流（流）Q1 2025关键见解

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及其创始人Roham Gharegozlu，Dieter Shirley和Mikhael Naayem于2018年建立的一层1网络。 Flow于2020年5月推出，专为“新一代游戏，应用程序和为它们供电的数字资产。” Flow是最早实施帐户抽象和用户体验增强功能的网络之一，使开发人员更容易在船上消费者。如今，Flow的最高应用程序包括基于世界一流品牌的产品，例如NBA顶级射门和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.

关于流程，开发人员使用“ Cadence”，这是Flow的新型编程语言。 Flow的最新开发发生在3月，当时Flow激活了Mainnet上的滚动协议升级系统。该机制协调行为在预定的块高度上发生变化，因此节点可以验证兼容性并升级而不会中断块产生。通过消除大多数停机时间，滚动升级可以增强网络的弹性，简化未来的发行，并让开发人员更快地发货。新系统建立在较早的高度协调的升级上，并标志着Crescendo版本之外的第一步。 2024年9月，Flow引入了Cadence 1.0，随着渐强升级的升级，通过单独的流动EVM环境使EVM等效度使EVM等效度。现在，开发人员可以使用坚固性在800毫秒的块时间上建立在流动EVM上。此外，开发人员可以利用EVM的现有工具和流动性，而用户则经历了亚中心交易费用。

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通过在2017年通过Cryptokitties开创ERC-721代币标准，并将NFT Collectibles通过NBA Top Shot在2021年通过NBA Top Shots启用ERC-721代币标准。有关流量的完整底漆，请参阅我们的覆盖范围。

Key Metrics

关键指标

Financial Analysis

财务分析

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）用作流量交换的主要媒介的天然流动令牌，并且（ii）用于锻炼以促进各种与桩相关的功能。在2025年第1季度，Flow的价格下跌了45.2％QOQ至0.38美元，这是自2024年第三季度以来的最低点。该回调将循环的市值削减了44.5％，至约6亿美元，而循环供应量则占1.2％，达到15.7亿美元的流量，该流量符合该协议的每周通货膨胀计划。 Flow的循环市场上限排名从第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.

流量用于在流量上解决网络交易费用。流量上任何交易的总交易费用包括可变的“执行费”以及固定的“纳入费”，然后将其乘以“电涌因子”。在Q4 Hackathon-Fueled Spike之后，网络交易费用冷却（在报告中进行了讨论）。美元的总季度费用下降了12.5％，至1,152美元，流量的费用下跌了4.5％至1,614。然而，平均每日费用攀升了49.1％，至21.34美元。 1月初的一系列活动也取消了每天的平均水平，即使交易在2月和3月份进行了缓解。

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”时，Flow的最初令牌供应为12.5亿。但是，由于通货膨胀率分配给流量验证器节点和代表人，因此，由于通货膨胀率分配给了通货膨胀率，因此，令牌供应体验每周一次（每周一次）一次通货膨胀。每年的通货膨胀率相当于流量总额供应的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.

正如我们在覆盖范围的启动时所解释的那样，每周的合并奖励包括所有网络交易费用，其余的金额都被铸造为通货膨胀率奖励。

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的总代币供应量已增加到15.7亿，每周通货膨胀率每周约为147万流量。 6.024亿流量（占代币供应总额的38.3％）被放置，比第4季度的6.705亿次下降了10.1％。

Network Analysis

网络分析

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的第一季度采用表明了该网络围绕主要开发人员事件扩展的能力。平均每日交易达到277,782，比第4季度的251,100次上升10.6％，而平均每日活动地址攀升至66,822，而第四季度为27,438。这使得平均每次地址比率相对不变，为9.1（第4季度为9.2）。这种活动的上升是驱动的