Cardano (ADA)：PoS 网络的全面概述

自 2017 年推出以来，Cardano (ADA) 已发展成为一个 PoS 网络，旨在突破区块链技术的极限。作为一个致力于安全性、可扩展性和功能性的平台，卡尔达诺不仅仅是一种加密货币，而且为开发人员和用户提供了构建去中心化应用程序和系统的强大环境。

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) 是一个于 2017 年推出的权益证明 (PoS) 第 1 层网络。它旨在为基于其网络构建的去中心化应用程序和系统提供安全性、可扩展性和功能。

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.

除了开发人员、节点运营商和项目的社区支持外，Cardano 还得到了 Input Output Global (IOG)、Cardano 基金会、EMURGO 等机构的支持。这些组织共同推动网络的开发、采用和筹款，引领卡尔达诺走向其路线图的最后阶段，即伏尔泰时代。

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.

与其他智能合约网络相比，卡尔达诺采取了独特的开发方法。 Ouroboros 共识机制允许质押委托，而扩展的 eUTXO 会计模型则有利于本机代币传输、可扩展性和去中心化。

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.

卡尔达诺拥有一批忠实的用户和开发人员，证明了其持久力。在通过 2021 年 Alonzo 硬分叉支持智能合约后，卡尔达诺开始在 DeFi 和 NFT 等更传统的加密市场竞争。

Key Data

关键数据

Profitability Data

盈利数据

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 是卡尔达诺的原生资产，是网络上交易的主要交换媒介。它有四个主要的网络级用例：

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

(i) 网络交易费用的结算：ADA 用于支付卡尔达诺网络上进行的交易。

(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）注册权益池：用户可以使用ADA注册权益池，参与网络共识，成为权益池运营者（SPO）。

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

(iii) 质押：无论是作为权益池运营者还是委托人，质押 ADA 都可以帮助保护网络安全并获得代币奖励。

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

(iv) 奖励选民和资助项目：在 Project Catalyst 中，ADA 用于奖励选民和资助项目。

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的最大供应量为450亿，其流通供应量在达到该最大供应量之前会经历通货膨胀。每五天的周期后，0.3% 的 ADA 储备（未流通的 ADA）被分配给 SPO 作为奖励。随着储备被消耗，流通供应量接近 450 亿，这种“通货膨胀”趋于零。

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.

年化有效质押收益率考虑了通货膨胀造成的价值稀释。第三季度，年化有效质押收益率为0.6%，但这可能因不同权益池而异。

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 的价格下跌 4.8% 至 0.37 美元。相应地，ADA总市值环比下降6.9%至130亿美元。总市值略有差异是由于流通供应量减少 2.2%。由于价格下跌，ADA第三季度总流通市值排名从第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.

在卡尔达诺上，每笔交易都需要缴纳网络交易费，该费用用于处理交易并支付存储费用。费用计算包括最低费用加上基于交易规模的可变费用。收入（美元）环比下降 31.2% 至 51 万美元，收入（ADA）环比下降 14.2% 至 140 万 ADA。这一差异是由于整个季度 ADA 价格的下降造成的。

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，卡尔达诺交易费用的 20% 进入金库。卡尔达诺的金库余额（以 ADA 计）环比下降 1.2% 至 15.5 亿 ADA，但金库的美元价值增长 3% 至 6.2292 亿美元。

Daily Activity Data

每日活动数据

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，卡尔达诺日均交易量环比下降15.9%至43,200，而日均活跃地址（DAA）数量也下降14.5%至27,200。卡尔达诺的平均交易费保持在 0.13 美元不变。然而，平均交易费用（以 ADA 计）环比下降 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.”

交易与活跃地址的比率（txs/DAA）环比下降 1.7%，至 1.59。该比率的增加通常意味着用户之间的活动分布更加均匀；相反，该比率的下降表明“重度用户”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

总持股量（ADA）和ADA质押比例环比分别下降0.3%和4.1%。由于 ADA 价格下跌，总持股量（美元）环比下降 5.1%，至 85 亿美元。总股份（以美元计）代表了经济安全