TRON（TRX）Q1 2025生態系統報告

TRON（TRX）是一個公共開源區塊鍊網絡，依賴於授權證明（DPOS）共識機制。

TRON (TRX) is a public, open-source blockchain network that relies on a Delegated Proof-of-State (DPoS) consensus mechanism and the Practical Byzantine Fault Tolerance (PBFT) consensus algorithm to process transactions and secure the network. An election process is used to determine which validators participate in consensus. All TRX stakers vote onchain for the candidates they want to become Super Representatives (SRs). In each epoch, the top 27 most voted-for candidates become SRs within the active set and take turns producing blocks. A new election occurs every six hours. The TRON Virtual Machine (TVM) powers applications on the network and uses “Energy” and “Bandwidth” instead of gas, like its Ethereum Virtual Machine (EVM) counterpart. Bandwidth is gas spent on transactions, whereas Energy is gas spent on smart contract calls. Energy and Bandwidth can be acquired by staking TRX or burning TRX to pay for the Energy/Bandwidth required to execute a smart contract call or transaction. The TVM is EVM-compatible and offers developers affordable and fast smart contract execution.

TRON（TRX）是一個公共開源區塊鍊網絡，依賴於授權的州證明（DPOS）共識機制和實用的拜占庭式錯誤耐受性（PBFT）共識算法來處理交易並確保網絡。選舉過程用於確定哪些驗證者參與共識。所有TRX Stakers都投票選舉他們想要成為超級代表（SRS）的候選人。在每個時代，最投票選票的前27名候選人成為主動場景中的SR，並輪流產生障礙。每六個小時發生一次新的選舉。 TRON虛擬機（TVM）為網絡上的應用程序提供了啟動的應用程序，並使用“能量”和“帶寬”而不是氣體，例如其以太坊虛擬機（EVM）對應物。帶寬是在交易上花費的汽油，而能源是在智能合約電話上花費的汽油。可以通過放入TRX或燃燒TRX來獲得能量和帶寬，以支付執行智能合同呼叫或交易所需的能量/帶寬。 TVM與EVM兼容，並為開發人員提供負擔得起的快速智能合同執行。

TRON is best known for its stablecoin activity and large user base. The network supports multiple stablecoins, including Tether (USDT), TRON’s native USD-pegged stablecoin USDD, and TrueUSD (USDt). Among the major blockchains, TRON has the highest concentration of stablecoins, with 45.9% of all USDT supply being held on TRON at the end of Q1. Despite the high concentration of stablecoins, the total stablecoin market cap on TRON decreased 13% QoQ from $71 billion to $62 billion. This decrease was due to the depreciation of USDDOLD and migration to USDD 2.0, which released previously locked TRX collateral (used to mint USDD) back into circulation.

Tron以其穩定的活動和大型用戶群而聞名。該網絡支持多個Stablecoins，包括Tether（USDT），Tron的本機USD-PEGGEGSTABLECOIN USDD和TUREUSD（USDT）。在主要區塊鏈中，Tron的穩定菌濃度最高，在第1季度結束時，所有USDT供應量的45.9％。儘管穩定菌的濃度很高，但TRON的Stablecoin市值從710億美元下降到620億美元。這種減少是由於USDold的貶值和遷移到USDD 2.0的貶值，後者釋放了先前已鎖定的TRX抵押品（用於造成USDD）的循環。

At the end of Q1, TRX’s circulating market cap increased for the ninth consecutive quarter, up 3.5% QoQ from $21.9 billion to $22.7 billion. Furthermore, TRX performed similarly to other large-cap cryptocurrencies as its market cap ranking dropped one spot from 9 to 10.

在第一季度結束時，TRX連續第九季度的循環市場上限增加了3.5％的QOQ從219億美元增加到227億美元。此外，TRX的表現與其他大型加密貨幣相似，因為其市值排名從9下降到10位。

Notably, TRX has been a deflationary token for many quarters. However, in Q1 there was a 10% increase in the circulation supply of TRX, making it inflationary for the quarter. This change occurred due to the deprecation of USDDOLD and migration to USDD 2.0, which released previously locked TRX collateral back into circulation.

