tezos（XTZ）

Tezos（XTZ）是一項流動性證明（LPOS）區塊鍊網絡，以其對安全性，提升性和民主社區治理的重點聞名。

Key Insights

關鍵見解

* As a protocol focused on security and upgradeability, Tezos (XTZ) has maintained a consistent level of network activity throughout 2024 despite a broader reduction in activity across blockchain networks. In Q1 2025, overall network activity on Tezos L1 decreased 27.3% quarter-over-quarter (Q4 2024). Average monthly transactions and contract calls fell to 2.4 million.

*作為一項重點關注安全性和升級性的協議，TEZOS（XTZ）在整個2024年的網絡活動中保持了一致的水平，儘管整個區塊鍊網絡的活動較大。在2025年第1季度，TEZOS L1的總體網絡活動降低了27.3％的四分之一季度（第4季度2024年）。平均每月交易和合同電話降至240萬。

* This decline is largely driven by a shift in usage toward Layer 2 solutions like Etherlink, which provide faster and cheaper transactions. In Q1 2025, network activity on Etherlink averaged over 1.4 million monthly transactions, an increase of 189.2% and 72.2% of Tezos L1's transaction counts.

*這種下降在很大程度上是由於將用法轉移向第2層解決方案（例如Etherlink）的驅動，這些解決方案提供了更快，更便宜的交易。在2025年第1季度，Etherlink上的網絡活動平均超過140萬個每月交易，增長了Tezos L1交易數量的189.2％和72.2％。

* This rapid adoption of Etherlink, launched in October 2024, showcases its growing role in the Tezos ecosystem. The platform is fully integrated with the Tezos protocol and provides cross-compatibility with the Ethereum virtual machine (EVM) through Etherlink.

* 2024年10月推出的Etherlink的這種快速採用展示了其在Tezos生態系統中的越來越多的作用。該平台與TEZOS協議完全集成在一起，並通過EtherLink與以太坊虛擬機（EVM）提供了交叉兼容。

* This integration, a key focus for the community in 2024, is powered by a shared data availability layer (DAL) that is part of the Tezos protocol. The Paris protocol upgrade introduced the DAL, designed to boost Smart Rollup scalability and provide a common foundation for L2s on Tezos.

*這種集成是2024年社區的關鍵重點，它是由TEZOS協議一部分的共享數據可用性層（DAL）提供動力的。巴黎協議升級引入了DAL，旨在提高智能匯總可擴展性，並為Tezos上的L2S提供共同的基礎。

* The Mumbai protocol upgrade introduced Smart Rollups, a scaling solution that can achieve throughput levels of over 1 million transactions per second (TPS) and is easily adaptable to different use cases. Smart Rollups are off-chain environments that process transactions quickly and bundle them for posting on-chain.

*孟買協議升級引入了智能匯總，這是一種擴展解決方案，可以達到每秒超​​過100萬筆交易的吞吐量水平（TPS），並且很容易適應不同的用例。智能匯總是離鏈環境，可以快速處理交易，並將其捆綁以發布鏈上。

* Together, Smart Rollups and the DAL allow for scalable throughput, efficient data processing, and a customizable architecture, setting the stage for next-generation dapps with high performance and adaptability.

*一起，智能匯總和DAL允許可擴展的吞吐量，有效的數據處理以及可自定義的體系結構，為具有高性能和適應性的下一代DAPP設定了階段。

* In Q1, developer teams Nomadic Labs, Trilitech, and Functori proposed the Quebec upgrade, aiming to reduce the block time to 8 seconds, enhance staking, and adjust Adaptive Issuance to curb inflation. By the end of Q4, this proposal had advanced to the final “Promotion” voting stage.

*在第1季度，開發人員團隊游牧實驗室，Trilitech和Foundori提出了魁北克升級，旨在將塊時間降低到8秒，提高放電並調整適應性發行以遏制通貨膨脹。到第四季度結束時，該提議已晉升為最終的“晉升”投票階段。

* Current research and development (R&D) efforts are focused on realizing “Tezos X,” a proposed roadmap for boosting the blockchain's performance, composability, and interoperability to deliver a “cloud-like” developer experience.

