KAS

Kaspa · Proof-of-work money (GHOSTDAG blockDAG, 10 blocks/s)

52 /100

T5Impaired · #53 of 77

Money routeCould move down ↓low likelihoodReviewed Oct 23, 2026

Capped at T5: fading security. KAS hashrate averages 354 PH/s in Oct 2026, 74% under the Jan 2025 average of 1,379 PH/s (76% under the 1,592 PH/s max) and 46% below Oct 2025: a sustained decline as the subsidy halves.

DemandSoundnessDurability

18 of 4527 of 407 of 15

Key facts

SupplyFloat 100% of issued supply

Circulating 27.77B, 97%
Not yet issued 931.4M, 3%
Max 28.70B

FDV / market cap

1.0x

$1.0B / $1.0B

Market cap

$1.0B

Price $0.036, 7d +2.4%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Kaspa's engine is the money route: ~75-110K organic transactions a day since Jul 2026 and acceptance as Kraken margin collateral, while fees of about $40 a day leave miners almost entirely on subsidy. Supply is hardcoded at a 28.7B cap with 96.7% issued and ~1.7% to come over the next year on a curve that halves yearly. The launch had no premine or allocation, and all 27.77B issued KAS is liquid. The network can be bought for roughly $14-20M of ASICs, the top two pools hold ~52% and one client runs it, so a single entity above half the hashrate could rewrite it.

How value reaches holders

None by design: fees and the block subsidy go to miners; no burn, no staking. Hard cap 28.704B with 27.77B (96.7%) issued; emission halves every 12 months (2.06 KAS/block at 10 blocks/s today, next step Nov 4, 2026), ~1.7% of supply over the next 12 months and effectively complete by ~2028. No foundation key or dev-fund carve-out exists. Fees are negligible (~$40/day), so miner revenue (~$25M/yr) is ~99.9% subsidy and halves each year

Score anatomy

Demand

18 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input

All fees and the block subsidy go to miners by design

Nothing reaches holders by designHow this is scored

Revenue reality engine input

Fees run at about $40/day (roughly $16K over the trailing year, sampled)

Under $0.5M/yr, or emissions-subsidized onlyHow this is scored

Monetary usage engine input

~75-110K organic transactions/day since Jul 2026 and accepted as Kraken margin collateral (panel 2); on-chain DeFi use is ~$1M.

Measurable niche monetary use: payment rails, savings products, or collateral at third-party venues below the next levelmedium confidenceHow this is scored

Adoption ×3

Kaspa carries ~75-110K organic tx/day and Kraken accepts it as margin collateral; on-chain DeFi ~$1M

Niche: real but small use, far behind its category leadersmedium confidenceHow this is scored

Two routes, the stronger counts

Revenue 0, minus 5 for routing 0 = cash flow 0. Money use 2. The engine is the stronger route: 2.

Soundness

27 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3

Hardcoded 28.7B cap, 96.7% issued: ~468M KAS (1.7%) over the next 12 months on a curve that halves yearly; no foundation output, changes need a hard fork.

Under 1%/yr net without a hard cap, a hard cap with halvings issuing 1-3%/yr, or zero issuance where binding on-chain token governance could vote to mint morehigh confidenceHow this is scored

Float and unlocks ×1

No premine or allocation: all 27.77B issued KAS is liquid; remaining supply is mining issuance.

Fully vested, no scheduled unlockshigh confidenceHow this is scored

Distribution ×2

No premine or allocation, launch plan published ~47 days ahead with open CPU software, dev funds from donations (~0.4%); an undocumented ~328M KAS (~1.1%) restart checkpoint is the one gap

Under 2% to insiders, open software at launchhigh confidenceHow this is scored

Decentralization and security ×2

Rental infeasible (~9% NiceHash-able), but the ~359 PH/s network can be bought for roughly $14-20M of ASICs; top two pools ~52%, one client; no halt since the Nov 2021 restart

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowmedium confidenceHow this is scored

Durability

7 / 15

Is it big, proven and reachable by institutions?

Scale ×1

$1.0B market cap (band 4), $13.8M/day median volume (band 3), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1

Five years in Nov 2026; the Nov 2021 split was resolved by a coordinated restart from a new hardwired genesis, inside the 5-year window until late Nov 2026

3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearshigh confidenceHow this is scored

Institutional access ×1

One European ETP (Valour, ~$0.9M); no US filing, trust, regulated futures or major qualified custodian

OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored

What would move it up

To reach T4 Speculative, every gate is met.

Supply 4gate 1(met)

Tier outlook · next trigger Nov 22, 2026

Could move down ↓low likelihood

Security falls to 0 if one pool or entity passes 50% of hashrate (top two ~52% today)
Track record can rise once the Nov 2021 restart leaves the 5-year window in late Nov 2026
Usage rises to 3 only if KAS posted at third-party venues passes $1B or measurable monetary use reaches 10% of supply
Security budget: fee revenue as the subsidy halves each year with no tail emission
Access: a Binance or Coinbase spot listing, regulated futures or a US product

Research report

Oct 22, 2026 · source confidence 80%

Kaspa is a proof-of-work network that confirms ten blocks per second on a block graph rather than a single chain. As money it starts from an unusually clean design: there was no premine or allocation, the protocol pays every new coin to miners with no foundation or treasury share, and issuance follows a fixed schedule that halves every year. About 96.7% of the 28.7 billion maximum supply already exists, and the next twelve months add about 1.7%. That schedule held through two hard forks, but it has run only since 2022, and the network itself restarted from a checkpoint shortly after its 2021 launch. The weaker side is security and depth. Hashrate fell about 77% from its January 2025 peak as rewards halved, two mining pools now receive just over half of block rewards, one client implementation runs the network, and transaction fees are a negligible share of miner income, so security depends on a subsidy that keeps shrinking. Spot trading is about $15 million a day, much of it on smaller venues, with no spot market on Binance or Coinbase and one small European exchange-traded product. On the store-of-value board it clears the minimums on supply and distribution and scores 26 of 50.

