Cardano（ADA）会成为美国战略加密保护区的一部分吗？

3月2日，唐纳德·特朗普（Donald Trump）总统在加密货币中提到了Cardano的ADA（ADA）令牌，该加密货币将包括在美国战略加密保护区。

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，唐纳德·特朗普（Donald Trump）总统在加密货币中提到了Cardano的ADA（ADA）令牌，该加密货币将包括在美国战略加密保护区。特朗普3月6日的行政命令澄清说，在财政部“负责任的管理”下，Altcoins将成为数字资产库存（DAS）的一部分。

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

艾达（Ada）的潜力包括在政府管理的投资组合中，引发了整个行业的惊喜，有时也引起了严厉的批评。

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.

尽管令牌有多年来支持它的忠实投资者，但加密社区中的许多人都质疑为什么将令牌包括在数字资产中。

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

让我们分析区块链，看看ADA的基本面和公用事业是否支持其在美国数字资产库存中的地位。

The case for ADA in the US Digital Asset Stockpile

美国数字资产库存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于2017年通过ICO推出，是最古老的智能合同平台之一。它通过其研究驱动的设计方法及其使用授权证明机制与扩展的UTXO会计模型的使用不同。

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赢得了Cardano作为智能合同平台的野心，他概述了区块链的“不可忽略的费用，投票权，分散的共识，所有本土代币交易都与之配对。”

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

X Post强调了Ada的效用（“大多数VC硬币缺乏”）以及Cardano的分散治理作为关键优势。

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

有趣的是，人们如何专注于没有用例并由VC制造的硬币。

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.

同时，卡尔达诺（Cardano）收取不可忽略的费用，投票权，分散的共识，所有本地代币交易都与之配对。这是最古老的连锁店之一。这是巧合吗？我不这么认为。

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

大多数风险投资人都缺乏任何实用性。在Cardano，我们有很多。

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.

的确，Cardano的Project Catalyst是Crypto中最大的分散资金计划之一。通过它，从交易费和通货膨胀中获得的财政资金将民主分配给社区建议。此外，与仍然依赖于主要升级的外科治理的以太坊网络不同，Cardano的目标是完全过渡到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."

据卡达诺基金会（Cardano Foundation）称，在1月29日发生的plomin硬叉标志着“完全分散的治理”的过渡。它授予ADA持有人“真正的投票权 - 参数变化，国库提取，硬叉和区块链的未来”。

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的本地硬币ADA用于网络费用，积分和治理。它的最高供应量为450亿，最初分配了3,60亿，在公共销售中售出了2000亿，分配给了IOHK，EMURGO和CARDANO基金会。

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140亿ADA预留通过铸造逐渐释放。 ADA通货膨胀率每五天分配为0.3％的ADA储量每五天分配为奖励，随着储量耗尽的损失，ADA通货膨胀率下降。当前的通货膨胀率约为4％，循环供应量为359.5亿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.

虽然封顶的供应可以支持硬币的价值，并证明其纳入DAS，但其他ADA指标（例如费用和存放收益率）远远落后于竞争对手。

Should Cardano's lagging activity raise concerns?

Cardano的滞后活动应该引起人们的关注吗？

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.

尽管在智能合同生态系统中有多年的时间，卡尔达诺仍在努力产生足够的活动以在领导者之间建立自己的活动。结果，ADA在加密生态系统中的使用有限引起了人们对其长期价值的担忧。

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.

根据Messari的第四季度2024 Cardano报告，区块链平均每天处理71,500次交易，每天有42,900个活动地址。据Coingecko称，季度费用为180万美元，与以太坊在同一时期的5.52亿美元费用形成鲜明对比。

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

Cardano的年度实际放电产量（根据通货膨胀率调节）在第4季度约为0.7％，而以太坊的2.73％。

Cardano key metrics overview, Q4 2024. Source: Messari

Cardano密钥指标概述，Q4 2024。资料来源：Messari

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

其他区块链活动指标加剧了将ADA添加到政府投资组合中的担忧：

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

根据电气资本的报告，有449名开发人员在区块链上工作，Cardano在开发人员数量中排名第12位。

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

其稳定的份额仅为每项defillama总计2240亿美元稳定市值的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生态系统欠发达，仅占1690亿美元偏差行业的0.3％。但是，如果我们包括它的核心占有物，这不需要锁定，因此不需要在TVL中计算，Cardano的份额将会增长到