Cardano（ADA）進入關鍵章節，因為它完全過渡到分散治理

儘管價格和用戶活動會受到逆風，但網絡的治理和生態系統開發揭示了一個區塊鏈穩步地融入社區主導的項目。

Cardano has entered a pivotal chapter in its evolution as it fully transitions to a decentralized governance framework, a landmark achievement highlighted in Messari’s latest Q1 2025 report. Despite headwinds in price and user activity, the network’s governance and ecosystem development reveal a blockchain steadily maturing into a community-led project.

卡爾達諾（Cardano）在演變中進入了一個關鍵的一章，因為它完全過渡到了分散的治理框架，這是彌賽亞（Messari）最新的Q1 2025報告中強調的具有里程碑意義的成就。儘管價格和用戶活動會受到逆風，但網絡的治理和生態系統開發揭示了一個區塊鏈穩步地融入社區主導的項目。

On-Chain Constitution Ushers in New Era of Governance

新的治理時代

One of the most transformative events for Cardano in the first quarter of 2025 was the ratification of its on-chain Constitution on February 24. This development formally begins Cardano’s Voltaire era, with governance responsibilities now decentralized through CIP-1694. The community now has a significant say in network decisions via an intricate structure of Stake Pool Operators (SPOs), over 1,220 Delegated Representatives (DReps), and a Constitutional Committee.

2025年第一季度Cardano最具變革性的事件之一是對2月24日的鍊式憲法的批准。這一發展正式開始了Cardano的Voltaire時代，現在通過CIP-1694分散了治理責任。該社區現在通過複雜的股份池運營商（SPO），超過1,220個委派代表（DREP）和一個憲法委員會在網絡決策中有重要發言權。

The shift also marked the handover of governance control from the founding entities—IOG, Cardano Foundation, and EMURGO—to the community, supported by eight Intersect-led technical and advisory committees. Cardano now joins the ranks of a select few blockchains governed by a live, constitutional system that empowers its user base with real decision-making authority.

這一轉變還標誌著從建立實體（IOG，Cardano Foundation和Emurgo）將治理控制權的移交給社區，並在八個由Intersect領導的技術和諮詢委員會的支持下移交給了社區。 Cardano現在加入了一個由現場憲法制度管理的幾個部分區塊鏈的行列，該系統使其用戶群體與真實決策授權授權。

ADA Faces Market Challenges Amid Structural Progress

在結構性進步的情況下，ADA面臨市場挑戰

While Cardano achieved notable governance milestones, its native token, ADA, encountered a turbulent financial quarter. ADA’s value dropped by 22% compared to the previous quarter, landing at $0.66, echoing the broader crypto market downturn of 19%. The circulating market cap fell to $23.8 billion, maintaining Cardano’s position as the ninth-largest digital asset.

卡爾達諾（Cardano）達到了著名的治理里程碑，但其本地代幣艾達（Ada）遇到了一個動蕩的財務季度。與上一季度相比，ADA的價值下降了22％，降落為0.66美元，這與更廣泛的加密市場低迷相呼應了19％。循環的市值降至238億美元，保持了Cardano作為第九大數字資產的地位。

Network activity also took a hit, with daily transaction counts sliding 28% to approximately 71,500. Additionally, network fees, denominated in USD, saw a 32% decline to $1.2 million. However, fee volatility mirrored ADA’s price action: while the average fee in USD increased by 27% to $0.29, the equivalent in ADA rose just 1% to 0.34 ADA, highlighting the impact of market fluctuations on user costs.

網絡活動也受到了打擊，每日交易計數下滑28％至約71,500。此外，以美元計價的網絡費下降了32％，至120萬美元。但是，費用波動反映了ADA的價格行動：雖然USD的平均費用增長了27％，達到0.29美元，但ADA的同等費用僅增長1％至0.34 ADA，突顯了市場波動對用戶成本的影響。

Contrasting Trends: Stablecoin Growth vs. DeFi Contraction

對比趨勢：Stablecoin的增長與Defi收縮

Despite an overall reduction in decentralized finance activity, Cardano’s stablecoin sector exhibited strong growth. The Total Value Locked (TVL) in DeFi protocols dropped 29% quarter-over-quarter to $319.3 million, underperforming the broader DeFi market’s 26% decline. Yet, stablecoins on the Cardano network expanded by 30%, reaching a combined market cap of $30.2 million.

