卡尔达诺 (ADA) 2024 年第一季度生态系统报告：Alonzo 周年纪念日和 Voltaire 准备工作

Cardano (ADA) 是 2017 年推出的权益证明 (PoS) 第 1 层智能合约网络。Cardano 旨在为构建在区块链之上的去中心化应用程序和系统提供安全性、可扩展性和可持续性。

Cardano (ADA) had a mixed Q1. Some sectors of the ecosystem grew while others pulled back.

卡尔达诺（ADA）第一季度的表现好坏参半。生态系统的一些部门增长了，而另一些部门则萎缩了。

Cardano’s TVL (USD) set an all-time high of $506 million in Q1 2024, after setting a then-all-time-high of $449 million in Q4 2023. Cardano’s TVL ranking among all networks decreased from 11th to 20th during Q1, although it’s generally trending upwards from 34th at the beginning of 2023.

卡尔达诺的 TVL（美元）在 2023 年第四季度创下 4.49 亿美元的历史新高后，在 2024 年第一季度创下了 5.06 亿美元的历史新高。第一季度，卡尔达诺在所有网络中的 TVL 排名从第 11 位下降到第 20 位。从 2023 年初的第 34 位开始，总体呈上升趋势。

Relative to other networks, Cardano’s stablecoin market cap rank moved down from 32nd to 37th in Q1 2024, although still up from 54th in the start of 2023. Stable assets are ideal for pairing in liquidity pools, borrowing and lending, creating leverage, and providing quick escapes from volatility — all of which are quite common in the crypto market.

相对于其他网络，卡尔达诺的稳定币市值排名从 2024 年第一季度的第 32 位下降至第 37 位，但仍较 2023 年初的第 54 位有所上升。稳定资产非常适合在流动性池中配对、借贷、创造杠杆以及提供服务。快速摆脱波动性——所有这些在加密货币市场中都很常见。

Early in 2023, Cardano’s TVL growth was catalyzed by the introduction of new stablecoins: iUSD and DJED. Similarly, Mehen’s USDM stablecoin may cause a similar effect, having recently launched in Q2 2024. Different users prefer different architectures, and USDM is the first of its kind on Cardano. Unlike iUSD and DJED, Mehen’s USDM is not algorithmic or synthetic; it’s 1:1 fully backed with U.S. dollars. Indigo’s iUSD has had an inconsistent peg, something that can’t happen with 1:1 backing and more accessible redemptions to create arbitrage opportunities.

2023 年初，新稳定币 iUSD 和 DJED 的推出促进了卡尔达诺 TVL 的增长。同样，Mehen 的 USDM 稳定币最近于 2024 年第二季度推出，可能会产生类似的效果。不同的用户喜欢不同的架构，而 USDM 是 Cardano 上的第一个此类稳定币。与 iUSD 和 DJED 不同，Mehen 的 USDM 不是算法或合成的；它是 1:1 的，完全由美元支持。 Indigo 的 iUSD 挂钩不一致，这是 1:1 支持和更容易赎回以创造套利机会的情况下不可能发生的事情。

Wanchain — an L1 PoS EVM blockchain and a decentralized blockchain interoperability solution — has made USDT and USDC available on Cardano through its various bridges. Wanchain’s bridges are secured by Wanchain validators, connecting Cardano to Wanchain, Bitcoin, Ethereum, TRON, and more.

Wanchain（L1 PoS EVM 区块链和去中心化区块链互操作性解决方案）已通过其各种桥梁在卡尔达诺上提供 USDT 和 USDC。 Wanchain 的桥梁由 Wanchain 验证器保护，将 Cardano 连接到 Wanchain、比特币、以太坊、TRON 等。

Smart token standards such as CIP-68 or CPS-0003 could open the door for built-in compliance, allowing USDC to be natively available on Cardano as well.

CIP-68 或 CPS-0003 等智能代币标准可以为内置合规性打开大门，使 USDC 也可以在卡尔达诺上本地使用。

Much of the TVL growth in the past year was driven by newer protocols. Synthetic asset-issuer Indigo is the oldest and largest of these new (launched in the past year or so) protocols. It managed to dethrone Minswap in Q4, ending Minswap’s multi-year reign as the TVL leader. In Q1, Indigo remained the TVL leader.

去年 TVL 的增长大部分是由新协议推动的。合成资产发行者 Indigo 是这些新协议（在过去一年左右推出）中历史最悠久、规模最大的。它在第四季度成功取代了 Minswap，结束了 Minswap 多年来作为 TVL 领导者的统治地位。第一季度，Indigo 仍然是 TVL 的领先者。

TVL and DeFi ecosystem growth has come with growing pains, specifically for DEXs. Cardano’s novel eUTXO mechanism brought new DeFi paradigms with it, such as batching and transaction chaining. Many DEXs are exploring new or improved solutions, such as MuesliSwap working on transaction chaining. Transaction chaining, already implemented on protocols such as Optim, should be an improvement over MuesliSwap’s contested batching process.

TVL 和 DeFi 生态系统的增长伴随着成长的烦恼，特别是对于 DEX 而言。 Cardano 新颖的 eUTXO 机制带来了新的 DeFi 范式，例如批处理和交易链。许多 DEX 正在探索新的或改进的解决方案，例如致力于交易链的 MuesliSwap。交易链已经在 Optim 等协议上实现，应该是对 MuesliSwap 有争议的批处理过程的改进。

Those growing pains have also sparked innovation in the form of new platforms. Genius Yield and Axo are two new protocols that launched in Q1. Genius Yield is a multi-faceted DeFi platform focused on yield optimization. Axo is a noncustodial trading platform focused on customization for traders.

这些成长的烦恼也激发了新平台形式的创新。 Genius Yield 和 Axo 是第一季度推出的两个新协议。 Genius Yield 是一个专注于收益优化的多方位 DeFi 平台。 Axo 是一个专注于为交易者定制的非托管交易平台。