اقتصاد توکنی Cardano (ADA)

Cardano’s ADA token economics are designed to balance decentralization, incentivize network participation, and ensure long-term sustainability. Below is a comprehensive breakdown of its issuance, allocation, usage, incentive, and locking mechanisms, as well as unlocking schedules.

1. Issuance Mechanism

• Initial Coin Offering (ICO):
  Cardano conducted a multi-stage ICO from September 2015 to February 2017, selling ~25.93 billion ADA (~57.6% of the max supply). ADA became available in purchasers’ wallets at network launch in September 2017.
• Staking Rewards:
  At launch, ~13.9 billion ADA (~31% of max supply) was set aside as a reserve for staking rewards. New ADA is issued as staking rewards, distributed to stakers and the treasury, until the max supply of 45 billion ADA is reached.
• No Ongoing Inflation:
  ADA has a capped supply of 45 billion tokens. Once all tokens are distributed, no new ADA will be minted.

2. Allocation Mechanism

Genesis and Ongoing Allocation

Genesis Block Breakdown

Note: Tranches represent different sale rounds and allocations to early backers.

3. Usage and Incentive Mechanism

• Network Fees:
  ADA is used to pay transaction fees, calculated as a function of transaction size and a minimum constant fee.
• Staking and Delegation:
  ADA holders can run stake pools or delegate to existing pools. Rewards are distributed at the end of each five-day epoch, sourced from transaction fees and a portion of the reserve.
• Governance:
  ADA is used for on-chain governance (e.g., Project Catalyst), where holders vote on proposals and receive rewards for participation.
• Smart Contract Collateral:
  ADA is used as collateral for smart contract execution, especially for phase-2 (Plutus) scripts. Collateral is only collected if a transaction fails validation.
• DeFi and DApps:
  ADA is used as collateral, liquidity, and for payments within Cardano’s DeFi ecosystem.

4. Locking Mechanism

• Token Locking:
  Introduced with the Allegra upgrade, token locking allows ADA to be reserved for specific purposes, such as:
  • Voting: ADA is locked to represent voting rights in governance.
  • Smart Contracts: ADA can be locked as part of contract execution or to mint new assets.
  • Deal Settlement: Used in escrow or conditional agreements.
• Staking:
  ADA delegated for staking is not technically locked—holders retain full spending power and can move their ADA at any time, but rewards are based on the amount staked at the epoch snapshot.

5. Unlocking Time

• ICO and Team Allocations:
  ADA distributed via the ICO and to founding entities was unlocked at network launch (September 2017).
• Staking Rewards:
  Distributed continuously at the end of each epoch, with the reserve gradually depleting as rewards are paid out.
• No Vesting for Delegators:
  ADA staked or delegated is not subject to a lock-up period; it can be withdrawn or re-delegated at any time.
• Smart Contract/Collateral Locking:
  ADA locked as collateral or for smart contracts is released according to contract conditions (e.g., after contract execution or voting period ends).

6. Circulating and Total Supply

7. Additional Notes

• No Superuser Privileges:
  There is no evidence of superuser functions (e.g., pausing, freezing, or forcibly transferring ADA) in Cardano’s protocol.
• Decentralization:
  Cardano’s staking mechanism and the “k parameter” incentivize decentralization by capping rewards for oversaturated pools, encouraging delegation to smaller pools.

Summary Table: Cardano Token Economics

References for Further Reading

• Cardano Docs: Token Locking
• Cardano Docs: Delegation
• Cardano Docs: Collateral Mechanism
• Cardano.org: Stake Pool Delegation
• Cardano Foundation Blog

This structure ensures a robust, decentralized, and incentive-aligned ecosystem for Cardano, supporting both network security and broad participation.