儘管分散的金融活動總體下降，但卡達諾的穩定行業表現出強勁的增長。 DEFI協議中的總價值鎖定（TVL）下降了29％的四分之一季度至3.193億美元，表現不佳，更廣泛的Defi市場下降了26％。然而，Cardano網絡上的Stablecoins增長了30％，達到了3020萬美元的總市值。

Leading this surge was USDM, which saw a 40% uptick, and the newly introduced USDA, which amassed a market cap of $7.2 million shortly after launch. This divergence between falling DeFi TVL and rising stablecoin usage suggests that investors may be taking a more risk-averse stance, opting to preserve capital in stable assets over actively participating in yield farming or trading.

引領這一激增的是USDM，它有40％的增長，而新近推出的USDA則在發布後不久積累了720萬美元的市值。 Defi TVL下降與穩定的使用量之間的這種差異表明，投資者可能會採取更加風險的立場，選擇保留穩定資產的資本，而不是積極參與產量耕作或交易。

Defi Protocols Evolve Amid Shifting User Preferences

FEFI協議在移動用戶首選項中進化

Several major decentralized applications on Cardano saw declines in locked value but remained active in adapting to market conditions. Minswap regained its leading position with a TVL of $77.4 million, surpassing Liqwid, which fell 38% to $70.3 million. Indigo, WingRiders, and Splash also reported decreases but continued to engage users and ship updates.

Cardano上的幾項主要分散申請的鎖定價值下降，但在適應市場狀況方面仍然活躍。 Minswap以7740萬美元的TVL重新獲得了領先地位，超過了Liqwid，下跌了38％至7030萬美元。 Indigo，Wingriders和Splash也報告了減少，但繼續吸引用戶和更新。

We are on twitter, follow us to connect with us :- @TimesTabloid1

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— Times Tabloid (@TimesTabloid1) July 15, 2023

- 時代小報（@timestabloid1）2023年7月15日

Notably, DexHunter maintained dominance in trading volume among decentralized exchanges. The platform rolled out leveraged trading and unveiled a developer API, indicating plans to drive growth and adoption despite the bearish market.

值得注意的是，Dexhunter在分散交易所之間的交易量保持優勢。該平台推出了槓桿交易，並推出了開發商API，並指出儘管看跌市場，但計劃推動增長和採用。

Cardano’s DeFi diversity score rose to 9, reflecting a growing range of active protocols despite the overall decline in total value locked, an encouraging sign of ecosystem resilience.

Cardano的Defi多樣性得分上升到9，儘管總價值鎖定的總體下降，但反映了越來越多的主動協議，這是生態系統彈性的令人鼓舞的跡象。

Treasury Expands in ADA, Shrinks in Dollar Terms

財政部在ADA中擴張，以美元縮水

The treasury’s balance increased by 5% in ADA terms, reaching 1.7 billion ADA. However, due to ADA’s price drop, its valuation in USD fell by 19% to $1.1 billion. With 20% of network fees funneled into the treasury, the fund remains a vital mechanism for supporting community-chosen development initiatives.

財政部的餘額以ADA的等級增長了5％，達到17億ADA。但是，由於ADA的價格下跌，其估值下降了19％，至11億美元。該基金仍然有20％的網絡費用進入財政部，仍然是支持社區選擇的發展計劃的重要機制。

As the governance framework becomes increasingly community-driven, the treasury is expected to play a central role in funding proposals, infrastructure upgrades, and ecosystem expansion, subject to oversight by elected representatives and stakeholders.

隨著治理框架的越來越多，預計財政部將在資助建議，基礎設施升級和生態系統擴展方面發揮核心作用，並受到當選代表和利益相關者的監督。

A Resilient Foundation for the Future

對未來的彈性基礎

While ADA’s Q1 financial performance and transaction metrics mirrored broader market declines, the quarter’s structural achievements tell a different story. Cardano’s transition to constitutional governance places it among the most decentralized and democratic blockchain ecosystems in operation today.

儘管ADA的第一季度財務績效和交易指標反映了更廣泛的市場，但該季度的結構性成就講述了一個不同的故事。卡爾達諾（Cardano）向憲法治理的過渡使其成為當今運作中運營的最分散和民主區塊鏈生態系統之一。

By empowering

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