流（流）關鍵見解

流量（流）是由Dapper Labs及其聯合創始人Roham Gharegozlu，Dieter Shirley和Mikhael Naayem於2018年建立的一層1網絡。

Key Insights

關鍵見解

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及其聯合創始人Roham Gharegozlu，Dieter Shirley和Mikhael Naayem於2018年建立的一層1網絡。 Flow於2020年5月推出，專為“新一代遊戲，應用程序和為它們供電的數字資產。” Flow是最早實施帳戶抽象和用戶體驗增強功能的網絡之一，使開發人員更容易在船上消費者。如今，Flow的最高應用程序包括基於世界一流品牌的產品，例如NBA頂級射門和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.

關於流程，開發人員使用“ Cadence”，這是Flow的新型編程語言。 Flow的最新發展是通過網絡升級的，稱為“ Crescendo”。 2024年9月，Flow引入了Cadence 1.0，隨著漸強升級的升級，通過單獨的流動EVM環境使EVM等效度使EVM等效度。現在，開發人員可以使用堅固性在800毫秒的塊時間上建立在流動EVM上。此外，開發人員可以利用EVM的現有工具和流動性，而用戶則經歷了亞中心交易費用。

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通過在2017年通過Cryptokitties開創ERC-721代幣標準，並將NFT Collectibles通過NBA Top Shot在2021年通過NBA Top Shots啟用ERC-721代幣標準。有關流量的完整底漆，請參閱我們的覆蓋範圍。

Website / X / Discord / Telegram

網站 / X / Discord / Telegram

Key Metrics

關鍵指標

Financial Analysis

財務分析

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）用作流量交換的主要媒介的天然流動令牌，並且（ii）用於鍛煉以促進各種與樁相關的功能。流量的價格上漲了19.5％，至2024年第4季度，最高點為2024年12月4日1.22美元。Flow的市值增加了相似的21％QOQ，至10.8億美元，由於散發量增加了1.2％，因此略有差異是1.2％。儘管價格上漲了QOQ，但Flow的循環市場上限排名從第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.

可能影響投資者行為和Flow的Q4'24價格變動的項目相關催化劑包括Crescendo升級，該升級引入了EVM等效性並推動了DEFI活動的增加。此外，流動社區的獎勵季前賽還提供了15％的增長，這是在季前季節持續時間鎖定的流量令牌。季前賽於2024年9月30日得出結論，價值1740萬美元的流量令牌或3000萬流量已被鎖定。

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.

流量用於在流量上解決網絡交易費用。流量上任何交易的總交易費用包括可變的“執行費”以及固定的“納入費”，然後將其乘以“電湧因子”。網絡交易費用在流量上可以忽略不計，季度費用（USD）在Q4'24中僅達到1,317美元。儘管如此，隨著季度費用（流量）達到1,689，QOQ的增長量增加了138.2％。

Network Analysis

網絡分析

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的平均每日活動地址（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。交易與主動地址的比率（TXS/DAAS）降低了24.3％QOQ至9.2，這表明活動的分佈在用戶之間更均勻地分佈；相反，增加的比率表明“權力用戶”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.

這些趨勢可能是由兩個主要因素驅動的。首先，漸強升級引入了EVM等效性，並推動了活動的增加。其次，整天，Flow最高應用，NBA最高鏡頭和NFL的季節性性質。兩種應用在常規季節中的活動都會增加，這在每年的第四季度重疊。這些因素可能導致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”時，Flow的最初令牌供應為12.5億。但是，由於通貨膨脹率分配給流量驗證者節點和代表人，因此，由於通貨膨脹率分配給了通貨膨脹率，因此，令牌供應體驗每週一次（每週一次）一次通貨膨脹。每年的通貨膨脹率相當於流量總額供應的5％。

As explained in our

正如我們在我們的