Cardano (ADA) טוקנומיקה

Cardano (ADA) is a third-generation blockchain platform that utilizes a multi-layered protocol and a unique Proof-of-Stake (PoS) consensus mechanism known as Ouroboros. Its token economics are designed to ensure long-term sustainability, security, and decentralized governance.

Issuance Mechanism

The ADA token has a fixed maximum supply of 45,000,000,000 ADA. The issuance of these tokens is divided into two primary phases:

• Genesis Distribution: Approximately 31,112,484,646 ADA were minted at the network's inception. This included tokens sold during the Initial Coin Offering (ICO) and those allocated to the founding entities.
• Inflationary Rewards (Reserve): The remaining 13,887,515,354 ADA were initially held in a "reserve." These tokens are issued over time as staking rewards to incentivize network security and block production.

The issuance follows an inflationary decay model. In each five-day epoch, 0.30% of the current ADA reserve is moved into a "pot." This pot also collects all network transaction fees. From this combined pool, a portion is distributed to stakers (stake pool operators and delegators), while a fixed 20% is directed to the Cardano Treasury to fund ecosystem development.

Allocation Mechanism

The initial allocation of ADA was established through a multi-stage ICO and distributions to the project's founding organizations.

Initial Distribution Breakdown

Founding Entity Allocations

The tokens allocated to the founding entities were distributed as follows:

• Input Output Global (IOG): ~2.46 billion ADA (5.47% of max supply).
• EMURGO: ~2.07 billion ADA (4.61% of max supply).
• Cardano Foundation: ~648.20 million ADA (1.44% of max supply).

Usage and Incentive Mechanism

ADA serves several critical functions within the Cardano ecosystem, acting as both a utility and a governance token.

• Network Fees: Every transaction on the network requires a fee paid in ADA. These fees are calculated using a formula: fee = a * size(tx) + b, where a and b are constants that can only be changed via a network hard fork.
• Staking and Security: ADA holders can participate in the Ouroboros consensus by running a stake pool or delegating their ADA to an existing pool. This secures the network and earns the holder rewards.
• Governance: Through the Voltaire era and mechanisms like CIP-1694, ADA holders can participate in on-chain governance. This includes voting on technical upgrades and the disbursement of treasury funds via Project Catalyst.
• Native Asset Support: While Cardano supports custom tokens (NFTs and fungible tokens), ADA is required to pay for the "min-UTXO" value needed to send these assets and to cover all transaction gas fees.

Locking Mechanism

Cardano's approach to locking is distinct from many other PoS networks:

• Liquid Staking: There is no locking period for staking ADA. Users retain full custody of their tokens and can move or spend them at any time, even while they are delegated to a stake pool.
• Allegra Era Upgrades: The Allegra hard fork introduced "token locking" as a technical prerequisite for smart contracts and governance. This allows the ledger to record that a specific token is being "reserved" for a purpose, such as representing a vote in the Voltaire mechanism, without the tokens leaving the user's wallet.
• Governance Deposits: To participate in certain governance roles, such as becoming a Delegate Representative (DRep), a refundable deposit (e.g., 500 ADA) is required.

Unlocking Time

Because Cardano utilizes liquid staking, there is no "unbonding" or "unlocking" time for general staking activities. However, there are specific timelines for when rewards and changes become active:

• Staking Activation: When a user delegates ADA, the stake becomes active after two epochs (approximately 10 days).
• Reward Distribution: Rewards for a specific epoch's activity are typically distributed at the end of the third epoch following the activity.
• Founding Entity Vesting: While the ICO tokens were available at launch, the founding entities had a structured release. For instance, IOG (formerly IOHK) had one-third of its allocation available immediately in October 2017, with the remaining two-thirds becoming available in June 2018 and June 2019.