層級用例：

(i) Settlement of network transaction fees: ADA is used to pay for transactions conducted on the Cardano network.

(i) 網路交易費用的結算：ADA 用於支付在卡爾達諾網路上進行的交易。

(ii) Registering a Stake Pool: Users can use ADA to register a stake pool, participate in the network consensus, and become a stake pool operator (SPO).

（ii）註冊權益池：使用者可以使用ADA註冊權益池，參與網路共識，成為權益池經營者（SPO）。

(iii) Staking: Whether as a stake pool operator or a delegator, staking ADA can help protect network security and earn token rewards.

(iii) 質押：無論是作為權益池經營者或委託人，質押 ADA 都可以幫助保護網路安全並獲得代幣獎勵。

(iv) Rewarding voters and funding projects: In Project Catalyst, ADA is used to reward voters and fund projects.

(iv) 獎勵選民和資助計畫：在 Project Catalyst 中，ADA 用於獎勵選民和資助計畫。

The maximum supply of ADA is 45 billion, and its circulating supply will experience inflation before reaching this maximum. After every five-day epoch, 0.3% of the ADA reserve (uncirculated ADA) is allocated to SPO as a reward. This "inflation" tends to zero as the reserve is consumed and the circulating supply approaches 45 billion.

ADA的最大供應量為450億，其流通供應量在達到該最大供應量之前會經歷通貨膨脹。每五天的周期後，0.3% 的 ADA 儲備（未流通的 ADA）被分配給 SPO 作為獎勵。隨著儲備被消耗，流通供應量接近 450 億，這種「通貨膨脹」趨於零。

The annualized effective staking yield takes into account the dilution of value due to inflation. In the third quarter, the annualized effective staking yield was 0.6%, but this may vary depending on the different equity pools.

年化有效質押殖利率考慮了通貨膨脹造成的價值稀釋。第三季度，年化有效質押收益率為0.6%，但這可能因不同權益池而異。

In Q3, ADA’s price dropped by 4.8% to $0.37. Correspondingly, ADA’s total market capitalization dropped by 6.9% quarter-on-quarter to $13 billion. The slight difference in total market capitalization is due to a 2.2% decrease in circulating supply. Due to the price drop, ADA’s total circulating market capitalization ranking dropped from 10th to 11th in Q3.

第三季度，ADA 的價格下跌 4.8% 至 0.37 美元。相應地，ADA總市值季減6.9%至130億美元。總市值略有差異是由於流通供應量減少 2.2%。由於價格下跌，ADA第三季總流通市值排名從第10位下降至第11位。

On Cardano, each transaction is subject to a network transaction fee, which is used to process the transaction and cover storage costs. The fee calculation includes a minimum fee plus a variable fee based on the size of the transaction. Revenue (in USD) fell 31.2% quarter-on-quarter to $510,000, while revenue (in ADA) fell 14.2% quarter-on-quarter to 1.4 million ADA. This difference is due to the decline in ADA's price throughout the quarter.

在卡爾達諾上，每筆交易都需要繳納網路交易費，該費用用於處理交易並支付儲存費用。費用計算包括最低費用加上基於交易規模的變動費用。營收（美元）季減 31.2% 至 51 萬美元，營收（ADA）季減 14.2% 至 140 萬 ADA。這一差異是由於整個季度 ADA 價格的下降造成的。

Currently, 20% of Cardano’s transaction fees go into the treasury. Cardano’s treasury balance (in ADA) fell 1.2% month-on-month to 1.55 billion ADA, but the dollar value of the treasury increased 3% to $622.92 million.

目前，卡爾達諾交易費用的 20% 進入金庫。卡爾達諾的金庫餘額（以 ADA 計）季減 1.2% 至 15.5 億 ADA，但金庫的美元價值成長 3% 至 6.2292 億美元。

Daily Activity Data

每日活動數據

In the third quarter, Cardano’s average daily transaction volume fell by 15.9% month-on-month to 43,200, while the average number of daily active addresses (DAAs) also fell by 14.5% to 27,200. Cardano’s average transaction fee remained unchanged at $0.13. However, the average transaction fee (in ADA) fell by 17.9% month-on-month to 0.54.

第三季度，卡爾達諾日均交易量較上月下降15.9%至43,200，日均活躍地址（DAA）數量也下降14.5%至27,200。卡爾達諾的平均交易費保持在 0.13 美元不變。然而，平均交易費用（以 ADA 計）季減 17.9%，至 0.54。

The ratio of transactions to active addresses (txs/DAAs) fell 1.7% month-over-month to 1.59. An increase in this ratio generally means that activity is more evenly distributed among users; conversely, a decrease in the ratio indicates an increase in “heavy users.”

交易與活躍地址的比率（txs/DAA）環比下降 1.7% 至 1.59。此比率的增加通常意味著使用者之間的活動分佈更加均勻；相反，該比率的下降表明“重度用戶”的增加。

Total stake (ADA) and ADA’s staking ratio decreased by 0.3% and 4.1% month-on-month, respectively. Due to the decline in ADA prices, total stake (in USD) decreased by 5.1% month-on-month to $8.5 billion. Total stake (in USD) represents the economic security of

總持股量（ADA）和ADA質押比例則是月減0.3%和4.1%。由於 ADA 價格下跌，總持股（美元）季減 5.1%，至 85 億美元。總股份（以美元計）代表了經濟安全