Messari 报告重点介绍了 2024 年第二季度 Cosmos 生态系统的状况

区块链研究公司 Messari 最近发布了一份关于 2024 年第二季度 Cosmos 生态系统状况的深入报告，强调了非常有趣的数据。

Messari, a well-known provider of crypto intelligence tools, recently published a report in which it analyzes the progress of the Cosmos blockchain in Q2 2024.

知名加密智能工具提供商Messari最近发布了一份报告，分析了Cosmos区块链在2024年第二季度的进展。

First of all, the researcher focuses on the financial data of the cryptographic ecosystem, reporting results below expectations.

首先，研究人员重点关注密码生态系统的财务数据，报告结果低于预期。

First of all the price of ATOM, gas and governance token of the Cosmos blockchain, decreased by 45.3% QoQ dropping from 12.63 to 6.73 dollars. Consequently, the market cap also saw a strong decline, falling from 4.8 to 2.6 billion dollars.

首先，Cosmos 区块链的 Gas 和治理代币 ATOM 的价格环比下跌 45.3%，从 12.63 美元降至 6.73 美元。因此，市值也出现了大幅下滑，从 4.8 亿美元跌至 26 亿美元。

The decline, however, came after the currency had grown by 46.6% in the previous two quarters, rising from 7.2 to 12.30 dollars.

然而，货币贬值是在前两个季度增长 46.6%，从 7.2 美元升至 12.30 美元之后发生的。

Furthermore, as reported by Messari, even the network revenues reflect a decreasing trend, with revenues recording a 47.9% QoQ drop, from 634,000 to 330,000 dollars.

此外，据 Messari 报道，即使是网络收入也呈现下降趋势，收入环比下降 47.9%，从 634,000 美元降至 330,000 美元。

At the same time, the revenues of Cosmos denominated in ATOM have decreased less aggressively with a lower share of 34.6% QoQ, going from 59,200 to 38,700 ATOM.

与此同时，以 ATOM 计价的 Cosmos 收入下降幅度较小，环比下降 34.6%，从 59,200 ATOM 降至 38,700 ATOM。

On the other hand, the annualized real yield increased marginally from 4.1% to 4.4% in the second quarter. The annualized inflation remained almost stable while the percentage of ATOM supply locked in stake decreased by just 2.7% QoQ going from 65.3% to 63.6%.

另一方面，第二季度年化实际收益率从4.1%小幅上升至4.4%。年化通胀率基本保持稳定，而锁定权益的 ATOM 供应量比例环比仅下降 2.7%，从 65.3% 降至 63.6%。

Messari specifies the reasons that have led to such a marked divergence between the revenues of the Cosmos blockchain denominated in USD and those in ATOM currency.

Messari 详细说明了导致以美元计价的 Cosmos 区块链收入与以 ATOM 货币计价的收入之间存在如此明显差异的原因。

The project integrates a network fee adjustment mechanism, in which the fees are regulated in ATOM to maintain a stable cost in USD.

该项目集成了网络费用调整机制，其中费用以ATOM进行调节，以保持美元成本的稳定。

As a result, the reduction in the price of the cryptocurrency has caused an amplification of the reduction in revenues in USD rather than those denominated in ATOM.

因此，加密货币价格的下跌导致了以美元计价的收入减少，而不是以 ATOM 计价的收入减少。

The general decline in revenue is not, however, to be attributed to wrong choices by the Cosmos Hub but to a common market condition. Other chains, in fact, have also experienced downward trends in metrics QoQ.

然而，收入的普遍下降并不是由于 Cosmos Hub 的错误选择，而是由于普遍的市场状况。事实上，其他连锁店的指标环比也出现了下降趋势。

The inflation rate of the Cosmos blockchain and the ATOM 2.0 proposal

Cosmos区块链的通货膨胀率和ATOM 2.0提案

Messari delves into its report also the role of inflation of ATOM within the financial logics of the Cosmos blockchain.

