流（流）关键见解

流量（流）是由Dapper Labs及其联合创始人Roham Gharegozlu，Dieter Shirley和Mikhael Naayem于2018年建立的一层1网络。

Key Insights

关键见解

Primer

底漆

Flow (FLOW) is a Layer-1 network that was founded in 2018 by Dapper Labs and its co-founders, Roham Gharegozlu, Dieter Shirley, and Mikhael Naayem. Flow launched in May 2020 and was designed for "a new generation of games, apps, and the digital assets that power them." Flow was one of the first networks to implement account abstractions and user experience enhancements that made it easier for developers to onboard consumers. Today, Flow's top applications include those based on world-class brands, such as NBA Top Shot and NFL All Day.

流量（流）是由Dapper Labs及其联合创始人Roham Gharegozlu，Dieter Shirley和Mikhael Naayem于2018年建立的一层1网络。 Flow于2020年5月推出，专为“新一代游戏，应用程序和为它们供电的数字资产。” Flow是最早实施帐户抽象和用户体验增强功能的网络之一，使开发人员更容易在船上消费者。如今，Flow的最高应用程序包括基于世界一流品牌的产品，例如NBA顶级射门和NFL。

On Flow, developers use "Cadence," Flow's novel programming language. Flow's most recent development came via a network upgrade called "Crescendo." In September 2024, Flow introduced Cadence 1.0 with the Crescendo upgrade, bringing EVM equivalence to Flow via a separate Flow EVM environment. Now, developers can use Solidity to build on Flow EVM with block times of 800 milliseconds. Furthermore, developers can tap into existing tools and liquidity across the EVM, while users experience sub-cent transaction fees.

关于流程，开发人员使用“ Cadence”，这是Flow的新型编程语言。 Flow的最新发展是通过网络升级的，称为“ Crescendo”。 2024年9月，Flow引入了Cadence 1.0，随着渐强升级的升级，通过单独的流动EVM环境使EVM等效度使EVM等效度。现在，开发人员可以使用坚固性在800毫秒的块时间上建立在流动EVM上。此外，开发人员可以利用EVM的现有工具和流动性，而用户则经历了亚中心交易费用。

Flow has played a significant role in onboarding consumers into crypto by pioneering the ERC-721 token standard via CryptoKitties in 2017 and putting NFT collectibles into the mainstream via NBA Top Shot in 2021. Today, Flow continues to innovate and be a foundational part of the industry's effort to bring new users into the space. For a full primer on Flow, refer to our Initiation of Coverage.

Flow通过在2017年通过Cryptokitties开创ERC-721代币标准，并将NFT Collectibles通过NBA Top Shot在2021年通过NBA Top Shots启用ERC-721代币标准。有关流量的完整底漆，请参阅我们的覆盖范围。

Website / X / Discord / Telegram

网站 / X / Discord / Telegram

Key Metrics

关键指标

Financial Analysis

财务分析

FLOW is the native token of Flow that is used (i) as the primary medium of exchange on Flow and (ii) for staking to facilitate various staking-related functions. FLOW’s price increased 19.5% to $0.70 in Q4 2024, with the highest point in the quarter being $1.22 on Dec. 4, 2024. FLOW’s market cap increased a similar 21% QoQ to $1.08 billion, with the slight discrepancy being due to a 1.2% increase in circulating supply up to 1.55 billion. Despite the QoQ increase in price, FLOW’s circulating market cap rank fell from 77th to 89th.

流是使用（i）用作流量交换的主要媒介的天然流动令牌，并且（ii）用于锻炼以促进各种与桩相关的功能。流量的价格上涨了19.5％，至2024年第4季度，最高点为2024年12月4日1.22美元。Flow的市值增加了相似的21％QOQ，至10.8亿美元，由于散发量增加了1.2％，因此略有差异是1.2％。尽管价格上涨了QOQ，但Flow的循环市场上限排名从第77位降至89。

Project-related catalysts that may have impacted investor behavior and FLOW’s Q4’24 price movements include the Crescendo upgrade, which introduced EVM equivalence and drove an increase in DeFi activity. Additionally, the Flow Community Rewards pre-season offered up to a 15% boost on FLOW tokens that were locked for the pre-season’s one-month duration. Upon the pre-season’s conclusion on Sept. 30, 2024, $17.4 million worth of FLOW tokens, or 30 million FLOW, had been locked.

可能影响投资者行为和Flow的Q4'24价格变动的项目相关催化剂包括Crescendo升级，该升级引入了EVM等效性并推动了DEFI活动的增加。此外，流动社区的奖励季前赛还提供了15％的增长，这是在季前季节持续时间锁定的流量令牌。季前赛于2024年9月30日得出结论，价值1740万美元的流量令牌或3000万流量已被锁定。

FLOW is used to settle network transaction fees on Flow. The total transaction fee for any transaction on Flow comprises a variable “execution fee” plus a fixed “inclusion fee,” which is then multiplied by a “surge factor.” Network transaction fees are negligible on Flow, with quarterly fees (USD) reaching only $1,317 in Q4’24. Still, that was an increase of 138.2% QoQ as quarterly fees (FLOW) reached 1,689.

流量用于在流量上解决网络交易费用。流量上任何交易的总交易费用包括可变的“执行费”以及固定的“纳入费”，然后将其乘以“电涌因子”。网络交易费用在流量上可以忽略不计，季度费用（USD）在Q4'24中仅达到1,317美元。尽管如此，随着季度费用（流量）达到1,689，QOQ的增长量增加了138.2％。

Network Analysis

网络分析

Flow’s average daily active addresses (DAAs) increased 47.8% QoQ to 27,440, while average daily transactions (txs) increased 11.9% QoQ to 251,100. The ratio of transactions to active addresses (txs/DAAs) decreased 24.3% QoQ to 9.2, suggesting activity is being distributed more evenly across users; conversely, an increasing ratio suggests a rise in “power users.”

Flow的平均每日活动地址（DAAS）增加了47.8％QOQ至27,440，而平均每日交易（TXS）增加了11.9％QOQ至251,100。交易与主动地址的比率（TXS/DAAS）降低了24.3％QOQ至9.2，这表明活动的分布在用户之间更均匀地分布；相反，增加的比率表明“权力用户”有所增加。

These trends could have been driven by two major factors. First, the Crescendo upgrade introduced EVM equivalence and drove an increase in activity. Second, the seasonal nature of Flow’s top applications, NBA Top Shot, and NFL All Day. Both applications experience increases in activity during their regular seasons that overlap in Q4 of every year. These factors likely contributed to the increase in DAAs and transactions on Flow.

这些趋势可能是由两个主要因素驱动的。首先，渐强升级引入了EVM等效性，并推动了活动的增加。其次，整天，Flow最高应用，NBA最高镜头和NFL的季节性性质。两种应用在常规季节中的活动都会增加，这在每年的第四季度重叠。这些因素可能导致DAA和流量交易的增加。

FLOW’s initial token supply was 1.25 billion upon Flow’s “Mainnet v1” launch in October 2020. However, the total token supply experiences inflation once per epoch (approximately once a week) due to inflationary staking rewards distributed to Flow’s validator nodes and delegators. Inflation over an annual period is equivalent to 5% of FLOW’s total token supply.

Flow在2020年10月推出Flow的“ Mainnet V1”时，Flow的最初令牌供应为12.5亿。但是，由于通货膨胀率分配给流量验证者节点和代表人，因此，由于通货膨胀率分配给了通货膨胀率，因此，令牌供应体验每周一次（每周一次）一次通货膨胀。每年的通货膨胀率相当于流量总额供应的5％。

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