tezos（XTZ）

Tezos（XTZ）是一项流动性证明（LPOS）区块链网络，以其对安全性，提升性和民主社区治理的重点闻名。

Key Insights

关键见解

* As a protocol focused on security and upgradeability, Tezos (XTZ) has maintained a consistent level of network activity throughout 2024 despite a broader reduction in activity across blockchain networks. In Q1 2025, overall network activity on Tezos L1 decreased 27.3% quarter-over-quarter (Q4 2024). Average monthly transactions and contract calls fell to 2.4 million.

*作为一项重点关注安全性和升级性的协议，TEZOS（XTZ）在整个2024年的网络活动中保持了一致的水平，尽管整个区块链网络的活动较大。在2025年第1季度，TEZOS L1的总体网络活动降低了27.3％的四分之一季度（第4季度2024年）。平均每月交易和合同电话降至240万。

* This decline is largely driven by a shift in usage toward Layer 2 solutions like Etherlink, which provide faster and cheaper transactions. In Q1 2025, network activity on Etherlink averaged over 1.4 million monthly transactions, an increase of 189.2% and 72.2% of Tezos L1's transaction counts.

*这种下降在很大程度上是由于将用法转移向第2层解决方案（例如Etherlink）的驱动，这些解决方案提供了更快，更便宜的交易。在2025年第1季度，Etherlink上的网络活动平均超过140万个每月交易，增长了Tezos L1交易数量的189.2％和72.2％。

* This rapid adoption of Etherlink, launched in October 2024, showcases its growing role in the Tezos ecosystem. The platform is fully integrated with the Tezos protocol and provides cross-compatibility with the Ethereum virtual machine (EVM) through Etherlink.

* 2024年10月推出的Etherlink的这种快速采用展示了其在Tezos生态系统中的越来越多的作用。该平台与TEZOS协议完全集成在一起，并通过EtherLink与以太坊虚拟机（EVM）提供了交叉兼容。

* This integration, a key focus for the community in 2024, is powered by a shared data availability layer (DAL) that is part of the Tezos protocol. The Paris protocol upgrade introduced the DAL, designed to boost Smart Rollup scalability and provide a common foundation for L2s on Tezos.

*这种集成是2024年社区的关键重点，它是由TEZOS协议一部分的共享数据可用性层（DAL）提供动力的。巴黎协议升级引入了DAL，旨在提高智能汇总可扩展性，并为Tezos上的L2S提供共同的基础。

* The Mumbai protocol upgrade introduced Smart Rollups, a scaling solution that can achieve throughput levels of over 1 million transactions per second (TPS) and is easily adaptable to different use cases. Smart Rollups are off-chain environments that process transactions quickly and bundle them for posting on-chain.

*孟买协议升级引入了智能汇总，这是一种扩展解决方案，可以达到每秒超​​过100万笔交易的吞吐量水平（TPS），并且很容易适应不同的用例。智能汇总是离链环境，可以快速处理交易，并将其捆绑以发布链上。

* Together, Smart Rollups and the DAL allow for scalable throughput, efficient data processing, and a customizable architecture, setting the stage for next-generation dapps with high performance and adaptability.

*一起，智能汇总和DAL允许可扩展的吞吐量，有效的数据处理以及可自定义的体系结构，为具有高性能和适应性的下一代DAPP设定了阶段。

* In Q1, developer teams Nomadic Labs, Trilitech, and Functori proposed the Quebec upgrade, aiming to reduce the block time to 8 seconds, enhance staking, and adjust Adaptive Issuance to curb inflation. By the end of Q4, this proposal had advanced to the final “Promotion” voting stage.

*在第1季度，开发人员团队游牧实验室，Trilitech和Foundori提出了魁北克升级，旨在将块时间降低到8秒，提高放电并调整适应性发行以遏制通货膨胀。到第四季度结束时，该提议已晋升为最终的“晋升”投票阶段。

* Current research and development (R&D) efforts are focused on realizing “Tezos X,” a proposed roadmap for boosting the blockchain's performance, composability, and interoperability to deliver a “cloud-like” developer experience.

