TRON（TRX）Q1 2025生态系统报告

TRON（TRX）是一个公共开源区块链网络，依赖于授权证明（DPOS）共识机制。

TRON (TRX) is a public, open-source blockchain network that relies on a Delegated Proof-of-State (DPoS) consensus mechanism and the Practical Byzantine Fault Tolerance (PBFT) consensus algorithm to process transactions and secure the network. An election process is used to determine which validators participate in consensus. All TRX stakers vote onchain for the candidates they want to become Super Representatives (SRs). In each epoch, the top 27 most voted-for candidates become SRs within the active set and take turns producing blocks. A new election occurs every six hours. The TRON Virtual Machine (TVM) powers applications on the network and uses “Energy” and “Bandwidth” instead of gas, like its Ethereum Virtual Machine (EVM) counterpart. Bandwidth is gas spent on transactions, whereas Energy is gas spent on smart contract calls. Energy and Bandwidth can be acquired by staking TRX or burning TRX to pay for the Energy/Bandwidth required to execute a smart contract call or transaction. The TVM is EVM-compatible and offers developers affordable and fast smart contract execution.

TRON（TRX）是一个公共开源区块链网络，依赖于授权的州证明（DPOS）共识机制和实用的拜占庭式错误耐受性（PBFT）共识算法来处理交易并确保网络。选举过程用于确定哪些验证者参与共识。所有TRX Stakers都投票选举他们想要成为超级代表（SRS）的候选人。在每个时代，最投票选票的前27名候选人成为主动场景中的SR，并轮流产生障碍。每六个小时发生一次新的选举。 TRON虚拟机（TVM）为网络上的应用程序提供了启动的应用程序，并使用“能量”和“带宽”而不是气体，例如其以太坊虚拟机（EVM）对应物。带宽是在交易上花费的汽油，而能源是在智能合约电话上花费的汽油。可以通过放入TRX或燃烧TRX来获得能量和带宽，以支付执行智能合同呼叫或交易所需的能量/带宽。 TVM与EVM兼容，并为开发人员提供负担得起的快速智能合同执行。

TRON is best known for its stablecoin activity and large user base. The network supports multiple stablecoins, including Tether (USDT), TRON’s native USD-pegged stablecoin USDD, and TrueUSD (USDt). Among the major blockchains, TRON has the highest concentration of stablecoins, with 45.9% of all USDT supply being held on TRON at the end of Q1. Despite the high concentration of stablecoins, the total stablecoin market cap on TRON decreased 13% QoQ from $71 billion to $62 billion. This decrease was due to the depreciation of USDDOLD and migration to USDD 2.0, which released previously locked TRX collateral (used to mint USDD) back into circulation.

Tron以其稳定的活动和大型用户群而闻名。该网络支持多个Stablecoins，包括Tether（USDT），Tron的本机USD-PEGGEGSTABLECOIN USDD和TUREUSD（USDT）。在主要区块链中，Tron的稳定菌浓度最高，在第1季度结束时，所有USDT供应量的45.9％。尽管稳定菌的浓度很高，但TRON的Stablecoin市值从710亿美元下降到620亿美元。这种减少是由于USDold的贬值和迁移到USDD 2.0的贬值，后者释放了先前已锁定的TRX抵押品（用于造成USDD）的循环。

At the end of Q1, TRX’s circulating market cap increased for the ninth consecutive quarter, up 3.5% QoQ from $21.9 billion to $22.7 billion. Furthermore, TRX performed similarly to other large-cap cryptocurrencies as its market cap ranking dropped one spot from 9 to 10.

在第一季度结束时，TRX连续第九季度的循环市场上限增加了3.5％的QOQ从219亿美元增加到227亿美元。此外，TRX的表现与其他大型加密货币相似，因为其市值排名从9下降到10位。

Notably, TRX has been a deflationary token for many quarters. However, in Q1 there was a 10% increase in the circulation supply of TRX, making it inflationary for the quarter. This change occurred due to the deprecation of USDDOLD and migration to USDD 2.0, which released previously locked TRX collateral back into circulation.

