io.net（IO）Q1 2025市场分析

IO.NET（IO）是一个分散的图形处理单元（GPU）和中央处理单元（CPU）网络，旨在提供可扩展有效的计算资源访问。

Key insights into Primer's analysis of io.net in Q1 2025 highlight both persistent trends and shifts in the network's performance. While the broader crypto market contracted, and iotechnology's token price fell sharply, the physical infrastructure network saw strong revenue growth and is integrating with other DeFi protocols.

Q1 2025中Primer对IO.NET的分析的关键见解突出了网络性能的持久趋势和转变。尽管更广泛的加密货币市场签约，而Iotechnology的代币价格急剧下跌，但物理基础设施网络的收入增长很大，并且正在与其他Fefi协议集成。

Despite Bitcoin's 11.4% decline in market capitalization to $584 billion, crypto market capitalization still reached a record high of $3.1 trillion in Q1. However, Ethereum's market capitalization fell more sharply—by 45.2%—to $246 billion.

尽管比特币的市值下降了11.4％，至5840亿美元，但加密市值仍达到了第一季度的创纪录3.1万亿美元。但是，以太坊的市值下降了45.2％，至2.46亿美元。

As the year progressed, BTC's dominance fell from 48.1% to 40.4%, while ETH's dominance rose from 18.1% to 21%.

随着年的发展，BTC的统治地位从48.1％下降到40.4％，而ETH的统治地位从18.1％上升到21％。

In the context of iotechnology, revenue is the amount of money compute buyers pay to GPU and CPU providers.

在物种技术的背景下，收入是计算买家向GPU和CPU提供商支付的资金数量。

Compute buyers can rent compute for as long as they desire, but they must rent for at least one hour. Currently, iotechnology allows buyers to pay with IO, USDC, or a credit card via a third party. In the future, there will be a 2% facilitation fee when paying in USDC; however, this fee is currently being waived, and the total cost to reserve compute goes to the suppliers.

计算买家可以在需要的时间内租用计算，但必须至少租用一个小时。目前，Iotechnology允许买家通过第三方向IO，USDC或信用卡付款。将来，在USDC付款时将收取2％的便利费；但是，目前正在免除这笔费用，预订计算的总费用将汇给供应商。

Q1 saw three months of all-time highs in monthly revenue, which also led to an all-time high in quarterly revenue with $5.7 billion, up 82.6% from Q4 2024.

第一季度的每月收入达到了三个月的历史最高点，这也导致季度收入有57亿美元，比第4季度2024年增长了82.6％。

The IO token was launched on June 11, 2024, via Binance’s Launchpool with an initial circulating supply of 95 million and a total token supply of 500 million. The token has a 20-year emissions schedule that reduces monthly, resulting in a maximum supply of 800 million.

IO令牌于2024年6月11日通过Binance的发射池推出，最初的循环供应量为9500万，总供应量为5亿。代币的排放时间表可以减少每月的时间，最大供应8亿。

Following a strong Q4 2024, where the market cap of IO rose 100.5% to $376 million, Q1 2025 saw a reversal.

在强大的第二季度2024年，IO的市值上升了100.5％，至3.76亿美元，第二季度2025年逆转。

Specifically, the market cap of IO dropped 71.4% to $108 million, driven by a 74.9% decrease in token price despite a 14.5% increase in circulating supply.

具体而言，IO的市值下跌了71.4％至1.08亿美元，尽管循环供应量增长了14.5％，但造成令牌价格下降了74.9％。

This dropped IO from the 188th to the 298th largest crypto asset by circulating market cap during the quarter.

在本季度，IO从第188位降至第298位加密货币资产。

Iotechnology requires devices with at least 12 GB of RAM, 500 GB of free disk space, and a high-speed internet connection (over 500 MB/s download, 250 Mbps upload, and less than 30 ms ping).

Iotechnology需要具有至少12 GB RAM，500 GB的免费磁盘空间和高速互联网连接的设备（超过500 MB/s下载，250 Mbps上传，ping少于30 ms）。

To ensure that suppliers' CPU/GPU resources are genuine and perform as expected, iotechnology implements an hourly Proof-of-Work (PoW) verification process.

为了确保供应商的CPU/GPU资源是真实的并按照预期的效果，Iotechnology实现了每小时的工作证明（POW）验证过程。

This process, which runs for about 15 minutes, uses a cryptographic puzzle to verify the authenticity and performance of devices, deter fraud, and ensure fair resource allocation.

此过程运行约15分钟，使用加密难题来验证设备的真实性和性能，阻止欺诈并确保公平资源分配。

The PoW system comprises three components: a Binary Checker API that seeks a valid solution, a Challenges API that generates the puzzles, and a Results Submission API for verifying the solutions.

POW系统包括三个组件：寻求有效解决方案的二进制检查程序API，一种生成难题的挑战API以及用于验证解决方案的结果提交API。

Devices are visibly marked as verified, pending, or failed on the user interface, and any errors are logged for troubleshooting.

设备在用户界面上明显标记为已验证，待处理或失败，并且将记录任何错误以进行故障排除。

Average daily verified compute continued to decline in Q1. Verified GPUs fell 11.1% to an average of 6,720 per day, while verified CPUs dropped 4.5% to an average of 1,130 daily.

第1季度的平均每日验证计算继续下降。经过验证的GPU下跌了11.1％，平均每天6,720，而经过验证的CPU下降了4.5％，平均每天1,130。

This extends a broader downtrend from peak activity in mid-2024, reflecting ongoing supply-side contraction and reduced token incentives amid a 74.9% drop in the price of the IO token.

这扩大了2024年中期的峰值活动的更大趋势，反映了正在进行的供应方收缩，并减少了令牌激励措施，而IO令牌的价格下降了74.9％。

After strong early traction, the average daily numbers of GPU and CPU workers and integrators declined in Q1.

在强烈的早期牵引力之后，第1季度的GPU和CPU工人和集成商的平均每日数量下降。

Specifically, worker numbers fell by 11.8% to 2,220 and integrator numbers fell by 4.5% to 1,130, reflecting continued supply-side contraction.

具体而言，工人人数下降了11.8％至2,220，整合商的数字下降了4.5％，至1,130，反映了持续的供应方收缩。

Iotechnology began producing blocks and emitting the IO token as rewards for GPU and CPU suppliers on June 25, 2024.

Iotechnology于2024年6月25日开始生产块并发出IO代币作为GPU和CPU供应商的奖励。

Since then, iotechnology has emitted 40 million, 9.3 million of which were emitted in Q1, which equals $16.9 million at the average Q1 price of 1.82.

从那时起，物种技术已经排放了4000万，其中930万在第1季度发出，其平均第1季度的价格为1.82。

At the start of Q1, iotechnology's token price was around 2.5, but it fell throughout the quarter, closing at 1.7.

在第一季度开始时，Iotechnology的代币价格约为2.5，但在整个季度下降，关闭为1.7。

This contrasts with BTC, which depreciated by 11.4% over the same period, while ETH depreciated by

这与BTC形成鲜明对比，BTC在同一时期贬值11.4％，而ETH则贬值