Kaspa的85％下降：MEXC是否意外揭示了市场控制？

在当前市场倒台期间，卡巴斯的价格遭受了巨大的打击，跌至0.065美元范围，这略高于本地底部

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.

在当前市场倒台期间，Kaspa价格遭受了巨大的打击，并跌至0.065美元的范围，该范围略高于本地底部，本月早些时候设定了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.

同时，“ Kaspa Report” X帐户继续发布有关交流中KAS周围发生的事情的惊人主题，在这种情况下，尤其是MEXC。

MEXC’s Unexpected Revelation

MEXC意外的启示

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，有一个社区成员的报告，关于卡巴斯日常供应的急剧下降。检查后，Kaspalytics数据证实了这一点。

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.

这导致“ Kaspa报告”进一步调查，并发现在MEXC开始其钱包维护的确切时间，每日积极的供应急剧下降。

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

当交易所暂停其钱包运营时，每日积极的供应从5.04％下降到仅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.

这种计划外的维护还具有强调单个交换对Kaspa生态系统的巨大影响。

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.

虽然以前很难确切确定MEXC对Kaspa的日常运动有多大控制，但交易所自己的钱包维护的效果是提供有关其市场优势的清晰数据。

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.

随后，每日活跃的供应在3月27日恢复其大部分钱包活动的时候反弹，进一步证实了MEXC操作与Kaspa的链链指标之间的联系。

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，即使在维护期间，MEXC仍继续处理链上KRC-20代币转移，尽管这些转移涉及的KAS数量最少，并且对整体指标的影响微不足道。可以通过Kaspa报告共享的特定钱包地址在区块链上查看这些转移。

Daily Active Supply Explained

每日活跃的供应解释

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

该线程继续解释了如何计算日常活动供应。

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.

本质上，Kaspalytics使用DAA分数估计了Kaspa的UTXO集合中每个UTXO的时间戳（未零件交易输出）。如果UTXO的估计年龄小于24小时，则将其计为每日活跃供应的一部分。

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.

由于每日活跃的供应确实会影响Kaspa的现货价格，因此MEXC突然的不活动确实减少了这一事实，因此每日活动部分揭示了其对Kaspa定价动态的控制。该数据表明，Kaspa的大部分价格抑制可能源于MEXC的活动。

Market Implications

市场含义

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.

虽然控制Kaspa每日链链活动的85％的单一交换肯定值得注意，但重要的是要指出，该指标不是Kaspa价格的唯一决定因素。

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.

交换定价主要来自订单簿匹配，最高出价符合最低的要价。但是，每日活跃的供应数据确实为MEXC对跨交易所价格套利的潜在控制提供了宝贵的见解。

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社区正在通过快速开发分散交流的基础设施来做出回应。他们的目标是使DEX量最终超过集中的交换量，一旦完成智能合约基础设施。幸运的是，MEXC的行动只会对Kaspa的价格产生暂时的影响。

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，这实际上可能使卡巴（Kaspa）的长期权力下放。通过保持KAS价格降低，更多样化的收入群体可以负担得起积累和持有令牌，有可能导致所有权分配。

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.

这可以帮助那些收入较低的人投资并持有Kaspa，这可能会导致KAS所有权的经济分配更加多样化。

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

但是，尽管有一线希望，但Kaspa的报告仍将MEXC的市场操纵描述为“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.

除了市场操纵之外，还报告了MEXC骚扰Kaspa社区成员的报道，最近有一个帐户（@mexc_kas_fraud）报告可疑登录尝试。

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

最大程度地减少对任何单一交易所的依赖可能仍然是该项目支持者的优先事项。