Cardano（ADA）进入关键章节，因为它完全过渡到分散治理

尽管价格和用户活动会受到逆风，但网络的治理和生态系统开发揭示了一个区块链稳步地融入社区主导的项目。

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.

卡尔达诺（Cardano）在演变中进入了一个关键的一章，因为它完全过渡到了分散的治理框架，这是弥赛亚（Messari）最新的Q1 2025报告中强调的具有里程碑意义的成就。尽管价格和用户活动会受到逆风，但网络的治理和生态系统开发揭示了一个区块链稳步地融入社区主导的项目。

On-Chain Constitution Ushers in New Era of Governance

新的治理时代

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最具变革性的事件之一是对2月24日的链式宪法的批准。这一发展正式开始了Cardano的Voltaire时代，现在通过CIP-1694分散了治理责任。该社区现在通过复杂的股份池运营商（SPO），超过1,220个委派代表（DREP）和一个宪法委员会在网络决策中有重要发言权。

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.

这一转变还标志着从建立实体（IOG，Cardano Foundation和Emurgo）将治理控制权的移交给社区，并在八个由Intersect领导的技术和咨询委员会的支持下移交给了社区。 Cardano现在加入了一个由现场宪法制度管理的几个部分区块链的行列，该系统使其用户群体与真实决策授权授权。

ADA Faces Market Challenges Amid Structural Progress

在结构性进步的情况下，ADA面临市场挑战

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.

卡尔达诺（Cardano）达到了著名的治理里程碑，但其本地代币艾达（Ada）遇到了一个动荡的财务季度。与上一季度相比，ADA的价值下降了22％，降落为0.66美元，这与更广泛的加密市场低迷相呼应了19％。循环的市值降至238亿美元，保持了Cardano作为第九大数字资产的地位。

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.

网络活动也受到了打击，每日交易计数下滑28％至约71,500。此外，以美元计价的网络费下降了32％，至120万美元。但是，费用波动反映了ADA的价格行动：虽然USD的平均费用增长了27％，达到0.29美元，但ADA的同等费用仅增长1％至0.34 ADA，突显了市场波动对用户成本的影响。

Contrasting Trends: Stablecoin Growth vs. DeFi Contraction

对比趋势：Stablecoin的增长与Defi收缩

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.

尽管分散的金融活动总体下降，但卡达诺的稳定行业表现出强劲的增长。 DEFI协议中的总价值锁定（TVL）下降了29％的四分之一季度至3.193亿美元，表现不佳，更广泛的Defi市场下降了26％。然而，Cardano网络上的Stablecoins增长了30％，达到了3020万美元的总市值。

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.

引领这一激增的是USDM，它有40％的增长，而新近推出的USDA则在发布后不久积累了720万美元的市值。 Defi TVL下降与稳定的使用量之间的这种差异表明，投资者可能会采取更加风险的立场，选择保留稳定资产的资本，而不是积极参与产量耕作或交易。

Defi Protocols Evolve Amid Shifting User Preferences

FEFI协议在移动用户首选项中进化

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上的几项主要分散申请的锁定价值下降，但在适应市场状况方面仍然活跃。 Minswap以7740万美元的TVL重新获得了领先地位，超过了Liqwid，下跌了38％至7030万美元。 Indigo，Wingriders和Splash也报告了减少，但继续吸引用户和更新。

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

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— Times Tabloid (@TimesTabloid1) July 15, 2023

- 时代小报（@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在分散交易所之间的交易量保持优势。该平台推出了杠杆交易，并推出了开发商API，并指出尽管看跌市场，但计划推动增长和采用。

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多样性得分上升到9，尽管总价值锁定的总体下降，但反映了越来越多的主动协议，这是生态系统弹性的令人鼓舞的迹象。

Treasury Expands in ADA, Shrinks in Dollar Terms

财政部在ADA中扩张，以美元缩水

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.

财政部的余额以ADA的等级增长了5％，达到17亿ADA。但是，由于ADA的价格下跌，其估值下降了19％，至11亿美元。该基金仍然有20％的网络费用进入财政部，仍然是支持社区选择的发展计划的重要机制。

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.

随着治理框架的越来越多，预计财政部将在资助建议，基础设施升级和生态系统扩展方面发挥核心作用，并受到当选代表和利益相关者的监督。

A Resilient Foundation for the Future

对未来的弹性基础

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.

尽管ADA的第一季度财务绩效和交易指标反映了更广泛的市场，但该季度的结构性成就讲述了一个不同的故事。卡尔达诺（Cardano）向宪法治理的过渡使其成为当今运作中运营的最分散和民主区块链生态系统之一。

By empowering

通过授权