Cardano（ADA）會成為美國戰略加密保護區的一部分嗎？

3月2日，唐納德·特朗普（Donald Trump）總統在加密貨幣中提到了Cardano的ADA（ADA）令牌，該加密貨幣將包括在美國戰略加密保護區。

On March 2, President Donald Trump mentioned Cardano's ADA (ADA) token among the cryptocurrencies to be included in the US strategic crypto reserve. Trump's March 6 executive order clarified that altcoins would be part of the Digital Asset Stockpile (DAS) under the "responsible stewardship" of the Treasury.

3月2日，唐納德·特朗普（Donald Trump）總統在加密貨幣中提到了Cardano的ADA（ADA）令牌，該加密貨幣將包括在美國戰略加密保護區。特朗普3月6日的行政命令澄清說，在財政部“負責任的管理”下，Altcoins將成為數字資產庫存（DAS）的一部分。

ADA's potential inclusion in a government-managed portfolio sparked industry-wide surprise and, at times, harsh criticism.

艾達（Ada）的潛力包括在政府管理的投資組合中，引發了整個行業的驚喜，有時也引起了嚴厲的批評。

While the token has loyal investors who have supported it for years, many in the crypto community questioned why the token was included in the digital asset stockpile.

儘管令牌有多年來支持它的忠實投資者，但加密社區中的許多人都質疑為什麼將令牌包括在數字資產中。

Let's analyze the blockchain to see if ADA's fundamentals and utility support its place in the US Digital Asset Stockpile.

讓我們分析區塊鏈，看看ADA的基本面和公用事業是否支持其在美國數字資產庫存中的地位。

The case for ADA in the US Digital Asset Stockpile

美國數字資產庫存ADA的案例

Launched in 2017 via an ICO, Cardano is one of the oldest smart contract platforms. It differs from others through its research-driven design approach and its use of a delegated proof-of-stake mechanism combined with an extended UTXO accounting model.

Cardano於2017年通過ICO推出，是最古老的智能合同平台之一。它通過其研究驅動的設計方法及其使用授權證明機制與擴展的UTXO會計模型的使用不同。

Cardano's ambition as a smart contract platform is well captured by X 'Cardano_whale,' who outlined the blockchain's "non-negligible fees, voting power, decentralized consensus, all native token trading paired with it."

X'Cardano_whale贏得了Cardano作為智能合同平台的野心，他概述了區塊鏈的“不可忽略的費用，投票權，分散的共識，所有本土代幣交易都與之配對。”

The X post emphasizes ADA's utility (something "most VC coins lack") along with Cardano's decentralized governance as key advantages.

X Post強調了Ada的效用（“大多數VC硬幣缺乏”）以及Cardano的分散治理作為關鍵優勢。

It's funny how people are focused on the coins that have no use case and are made by VCs.

有趣的是，人們如何專注於沒有用例並由VC製造的硬幣。

Meanwhile, Cardano has non-negligible fees, voting power, decentralized consensus, all native token trading paired with it. And it’s one of the oldest chains. Is this a coincidence? I don't think so.

同時，卡爾達諾（Cardano）收取不可忽略的費用，投票權，分散的共識，所有本地代幣交易都與之配對。這是最古老的連鎖店之一。這是巧合嗎？我不這麼認為。

Most VCs lack any utility. At Cardano, we have plenty of it.

大多數風險投資人都缺乏任何實用性。在Cardano，我們有很多。

Indeed, Cardano's Project Catalyst is one of the largest decentralized funding initiatives in crypto. Through it, treasury funds from transaction fees and inflation are allocated democratically to community proposals. Also, unlike the Ethereum network, which still relies on offchain governance for major upgrades, Cardano aims to transition entirely to onchain governance.

的確，Cardano的Project Catalyst是Crypto中最大的分散資金計劃之一。通過它，從交易費和通貨膨脹中獲得的財政資金將民主分配給社區建議。此外，與仍然依賴於主要升級的外科治理的以太坊網絡不同，Cardano的目標是完全過渡到OnChain治理。

The Plomin hard fork that took place on Jan. 29 marked the transition to "full decentralized governance," according to the Cardano Foundation. It grants ADA holders "real voting power—on parameter changes, treasury withdrawals, hard forks, and the blockchain's future."

