流（流）Q1 2025關鍵見解

底漆

Flow (FLOW) is a Layer-1 network that was founded in 2018 by Dapper Labs and its 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 took place in March when Flow activated a rolling protocol upgrade system on mainnet. This mechanism coordinates behavior changes at predetermined block heights, so nodes can verify compatibility and upgrade without interrupting block production. By eliminating most downtime, rolling upgrades strengthen network resilience, streamline future releases, and let developers ship improvements faster. The new system builds on earlier Height-Coordinated Upgrades and marks Flow's first major step beyond the Crescendo release. 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的最新開發發生在3月，當時Flow激活了Mainnet上的滾動協議升級系統。該機制協調行為在預定的塊高度上發生變化，因此節點可以驗證兼容性併升級而不會中斷塊產生。通過消除大多數停機時間，滾動升級可以增強網絡的彈性，簡化未來的發行，並讓開發人員更快地發貨。新系統建立在較早的高度協調的升級上，並標誌著Crescendo版本之外的第一步。 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。

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. In Q1 2025, FLOW's price fell 45.2% QoQ to $0.38, its lowest close since Q3 2024. That pullback cut circulating market capitalization by 44.5% to about $0.6 billion, while circulating supply edged up 1.2% to 1.57 billion FLOW in line with the protocol's weekly inflation schedule. FLOW's circulating market cap ranking fell from 89th to 92nd.

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。在2025年第1季度，Flow的價格下跌了45.2％QOQ至0.38美元，這是自2024年第三季度以來的最低點。該回調將循環的市值削減了44.5％，至約6億美元，而循環供應量則佔1.2％，達到15.7億美元的流量，該流量符合該協議的每週通貨膨脹計劃。 Flow的循環市場上限排名從第89位下降到第92。

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 cooled after the Q4 hackathon-fueled spike (discussed later in report). Total quarterly fees in USD dropped 12.5% to $1,152, and fees in FLOW slipped 4.5% to 1,614. Yet average daily fees climbed 49.1% to $21.34. A burst of activity in early January lifted the daily average even as transactions eased through February and March.

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”。在Q4 Hackathon-Fueled Spike之後，網絡交易費用冷卻（在報告中進行了討論）。美元的總季度費用下降了12.5％，至1,152美元，流量的費用下跌了4.5％至1,614。然而，平均每日費用攀升了49.1％，至21.34美元。 1月初的一系列活動也取消了每天的平均水平，即使交易在2月和3月份進行了緩解。

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器節點和代表人，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 Initiation of Coverage, combined weekly staking rewards comprise all network transaction fees, with any remaining amount being minted as inflationary staking rewards.

正如我們在覆蓋範圍的啟動時所解釋的那樣，每週的合併獎勵包括所有網絡交易費用，其餘的金額都被鑄造為通貨膨脹率獎勵。

As of March 31, 2025, FLOW's total token supply has increased to 1.57 billion, and weekly inflation equates to approximately 1.47 million FLOW per week. 602.4 million FLOW (38.3% of the total token supply) was staked, down 10.1% from 670.5 million in Q4.

截至2025年3月31日，Flow的總代幣供應量已增加到15.7億，每週通貨膨脹率每週約為147萬流量。 6.024億流量（佔代幣供應總額的38.3％）被放置，比第4季度的6.705億次下降了10.1％。

Network Analysis

網絡分析

Flow's Q1 adoption demonstrated the network's capacity to scale around major developer events. Average daily transactions reached 277,782, up 10.6% from 251,100 in Q4, while average daily active addresses climbed to 66,822, versus 27,438 in Q4. This left the average transactions-per-address ratio relatively unchanged at 9.1 (vs. 9.2 in Q4). This uptick in activity was driven

Flow的第一季度採用表明了該網絡圍繞主要開發人員事件擴展的能力。平均每日交易達到277,782，比第4季度的251,100次上升10.6％，而平均每日活動地址攀升至66,822，而第四季度為27,438。這使得平均每次地址比率相對不變，為9.1（第4季度為9.2）。這種活動的上升是驅動的