*當前的研發（R＆D）努力旨在實現“ Tezos X”，這是一個提高區塊鏈的性能，合成性和互操作性，以提供“雲”式開發人員體驗的路線圖。

* Leveraging Smart Rollup technology and the data-availability layer, it enables developers to build complex, scalable applications using mainstream programming languages, with improved connectivity across the ecosystem.

*利用智能匯總技術和數據可用性層，它使開發人員能夠使用主流編程語言構建複雜，可擴展的應用程序，並在整個生態系統上有改善的連接性。

Key Metrics

關鍵指標

Financial Overview

財務概述

Revenue

收入

In Q1 2025, L1 transaction fees slipped to 8,500 XTZ, marking a 23.3% quarter-over-quarter (Q4 2024) decrease in XTZ terms (31.1% in USD terms due to a decrease in XTZ price).

在第1季度2025年，L1交易費用降至8,500 XTZ，標誌著XTZ期限的四分之一四分之一季度（第4季度2024）降低（由於XTZ價格降低，以31.1％的價格計算了31.1％）。

Etherlink, Tezos' first EVM-compatible, non-custodial smart rollup, saw a significant 54.1% quarter-over-quarter growth, reaching 10,302 XTZ, surpassing L1 for the first time.

Tezos的第一個EVM兼容，非固定的智能匯總的EtherLink的四分之一季度增長了54.1％，達到10,302 XTZ，首次超過L1。

As a cost-efficient L2 solution, Etherlink Mainnet's rapid growth outpacing L1 aligns with expectations for its scalability and cost advantages.

作為一種具有成本效益的L2解決方案，Etherlink Mainnet的快速增長超過了L1的速度與其可伸縮性和成本優勢的期望相一致。

Supply and Market Capitalization

供應和市值

XTZ, the native token of Tezos, is used as a medium of exchange and for staking, delegating, and facilitating governance. As of the end of Q1, the circulating supply was 1.0 billion XTZ.

XTZ是Tezos的本地代幣，用作交換的媒介，並用作分支，委派和促進治理。截至第一季度結束時，循環供應量為10億XTZ。

The Paris upgrade that launched in 2024 introduced the Adaptive Issuance mechanism, which is designed to incentivize a secure network while keeping inflation at a minimum. The target for staking is 50% of total XTZ supply, and the mechanism dynamically adjusts staking rewards to achieve this with the least possible XTZ issuance. The aim is to minimize the dilution of XTZ, improve liquidity, reduce inefficiencies, and make XTZ better suited for real-world use cases.

20024年推出的巴黎升級引入了自適應發行機制，該機制旨在激勵安全網絡，同時保持通貨膨脹率最低。放電的目標是XTZ總供應總額的50％，該機制動態調整了積分獎勵，以最小可能的XTZ發行來實現這一目標。目的是最大程度地減少XTZ稀釋，提高流動性，降低效率低下，並使XTZ更適合現實世界中的用例。

In Q1, the annualized real yield for validators was 1.6%, with a quarter-over-quarter increase of 1.3%.

在第一季度，驗證者的年度實際收益率為1.6％，四分之一季度增長了1.3％。

Tezos' market capitalization closed Q1 2025 at over $680 million, down 48.4% quarter-over-quarter, driven primarily by a 49.2% decline in the price of XTZ. The drop in XTZ mirrored broader weakness in the crypto market during Q1. For reference, Ethereum's market cap was down 45.6% quarter-over-quarter. Despite the price decline, demand for XTZ remained evident, as evidenced by the fees paid during the quarter.

Tezos的市值收於2025年第1季度，至6.8億美元超過6.8億美元，下降了48.4％的四分之一季度，主要是由於XTZ的價格下降了49.2％。 XTZ的下降反映了第1季度加密貨幣市場中更廣泛的弱點。作為參考，以太坊的市值下降了45.6％。儘管價格下降，但對XTZ的需求仍然很明顯，這是本季度支付的費用所證明的。

Network Overview

網絡概述

Usage

用法

In Q1

在Q1中