據卡達諾基金會（Cardano Foundation）稱，在1月29日發生的plomin硬叉標誌著“完全分散的治理”的過渡。它授予ADA持有人“真正的投票權 - 參數變化，國庫提取，硬叉和區塊鏈的未來”。

Cardano's native coin, ADA, is used for network fees, staking, and governance. Its maximum supply is 45 billion, with 31 billion initially distributed—26 billion sold in the public sale and 5 billion allocated to IOHK, Emurgo, and the Cardano Foundation.

Cardano的本地硬幣ADA用於網絡費用，積分和治理。它的最高供應量為450億，最初分配了3,60億，在公共銷售中售出了2000億，分配給了IOHK，EMURGO和CARDANO基金會。

The remaining 14 billion ADA were reserved for gradual release through minting. With 0.3% of ADA reserves distributed as rewards every five days, ADA inflation declines as reserves deplete. The current inflation rate is approximately 4%, with a circulating supply of 35.95 billion ADA.

剩下的140億ADA預留通過鑄造逐漸釋放。 ADA通貨膨脹率每五天分配為0.3％的ADA儲量每五天分配為獎勵，隨著儲量耗盡的損失，ADA通貨膨脹率下降。當前的通貨膨脹率約為4％，循環供應量為359.5億ADA。

While a capped supply can support a coin's value and justify its inclusion in the DAS, other ADA metrics, such as fees and staking yields, lag far behind competitors.

雖然封頂的供應可以支持硬幣的價值，並證明其納入DAS，但其他ADA指標（例如費用和存放收益率）遠遠落後於競爭對手。

Should Cardano's lagging activity raise concerns?

Cardano的滯後活動應該引起人們的關注嗎？

Despite its years in the smart contract ecosystem, Cardano has struggled to generate enough activity to establish itself among the leaders. As a result, ADA's limited usage within the crypto ecosystem raises concerns about its long-term value.

儘管在智能合同生態系統中有多年的時間，卡爾達諾仍在努力產生足夠的活動以在領導者之間建立自己的活動。結果，ADA在加密生態系統中的使用有限引起了人們對其長期價值的擔憂。

According to Messari's Q4 2024 State of Cardano report, the blockchain processed an average of 71,500 daily transactions, with 42,900 daily active addresses. Quarterly fees totaled $1.8 million, a stark contrast to Ethereum's $552 million in fees over the same period, according to CoinGecko.

根據Messari的第四季度2024 Cardano報告，區塊鏈平均每天處理71,500次交易，每天有42,900個活動地址。據Coingecko稱，季度費用為180萬美元，與以太坊在同一時期的5.52億美元費用形成鮮明對比。

Cardano's annualized real staking yield, adjusted for inflation, was approximately 0.7% in Q4, compared to Ethereum's 2.73%.

Cardano的年度實際放電產量（根據通貨膨脹率調節）在第4季度約為0.7％，而以太坊的2.73％。

Cardano key metrics overview, Q4 2024. Source: Messari

Cardano密鑰指標概述，Q4 2024。資料來源：Messari

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Other blockchain activity metrics reinforce the concern about adding ADA into a government portfolio:

其他區塊鏈活動指標加劇了將ADA添加到政府投資組合中的擔憂：

With 449 developers working on the blockchain, Cardano ranks 12th among blockchains in developer count, according to Electric Capital's report.

根據電氣資本的報告，有449名開發人員在區塊鏈上工作，Cardano在開發人員數量中排名第12位。

Its stablecoins' share is just 0.01% of the total $224 billion stablecoin market cap, per DefiLlama.

其穩定的份額僅為每項defillama總計2240億美元穩定市值的0.01％。

Cardano's DeFi ecosystem is underdeveloped, accounting for just 0.3% of the total $169 billion DeFi sector. However, if we include its core staking, which does not require locking and therefore is not counted in the TVL, Cardano's share will grow to

Cardano的Defi生態系統欠發達，僅佔1690億美元偏差行業的0.3％。但是，如果我們包括它的核心佔有物，這不需要鎖定，因此不需要在TVL中計算，Cardano的份額將會增長到