值得注意的是，TRX在许多方面一直是通缩令牌。但是，在第一季度，TRX的循环供应增加了10％，使其在该季度的通货膨胀率增加。由于USDOLD的贬值和迁移到USDD 2.0，这种变化发生了，该公司以前将TRX抵押品置于循环中。

TRON utilizes a resource model to execute transactions onchain. To summarize, the resource model is based on distributing Bandwidth and Energy to stakers. As long as stakers have acquired enough resources, they can use those resources to transfer tokens and execute smart contracts for free. Users must cover transaction fees with TRX if they utilize more computing power than their resources allow, all of which is burned. As such, revenues for TRON are derived from the TRX token burns coming from transaction fees. To track these numbers in real time, see the TRON Portal.

Tron利用资源模型执行交易OnChain。总而言之，资源模型基于将带宽和能量分配给Stakers。只要Stakers获得了足够的资源，他们就可以使用这些资源免费传输令牌并免费执行智能合约。如果用户利用比资源允许的更多计算能力，则必须通过TRX支付交易费用，所有这些都被燃烧了。因此，TRON的收入来自TRX令牌燃烧，来自交易费用。要实时跟踪这些数字，请参阅TRON门户。

TRON had another solid quarter for USD revenue. Total Revenue in USD was up 2.7% QoQ from $740.3 million to $760.2 million, and daily revenue was up 14.7% QoQ. Due to the 6.1% decrease in token price in Q1, Total Revenue in TRX was down for the second consecutive quarter by 10.8% from $3.6 billion to $3.2 billion.

特隆（Tron）又有一个可靠的季度来获得美元收入。 QOQ的总收入从7.403亿美元增至7.602亿美元，每日收入上涨了14.7％。由于第1季度令牌价格下降6.1％，TRX的总收入连续第二季度下降了10.8％，从36亿美元降至32亿美元。

The circulating supply of TRX is primarily affected by two parameters: (i) tokens minted to reward stakers and block producers, and (ii) tokens burned due to network transaction fees. TRX rewards equate to 5.06 million tokens being minted per day. As such, the circulating token supply will decrease over time if more than 5.06 million TRX are burned daily, on average.

TRX的循环供应主要受两个参数的影响：（i）铸造的代币以奖励Stakers and Block生产者，以及（ii）由于网络交易费用而燃烧的令牌。 TRX奖励相当于每天铸造的506万个令牌。因此，如果平均每天燃烧超过506亿个TRX，循环令牌供应将随着时间的推移而下降。

In Q1, the circulating supply of TRX increased from 86.6 billion to 95.0 billion. This is the first quarter where the circulating supply of TRX increased due to the migration of USDDOLD to USDD 2.0. The increase in TRX’s circulating supply is due to the deprecation of USDDOLD and the migration to USDD 2.0, which released previously locked TRX collateral into circulation. While this change affects circulating supply, it does not increase TRX’s total supply and instead reflects a shift in accounting methodology.

在第1季度，TRX的循环供应从866亿增加到950亿。这是第一季度由于USDOLD迁移至USDD 2.0，TRX的循环供应增加了。 TRX循环供应的增加是由于USDDOLD的贬值以及迁移到USDD 2.0的迁移，后者以前将先前已将TRX抵押品释放到循环中。尽管这种变化会影响循环供应，但它不会增加TRX的总供应，而是反映了会计方法的变化。

Annualized, this equates to an inflation rate of approximately -1.6%. Annualized inflation was down QoQ, decreasing 40% from -2.6%.

年度化，这相当于通货膨胀率约为-1.6％。年度通货膨胀率下降了QOQ，从-2.6％下降40％。

TRON incentivizes participation in its staking mechanism through a combination of the following:

Tron通过以下组合来激励其参与其占有机制：

The annualized real yield for staking decreased in Q1, down 14% QoQ from 7.3%

Q1的年化实际产量下降，QOQ下降了14％。