Structure (18 facts)

Chain: Kaspa L1: proof-of-work blockDAG (GHOSTDAG), 10 blocks/s since the Crescendo hard fork (2025-05-05); Toccata hard fork (2026-06-30) added covenants and ZK-verification opcodes. One production client (rusty-kaspa v2.1.0); the Go kaspad is deprecated
What it is: proof-of-work money; no smart-contract layer at L1 beyond covenants; EVM L2s Igra (mainnet 2026-03-19) and Kasplex zkEVM
Genesis: 2021-11-07, no premine (empty genesis UTXO commitment); launch plan published ~47 days ahead, algorithm chosen by community poll a day before launch; CPU-only for ~1 month until the first open-source GPU miner (2021-12-06). A bug split the network on 2021-11-21 and it restarted from a new hardwired genesis on 2021-11-22 with balances preserved from a checkpoint (~3 days down)
Max supply: 28,704,026,601
Circulating supply (approx): 27,769,000,000
Market cap (approx): $1,075,000,000
Emission: hardcoded 426-entry monthly table in rusty-kaspa coinbase.rs: flat 500 KAS/s from launch to ~May 2022 (~8.09B KAS, ~28% of max), then 440 KAS/s falling by (1/2)^(1/12) every 30.44 days, an exact halving each year; 2.0602 KAS/block at 10 blocks/s (20.6 KAS/s, ~1.78M KAS/day) in Oct 2026, next step 2026-11-04. ~468M KAS (1.69% of issued supply) over the next 12 months; 99% issued ~Jul 2028; emission ends ~Oct 2057. Crescendo preserved reward per second (table divided by BPS, net +51 KAS); Toccata left emission unchanged
Mint authority: none: the coinbase pays miners only, with no foundation, treasury or dev-fund output; changing issuance needs a hard fork adopted by node operators. No tail emission planned
Provenance gap: the 2021-11 restart checkpoint holds 984,222,544 KAS where 500 KAS per DAA unit implies ~656M at DAA 1,312,860; the ~328M (~1.1% of max) difference is undocumented. An early period of random 1-1000 KAS block rewards is reported by one source
Distribution: no allocation to DAGLabs or its backers (DAGLabs, ~$8M raised incl. Polychain, renounced IP and dissolved); dev funds are donation multisigs (2-of-4 elected treasurers): DAGKnight 70.2M, Rust 46.2M, Dev 1.19M, Mining Dev 0.22M KAS; Kaspa Ecosystem Foundation (2024) seeded by IceRiver and OKX Ventures. Rich list 2026-10-22: top 10 = 25.8% (exchanges plus "Entity X", 1.53B / 5.5%, an unidentified open-market accumulator), top 100 = 40.1%; excluding labelled exchanges ~9.1% / ~18.8%
Security: kHeavyHash, ASIC-only (Bitmain KS-series, IceRiver). Hashrate ~355 PH/s on 2026-10-22, down ~77% from 1.57 EH/s (2025-01-31). Coinbase sample 2026-10-21/22: HumPool 29.5%, F2Pool 22.9%, ViaBTC 10.6%, K1Pool 6.5% (top 2 = 52.5%). NiceHash rentable ~35 PH/s (~10%), so a rental majority is infeasible; buying ~9,000 KS7 (~$14-20M plus ~28 MW) is the cheaper path. No halts, splits, reorgs or rollbacks found in the last 24 months
Security budget: miner revenue ~$68.7k/day (~$25M/yr, ~2.3% of market cap), ~99.9% subsidy; fees ~$40/day (~$15-16K over the trailing year, sampled estimate); subsidy halves every 12 months
Value accrual: none to holders: fees and subsidy go to miners; no burn, no staking
Liquidity: ~$14.8M/day spot (CoinGecko, 52 tickers), about half on low-tier venues; mid/upper-tier ~$7.2M/day, regulated fiat pairs (Kraken, Bitvavo, Bit2Me) ~$1.3M/day; perps ~$25M/day (~63% of volume, KuCoin, Binance, MEXC, Bybit). No Binance spot, no Coinbase spot, not on OKX; Coinbase International delisted the KAS perp on 2026-09-03
Institutional access: no US spot ETF filing (EDGAR), no Grayscale trust, no CFTC-regulated futures; one European ETP (Valour Kaspa SEK, ~$0.94M, 31.3M KAS, 2026-06-30); no Coinbase Custody or Anchorage support found
Usage: ~75-110K organic transactions/day since Jul 2026 (the Mar-Jun 2026 millions/day were 1-sompi spam ended by Toccata's 100x minimum fee); L2 DeFi TVL ~$1.0M (Igra $731k, Kasplex $313k); Kraken margin collateral
Roadmap: DAGKnight (target "end of Q3 2026") not released or activated; vProgs at prototype; KCC-1/2/20 covenant token standards final 2026-10-21; no next hard fork scheduled
Store of value panel: 2026-10-22, five blind reviewers, unanimous: supply credibility 3, security 2, distribution 4, track record 2, liquidity 2, usage 2, access 2 = 26/50, ranked #6 behind ZEC

Market figures at report date (Oct 22, 2026)

Price (approx): $0.0385
All-time high / low: 0.2074 (2024-07-31), now -81%; 1y low 0.0253 (2026-08-13); ATL 0.000171 (2022-05-26); -25% over 1y

Sources (15)

Compare with

How the ranking works and how KAS compares: see the full ranking. This entry as JSON:

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