Kaspa

KAS is a fair-launched proof-of-work coin on a fast blockDAG that pays network fees and is mined, with no premine.

Kaspa is a public proof-of-work network. Its mainnet launched on 7 November 2021 with no premine, presale or team allocation: every coin has been mined. Instead of a single chain of blocks, Kaspa keeps blocks created at the same time and orders them with GHOSTDAG, a protocol from research by Yonatan Sompolinsky, Shai Wyborski and Aviv Zohar. KAS is the network's coin: it pays transaction fees and is the reward for miners.

Supply is capped at about 28.7 billion KAS, and about 27.7 billion (96.6%) was already mined on 27 September 2026. The miner reward falls by about 5.6% every month, so it halves each year. It stood at about 21.8 KAS per second, and the last coins will be mined in the 2050s. There is no staking and no treasury share: holding KAS pays nothing.

Kaspa upgrades through hard forks proposed in public on GitHub. Crescendo (May 2025) raised the block rate from 1 to 10 blocks per second. Toccata (30 June 2026) added covenants, which let scripts carry rules and state, and zero-knowledge proof checks on the base layer. The Igra network, launched in March 2026, runs Ethereum-style smart contracts on top of Kaspa.

No company controls Kaspa. Researchers and volunteer developers maintain the Rust node, partly paid from community grants. Since 2023–2024 mining has been done mostly with dedicated ASIC machines, organised in large pools. KAS trades spot on exchanges such as Bybit, Gate, KuCoin and Kraken, and perpetual futures on Binance and Bybit trade more than spot.