Messari 还深入研究了 ATOM 通胀在 Cosmos 区块链金融逻辑中的作用。

The index of the decrease in purchasing power in ATOM  remained almost stable in Q2 2024 increasing marginally by only 1.1%.

ATOM 购买力下降指数在 2024 年第二季度几乎保持稳定，仅小幅增长 1.1%。

We are talking about an increase in circulation that goes from 11.7% in the previous quarter to the current rate of 11.8%.

我们谈论的是流通量的增长，从上一季度的 11.7% 增加到当前的 11.8%。

The dilutive effects of this inflation have been minimized by the growth of the real yield, which increased by 8.9% QoQ, from 4.1% to 4.4%.

实际收益率的增长已将通胀的稀释效应降至最低，实际收益率环比增长 8.9%，从 4.1% 升至 4.4%。

As a result the net-positive divergence has positively impacted the value collected by ATOM holders, who still have to face the depreciation of prices.

因此，净正背离对 ATOM 持有者所获得的价值产生了积极影响，而他们仍然必须面对价格贬值。

Compared to the beginning of the year, the real yield has seen a constant increase that reflects the implementation of governance proposals and the continuous adjustments of the blockchain.

与年初相比，实际收益率不断上升，反映出治理建议的落实和区块链的不断调整。

Messari observes how the stability of the inflation rate at 10% suggests Cosmos’ adherence to a particular monetary policy.

Messari 观察到通货膨胀率稳定在 10% 如何表明 Cosmos 坚持特定的货币政策。

With the Proposal 848, passed to governance in Q4 2023, the blockchain ecosystem reduces the issuance of new coins from 20% to 10%.

随着 848 号提案于 2023 年第四季度通过治理，区块链生态系统将新币的发行量从 20% 减少到 10%。

The balancing of this quota does not depend on the price action of ATOM or the more or less flourishing activity of the stakers. The proposal has been particularly controversial, generating the highest turnout in the history of Cosmos Hub governance.

该配额的平衡并不取决于 ATOM 的价格行为或质押者的活跃程度。该提案特别有争议，产生了 Cosmos Hub 治理历史上最高的投票率。

In recent months, Cosmos has also set up 3 deflationary mechanisms to address the devaluation of the token. We are talking about a tax system that burns ATOM, slashing to validators, and on-chain governance burning activities.

近几个月来，Cosmos 还设立了 3 种通缩机制来解决代币贬值问题。我们谈论的是燃烧 ATOM、削减验证者以及链上治理燃烧活动的税收系统。

The ultimate goal of Cosmos, as Messari reminds us, is to systematically reduce ATOM emissions until inflation is completely offset.

正如 Messari 提醒我们的那样，Cosmos 的最终目标是系统地减少 ATOM 排放，直到完全抵消通货膨胀。

With the vision of the ATOM 2.0 project, which was originally discussed in the second quarter of 2022, the blockchain aims to improve the efficiency of the currency.

最初在 2022 年第二季度讨论的 ATOM 2.0 项目的愿景是，区块链旨在提高货币的效率。

The Cosmos Hub community is still discussing these proposals, with ongoing efforts to bring some of them to an on-chain governance vote soon.

Cosmos Hub 社区仍在讨论这些提案，并正在努力尽快将其中一些提案进行链上治理投票。

At stake are 8 different proposals that address critical areas such as governance structures, liquid staking, and treasury management,

涉及治理结构、流动性质押和财务管理等关键领域的 8 项不同提案至关重要，

Messari analyzes IBC transfer volumes: strong divergence between incoming and outgoing transactions

Messari 分析 IBC 转账量：传入和传出交易之间存在巨大差异

The latest focus of Messari is on the divergence of IBC transfer volumes of the Comsos blockchain in the last quarter.

Messari 最新关注的焦点是上季度 Comsos 区块链 IBC 传输量的差异。

 The following table represents the quarterly data of IBC transfers, diversified by incoming and outgoing operations and by senders and receivers.

下表显示了 IBC 转账的季度数据，按传入和传出操作以及发送方和接收方进行分类。

Despite a strong

尽管有很强的