卡爾達諾 (ADA) 2024 年第一季生態系統報告：Alonzo 週年紀念和 Voltaire 準備工作

Cardano (ADA) 是2017 年推出的權益證明(PoS) 第1 層智慧合約網路。性。

Cardano (ADA) had a mixed Q1. Some sectors of the ecosystem grew while others pulled back.

卡爾達諾（ADA）第一季的表現好壞參半。生態系統的一些部門成長了，而有些部門則萎縮了。

Cardano’s TVL (USD) set an all-time high of $506 million in Q1 2024, after setting a then-all-time-high of $449 million in Q4 2023. Cardano’s TVL ranking among all networks decreased from 11th to 20th during Q1, although it’s generally trending upwards from 34th at the beginning of 2023.

卡爾達諾的TVL（美元）在2023 年第四季創下4.49 億美元的歷史新高後，在2024 年第一季創下了5.06 億美元的歷史新高。 TVL 排名從第11 位下降到第20 位。

Relative to other networks, Cardano’s stablecoin market cap rank moved down from 32nd to 37th in Q1 2024, although still up from 54th in the start of 2023. Stable assets are ideal for pairing in liquidity pools, borrowing and lending, creating leverage, and providing quick escapes from volatility — all of which are quite common in the crypto market.

相對於其他網絡，卡爾達諾的穩定幣市值排名從2024 年第一季的第32 位下降至第37 位，但仍較2023 年初的第54 位有所上升。中配對、借貸、創造槓桿以及提供服務。

Early in 2023, Cardano’s TVL growth was catalyzed by the introduction of new stablecoins: iUSD and DJED. Similarly, Mehen’s USDM stablecoin may cause a similar effect, having recently launched in Q2 2024. Different users prefer different architectures, and USDM is the first of its kind on Cardano. Unlike iUSD and DJED, Mehen’s USDM is not algorithmic or synthetic; it’s 1:1 fully backed with U.S. dollars. Indigo’s iUSD has had an inconsistent peg, something that can’t happen with 1:1 backing and more accessible redemptions to create arbitrage opportunities.

2023 年初，新穩定幣 iUSD 和 DJED 的推出促進了卡爾達諾 TVL 的成長。同樣，Mehen 的 USDM 穩定幣最近於 2024 年第二季推出，可能會產生類似的效果。與 iUSD 和 DJED 不同，Mehen 的 USDM 不是演算法或合成的；它是 1:1 的，完全由美元支持。 Indigo 的 iUSD 掛鉤不一致，這是 1:1 支援和更容易贖回以創造套利機會的情況下不可能發生的事情。

Wanchain — an L1 PoS EVM blockchain and a decentralized blockchain interoperability solution — has made USDT and USDC available on Cardano through its various bridges. Wanchain’s bridges are secured by Wanchain validators, connecting Cardano to Wanchain, Bitcoin, Ethereum, TRON, and more.

Wanchain（L1 PoS EVM 區塊鏈和去中心化區塊鏈互通性解決方案）已透過其各種橋樑在卡爾達諾上提供 USDT 和 USDC。 Wanchain 的橋樑由 Wanchain 驗證器保護，將 Cardano 連接到 Wanchain、比特幣、以太坊、TRON 等。

Smart token standards such as CIP-68 or CPS-0003 could open the door for built-in compliance, allowing USDC to be natively available on Cardano as well.

CIP-68 或 CPS-0003 等智慧代幣標準可以為內建合規性打開大門，使 USDC 也可以在卡爾達諾上本地使用。

Much of the TVL growth in the past year was driven by newer protocols. Synthetic asset-issuer Indigo is the oldest and largest of these new (launched in the past year or so) protocols. It managed to dethrone Minswap in Q4, ending Minswap’s multi-year reign as the TVL leader. In Q1, Indigo remained the TVL leader.

去年 TVL 的成長大部分是由新協議推動的。合成資產發行者 Indigo 是這些新協議（在過去一年左右推出）中歷史最悠久、規模最大的。它在第四季度成功取代了 Minswap，結束了 Minswap 多年來作為 TVL 領導者的統治地位。第一季度，Indigo 仍然是 TVL 的領先者。

TVL and DeFi ecosystem growth has come with growing pains, specifically for DEXs. Cardano’s novel eUTXO mechanism brought new DeFi paradigms with it, such as batching and transaction chaining. Many DEXs are exploring new or improved solutions, such as MuesliSwap working on transaction chaining. Transaction chaining, already implemented on protocols such as Optim, should be an improvement over MuesliSwap’s contested batching process.

TVL 和 DeFi 生態系統的成長伴隨著成長的煩惱，特別是對於 DEX 而言。 Cardano 新穎的 eUTXO 機制帶來了新的 DeFi 範式，例如批次和交易鏈。許多 DEX 正在探索新的或改進的解決方案，例如致力於交易鏈的 MuesliSwap。交易鏈已經在 Optim 等協議上實現，應該是對 MuesliSwap 有爭議的批次過程的改進。

Those growing pains have also sparked innovation in the form of new platforms. Genius Yield and Axo are two new protocols that launched in Q1. Genius Yield is a multi-faceted DeFi platform focused on yield optimization. Axo is a noncustodial trading platform focused on customization for traders.

這些成長的煩惱也激發了新平台形式的創新。 Genius Yield 和 Axo 是第一季推出的兩個新協議。 Genius Yield 是一個專注於收益優化的多方位 DeFi 平台。 Axo 是一個專注於為交易者量身打造的非託管交易平台。