*当前的研发（R＆D）努力旨在实现“ Tezos X”，这是一个提高区块链的性能，合成性和互操作性，以提供“云”式开发人员体验的路线图。

* Leveraging Smart Rollup technology and the data-availability layer, it enables developers to build complex, scalable applications using mainstream programming languages, with improved connectivity across the ecosystem.

*利用智能汇总技术和数据可用性层，它使开发人员能够使用主流编程语言构建复杂，可扩展的应用程序，并在整个生态系统上有改善的连接性。

Key Metrics

关键指标

Financial Overview

财务概述

Revenue

收入

In Q1 2025, L1 transaction fees slipped to 8,500 XTZ, marking a 23.3% quarter-over-quarter (Q4 2024) decrease in XTZ terms (31.1% in USD terms due to a decrease in XTZ price).

在第1季度2025年，L1交易费用降至8,500 XTZ，标志着XTZ期限的四分之一四分之一季度（第4季度2024）降低（由于XTZ价格降低，以31.1％的价格计算了31.1％）。

Etherlink, Tezos' first EVM-compatible, non-custodial smart rollup, saw a significant 54.1% quarter-over-quarter growth, reaching 10,302 XTZ, surpassing L1 for the first time.

Tezos的第一个EVM兼容，非固定的智能汇总的EtherLink的四分之一季度增长了54.1％，达到10,302 XTZ，首次超过L1。

As a cost-efficient L2 solution, Etherlink Mainnet's rapid growth outpacing L1 aligns with expectations for its scalability and cost advantages.

作为一种具有成本效益的L2解决方案，Etherlink Mainnet的快速增长超过了L1的速度与其可伸缩性和成本优势的期望相一致。

Supply and Market Capitalization

供应和市值

XTZ, the native token of Tezos, is used as a medium of exchange and for staking, delegating, and facilitating governance. As of the end of Q1, the circulating supply was 1.0 billion XTZ.

XTZ是Tezos的本地代币，用作交换的媒介，并用作分支，委派和促进治理。截至第一季度结束时，循环供应量为10亿XTZ。

The Paris upgrade that launched in 2024 introduced the Adaptive Issuance mechanism, which is designed to incentivize a secure network while keeping inflation at a minimum. The target for staking is 50% of total XTZ supply, and the mechanism dynamically adjusts staking rewards to achieve this with the least possible XTZ issuance. The aim is to minimize the dilution of XTZ, improve liquidity, reduce inefficiencies, and make XTZ better suited for real-world use cases.

20024年推出的巴黎升级引入了自适应发行机制，该机制旨在激励安全网络，同时保持通货膨胀率最低。放电的目标是XTZ总供应总额的50％，该机制动态调整了积分奖励，以最小可能的XTZ发行来实现这一目标。目的是最大程度地减少XTZ稀释，提高流动性，降低效率低下，并使XTZ更适合现实世界中的用例。

In Q1, the annualized real yield for validators was 1.6%, with a quarter-over-quarter increase of 1.3%.

在第一季度，验证者的年度实际收益率为1.6％，四分之一季度增长了1.3％。

Tezos' market capitalization closed Q1 2025 at over $680 million, down 48.4% quarter-over-quarter, driven primarily by a 49.2% decline in the price of XTZ. The drop in XTZ mirrored broader weakness in the crypto market during Q1. For reference, Ethereum's market cap was down 45.6% quarter-over-quarter. Despite the price decline, demand for XTZ remained evident, as evidenced by the fees paid during the quarter.

Tezos的市值收于2025年第1季度，至6.8亿美元超过6.8亿美元，下降了48.4％的四分之一季度，主要是由于XTZ的价格下降了49.2％。 XTZ的下降反映了第1季度加密货币市场中更广泛的弱点。作为参考，以太坊的市值下降了45.6％。尽管价格下降，但对XTZ的需求仍然很明显，这是本季度支付的费用所证明的。

Network Overview

网络概述

Usage

用法

In Q1

在Q1中