值得注意的是，TRX在許多方面一直是通縮令牌。但是，在第一季度，TRX的循環供應增加了10％，使其在該季度的通貨膨脹率增加。由於USDOLD的貶值和遷移到USDD 2.0，這種變化發生了，該公司以前將TRX抵押品置於循環中。

TRON utilizes a resource model to execute transactions onchain. To summarize, the resource model is based on distributing Bandwidth and Energy to stakers. As long as stakers have acquired enough resources, they can use those resources to transfer tokens and execute smart contracts for free. Users must cover transaction fees with TRX if they utilize more computing power than their resources allow, all of which is burned. As such, revenues for TRON are derived from the TRX token burns coming from transaction fees. To track these numbers in real time, see the TRON Portal.

Tron利用資源模型執行交易OnChain。總而言之，資源模型基於將帶寬和能量分配給Stakers。只要Stakers獲得了足夠的資源，他們就可以使用這些資源免費傳輸令牌並免費執行智能合約。如果用戶利用比資源允許的更多計算能力，則必須通過TRX支付交易費用，所有這些都被燃燒了。因此，TRON的收入來自TRX令牌燃燒，來自交易費用。要實時跟踪這些數字，請參閱TRON門戶。

TRON had another solid quarter for USD revenue. Total Revenue in USD was up 2.7% QoQ from $740.3 million to $760.2 million, and daily revenue was up 14.7% QoQ. Due to the 6.1% decrease in token price in Q1, Total Revenue in TRX was down for the second consecutive quarter by 10.8% from $3.6 billion to $3.2 billion.

特隆（Tron）又有一個可靠的季度來獲得美元收入。 QOQ的總收入從7.403億美元增至7.602億美元，每日收入上漲了14.7％。由於第1季度令牌價格下降6.1％，TRX的總收入連續第二季度下降了10.8％，從36億美元降至32億美元。

The circulating supply of TRX is primarily affected by two parameters: (i) tokens minted to reward stakers and block producers, and (ii) tokens burned due to network transaction fees. TRX rewards equate to 5.06 million tokens being minted per day. As such, the circulating token supply will decrease over time if more than 5.06 million TRX are burned daily, on average.

TRX的循環供應主要受兩個參數的影響：（i）鑄造的代幣以獎勵Stakers and Block生產者，以及（ii）由於網絡交易費用而燃燒的令牌。 TRX獎勵相當於每天鑄造的506萬個令牌。因此，如果平均每天燃燒超過506億個TRX，循環令牌供應將隨著時間的推移而下降。

In Q1, the circulating supply of TRX increased from 86.6 billion to 95.0 billion. This is the first quarter where the circulating supply of TRX increased due to the migration of USDDOLD to USDD 2.0. The increase in TRX’s circulating supply is due to the deprecation of USDDOLD and the migration to USDD 2.0, which released previously locked TRX collateral into circulation. While this change affects circulating supply, it does not increase TRX’s total supply and instead reflects a shift in accounting methodology.

在第1季度，TRX的循環供應從866億增加到950億。這是第一季度由於USDOLD遷移至USDD 2.0，TRX的循環供應增加了。 TRX循環供應的增加是由於USDDOLD的貶值以及遷移到USDD 2.0的遷移，後者以前將先前已將TRX抵押品釋放到循環中。儘管這種變化會影響循環供應，但它不會增加TRX的總供應，而是反映了會計方法的變化。

Annualized, this equates to an inflation rate of approximately -1.6%. Annualized inflation was down QoQ, decreasing 40% from -2.6%.

年度化，這相當於通貨膨脹率約為-1.6％。年度通貨膨脹率下降了QOQ，從-2.6％下降40％。

TRON incentivizes participation in its staking mechanism through a combination of the following:

Tron通過以下組合來激勵其參與其占有機制：

The annualized real yield for staking decreased in Q1, down 14% QoQ from 7.3%

Q1的年化實際產量下降，QOQ下降了14％。