: 标题：Nervos Network：用 CKB 扩展比特币的核心技术原语

Nervos Network 旨在通过（公共知识库（CKB））扩展比特币的核心技术原语，这是一个可扩展的第 1 层区块链，可为比特币提供第 2 层支持。

output: Key Insights

输出：关键见解

Primer

底漆

Common Knowledge Base (CKB) is a scalable Layer-1 blockchain that enables Layer-2 support for Bitcoin. CKB employs a Proof-of-Work consensus mechanism like Bitcoin but generalizes Bitcoin’s limited UTXO model and scripting capabilities. To improve Bitcoin’s limited programmability, Nervos Network leverages a custom Cell Model for state storage and a virtual machine (CKB-VM) for transaction execution. The cell model is core to CKB’s data structure and features a dual script model that allows any data to be stored and verified onchain. CKB-VM is CKB's execution engine for running smart contracts and decentralized applications. The VM utilizes the RISC-V instruction set, a flexible and simple open-source hardware architecture set (ISA) that supports multiple programming languages, including popular ones like C and Rust.

公共知识库 (CKB) 是一个可扩展的第 1 层区块链，可为比特币提供第 2 层支持。 CKB 采用类似于比特币的工作量证明共识机制，但概括了比特币有限的 UTXO 模型和脚本功能。为了改善比特币有限的可编程性，Nervos Network 利用自定义 Cell 模型进行状态存储，并利用虚拟机 (CKB-VM) 进行交易执行。 Cell 模型是 CKB 数据结构的核心，具有双脚本模型，允许任何数据在链上存储和验证。 CKB-VM 是 CKB 的执行引擎，用于运行智能合约和去中心化应用程序。该虚拟机采用 RISC-V 指令集，这是一种灵活而简单的开源硬件架构集 (ISA)，支持多种编程语言，包括 C 和 Rust 等流行语言。

Launched on mainnet in November 2019, Nervos Network has since evolved into one of the few independent blockchains scaling Bitcoin. Nervos scales Bitcoin through RGB++, an asset issuance protocol inspired by the RGB protocol. RGB++ allows users to issue assets on Bitcoin mainnet that are mapped to CKB cells through isomorphic binding. Although CKB serves as the data storage and verification layer for RGB++ assets and transactions, these assets inherit Bitcoin security. That is, these assets cannot be double spent as each asset is mapped to a UTXO on Bitcoin. Beyond asset issuance, Nervos aims to enable improved programmability for Bitcoin with the RGB++ layer, an extension of the RGB++ protocol that enables RGB++ assets to be mapped across other UTXO blockchains. The RGB++ layer serves as the smart contract and interoperability layer for RGB++ assets, enabling developers to build and deploy more flexible decentralized applications similar to those in EVM-compatible environments.

Nervos Network 于 2019 年 11 月在主网上推出，现已发展成为少数几个可扩展比特币的独立区块链之一。 Nervos 通过 RGB++ 来扩展比特币，RGB++ 是一种受 RGB 协议启发的资产发行协议。 RGB++ 允许用户在比特币主网上发行资产，并通过同构绑定映射到 CKB Cell。虽然 CKB 作为 RGB++ 资产和交易的数据存储和验证层，但这些资产继承了比特币的安全性。也就是说，这些资产不能被双重支出，因为每个资产都映射到比特币上的 UTXO。除了资产发行之外，Nervos 的目标是通过 RGB++ 层提高比特币的可编程性，RGB++ 层是 RGB++ 协议的扩展，使 RGB++ 资产能够映射到其他 UTXO 区块链上。 RGB++层作为RGB++资产的智能合约和互操作层，使开发人员能够构建和部署更灵活的去中心化应用程序，类似于EVM兼容环境中的应用程序。

For a full primer on Nervos, refer to our Initiation of Coverage report.

有关 Nervos 的完整入门信息，请参阅我们的覆盖范围启动报告。

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Key Metrics

关键指标

Financial Analysis

财务分析

Nervos Network’s native token CKByte (CKB) plays an essential role in maintaining the network’s security and incentivizing efficient storage. CKB serves the following key functions on the network:

Nervos Network 的原生代币 CKByte (CKB) 在维护网络安全和激励高效存储方面发挥着重要作用。 CKB 在网络上提供以下关键功能：

In Q3’24, CKB’s marketcap rose 36% QoQ to ~$752 million, recovering from a 38% decrease in Q2’24. Despite broader market contractions and mixed price sentiments in Q3’24, CKB’s price remained resilient in Q3’24, with its price rising by 35% QoQ to $0.017. This growth in marketcap and price was largely fueled by CKB’s exchange listing event in mid-September by the South Korean exchange Upbit. The listing reignited significant market interest in CKB, especially from the asian market, driving the token’s price to a quarterly high of $0.018. Consequently, CKB’s marketcap ranking improved from 119 in Q2 to 89 by the close of Q3’24.

