Kaspa的85％下降：MEXC是否意外揭示了市場控制？

在當前市場倒台期間，卡巴斯的價格遭受了巨大的打擊，跌至0.065美元範圍，這略高於本地底部

The Kaspa price got hit hard during the current market downfall and plunged to $0.065 range which is just slightly above local bottom at around $0.057 set earlier this month.

在當前市場倒台期間，Kaspa價格遭受了巨大的打擊，並跌至0.065美元的範圍，該範圍略高於本地底部，本月早些時候設定了0.057美元左右。

Meanwhile, ‘Kaspa Report’ X account continues to post amazing threads about what’s going on around KAS on exchanges, in this case, particularly MEXC.

同時，“ Kaspa Report” X帳戶繼續發布有關交流中KAS周圍發生的事情的驚人主題，在這種情況下，尤其是MEXC。

MEXC’s Unexpected Revelation

MEXC意外的啟示

Recently, there was a report from a community member about a dramatic drop in Kaspa’s daily active supply. Upon checking, Kaspalytics data confirmed this.

最近，有一個社區成員的報告，關於卡巴斯日常供應的急劇下降。檢查後，Kaspalytics數據證實了這一點。

This led ‘Kaspa Report’ to investigate further and discovered that the daily active supply fell dramatically at the exact time MEXC began its wallet maintenance.

這導致“ Kaspa報告”進一步調查，並發現在MEXC開始其錢包維護的確切時間，每日積極的供應急劇下降。

When the exchange paused its wallet operations, the daily active supply went down from 5.04% to just 0.76% — an enormous 85% decrease.

當交易所暫停其錢包運營時，每日積極的供應從5.04％下降到僅0.76％，降低了85％。

This unplanned maintenance also had the effect of highlighting the outsized influence that a single exchange exerts on the Kaspa ecosystem.

這種計劃外的維護還具有強調單個交換對Kaspa生態系統的巨大影響。

While it was previously difficult to determine exactly how much control MEXC had over Kaspa’s daily movement, the exchange’s own wallet maintenance had the knock-on effect of providing clear data on their market dominance.

雖然以前很難確切確定MEXC對Kaspa的日常運動有多大控制，但交易所自己的錢包維護的效果是提供有關其市場優勢的清晰數據。

The daily active supply then rebounded around the time that MEXC resumed most of its wallet activities on March 27, further confirming the connection between MEXC operations and Kaspa’s on-chain metrics.

隨後，每日活躍的供應在3月27日恢復其大部分錢包活動的時候反彈，進一步證實了MEXC操作與Kaspa的鍊鍊指標之間的聯繫。

It’s worth noting that even during the maintenance period, MEXC continued processing on-chain KRC-20 token transfers, though these involved minimal amounts of KAS and had negligible impact on the overall metrics. These transfers can be viewed on the blockchain through a specific wallet address that was shared by Kaspa Report.

值得注意的是，即使在維護期間，MEXC仍繼續處理鏈上KRC-20代幣轉移，儘管這些轉移涉及的KAS數量最少，並且對整體指標的影響微不足道。可以通過Kaspa報告共享的特定錢包地址在區塊鏈上查看這些轉移。

Daily Active Supply Explained

每日活躍的供應解釋

The thread went on to explain how daily active supply is calculated.

該線程繼續解釋瞭如何計算日常活動供應。

Essentially, Kaspalytics estimates the timestamp of each UTXO (Unspent Transaction Output) in Kaspa’s UTXO set using the DAA score. If a UTXO’s estimated age is less than 24 hours, it’s counted as part of the daily active supply.

本質上，Kaspalytics使用DAA分數估計了Kaspa的UTXO集合中每個UTXO的時間戳（未零件交易輸出）。如果UTXO的估計年齡小於24小時，則將其計為每日活躍供應的一部分。

Since daily active supply does affect Kaspa’s spot price, the fact that MEXC's sudden inactivity did decrease the daily active is partially revealing of its control over Kaspa's pricing dynamics. This data suggests that much of Kaspa's price suppression may originate from MEXC's activities.

由於每日活躍的供應確實會影響Kaspa的現貨價格，因此MEXC突然的不活動確實減少了這一事實，因此每日活動部分揭示了其對Kaspa定價動態的控制。該數據表明，Kaspa的大部分價格抑制可能源於MEXC的活動。

Market Implications

市場含義

While a single exchange controlling 85% of Kaspa’s daily on-chain activity is certainly noteworthy, it’s important to point out that this metric isn't the sole determinant of the Kaspa price.

雖然控制Kaspa每日鍊鍊活動的85％的單一交換肯定值得注意，但重要的是要指出，該指標不是Kaspa價格的唯一決定因素。

Exchange pricing primarily comes from order book matching, where the highest bid meets the lowest ask price. However, the daily active supply data does offer valuable insight into MEXC's potential control over price arbitrage across exchanges.

交換定價主要來自訂單簿匹配，最高出價符合最低的要價。但是，每日活躍的供應數據確實為MEXC對跨交易所價格套利的潛在控制提供了寶貴的見解。

The Kaspa community is responding by rapidly developing infrastructure for decentralized exchanges. Their goal is for DEX volume to eventually surpass centralized exchange volume once the smart contract infrastructure is complete. Fortunately, MEXC's actions only have a temporary impact on Kaspa's price.

Kaspa社區正在通過快速開發分散交流的基礎設施來做出回應。他們的目標是使DEX量最終超過集中的交換量，一旦完成智能合約基礎設施。幸運的是，MEXC的行動只會對Kaspa的價格產生暫時的影響。

Paradoxically, this might actually benefit Kaspa's long-term decentralization. By keeping KAS prices lower, more diverse income groups can afford to accumulate and hold the token, potentially leading to wider distribution of ownership.

矛盾的是，這實際上可能使卡巴（Kaspa）的長期權力下放。通過保持KAS價格降低，更多樣化的收入群體可以負擔得起積累和持有令牌，有可能導致所有權分配。

This could help those with lower incomes to invest in and hold Kaspa which could lead to a more economically diverse distribution of KAS ownership.

這可以幫助那些收入較低的人投資並持有Kaspa，這可能會導致KAS所有權的經濟分配更加多樣化。

But despite this silver lining, Kaspa Report characterizes MEXC's market manipulation as “deplorable.”

但是，儘管有一線希望，但Kaspa的報告仍將MEXC的市場操縱描述為“可悲”。

Beyond market manipulation, there are also reports of MEXC harassing Kaspa community members, with one account (@MEXC_KAS_Fraud) recently reporting suspicious login attempts.

除了市場操縱之外，還報告了MEXC騷擾Kaspa社區成員的報導，最近有一個帳戶（@mexc_kas_fraud）報告可疑登錄嘗試。

Minimizing dependency on any single exchange will likely remain a priority for supporters of the project.

最大程度地減少對任何單一交易所的依賴可能仍然是該項目支持者的優先事項。