2024 年第三季度，CKB 市值环比增长 36% 至约 7.52 亿美元，从 2024 年第二季度 38% 的下降中恢复过来。尽管 24 年第 3 季度市场出现更广泛的萎缩且价格情绪参差不齐，但 CKB 的价格在 24 年第 3 季度仍然保持弹性，其价格环比上涨 35% 至 0.017 美元。市值和价格的增长主要是由韩国交易所 Upbit 于 9 月中旬进行的 CKB 交易所上市活动推动的。这次上市重新激发了市场对 CKB 的巨大兴趣，尤其是亚洲市场，推动该代币的价格升至 0.018 美元的季度高点。因此，CKB 的市值排名从第二季度的 119 位上升到 24 年第三季度末的 89 位。

Secondary Issuance

二次发行

CKB manages state bloat through two methods. Firstly, to store data onchain, users must lock CKB tokens. Rather than directly charging a fee for users locking CKB tokens to pay for state rent, CKB indirectly charges fees through an inflationary mechanism known as secondary issuance. Each year, 1.344 billion CKB tokens are minted through secondary emissions and distributed to miners, Nervos DAO depositors, and eventually, an onchain protocol treasury. As such, the network’s secondary issuance introduces inflation targeted at users storing data, as locked CKB tokens are automatically exposed to value dilution, which is an indirect way of paying for State Rent. As of Q3’24, over 700 million CKB tokens have been distributed to miners as state rent, ~1.20 billion CKB tokens have accrued to Nervos DAO depositors, and over 4.7 billion CKB tokens meant for the proposed Treasury Fund have been burned since the protocol’s treasury remains inactive as of Q3’24.

CKB 通过两种方法来管理状态膨胀。首先，要在链上存储数据，用户必须锁定 CKB 代币。 CKB 不是直接向锁定 CKB 代币以支付状态租金的用户收取费用，而是通过称为二次发行的通胀机制间接收取费用。每年，通过二次发行铸造 13.44 亿个 CKB 代币，并将其分配给矿工、Nervos DAO 储户，并最终分配给链上协议金库。因此，网络的二次发行引入了针对存储数据的用户的通货膨胀，因为锁定的 CKB 代币会自动面临价值稀释，这是支付状态租金的间接方式。截至 24 年第三季度，超过 7 亿个 CKB 代币已作为状态租金分配给矿工，约 12 亿个 CKB 代币已累计给 Nervos DAO 储户，自该协议发布以来，用于拟议国库基金的超过 47 亿个 CKB 代币已被销毁截至 24 年第三季度，财务部门仍然不活跃。

Nervos CKB revenue is measured as total transaction fees and is distributed to Miners through Nervos CKB”s Proof of Work mechanism (along with a portion of the network’s secondary issuance. In Q3 2024, network revenue increased by 47% QoQ to $568 million, driven by a 36% QoQ rise in circulating market cap. This growth was also fueled by CKB’s exchange listing on Upbit in September, which boosted trading activity and price, significantly increasing transaction fees in USD terms. Additionally, the launch of key infrastructure developments, including the RGB++ Layer and Fiber Network, further enhanced network activity by enabling more smart contract transactions, particularly for BTCFi applications.

Nervos CKB 收入以总交易费用衡量，并通过 Nervos CKB 的工作量证明机制（以及网络二次发行的一部分）分配给矿工。2024 年第三季度，网络收入环比增长 47% 至 5.68 亿美元，流通市值环比增长 36% 这一增长也得益于 CKB 9 月份在 Upbit 交易所上市，从而提振了交易活动和价格。此外，包括 RGB++ 层和光纤网络在内的关键基础设施开发的推出，通过支持更多智能合约交易（尤其是 BTCFi 应用程序）进一步增强了网络活动。

Network Analysis

网络分析

Common Knowledge Base transactions and new addresses rose 34% QoQ to

公共知识库交易和新地址环比增长 34%