Kaspa
KAS
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Kaspa (KAS) is an open-source, Layer-1 BlockDAG cryptocurrency utilizing GHOSTDAG proof-of-work consensus. Active development is strong (8.0/10), evidenced by continuous node upgrades, the Crescendo and Toccata releases, and expansion into programmability and covenants. Tokenomics (7.5/10) are clean with a fair launch, fixed supply cap of 28.7 billion KAS, ~96% of coins already mined, and zero team premine or vesting overhang, though long-term miner security will depend on transaction fee sustainability. Team and governance (7.0/10) benefit from credible academic leadership (Yonatan Sompolinsky and Michael Sutton) and an informal Bitcoin-style governance model. Market and use case (6.2/10) shows solid top-tier exchange presence and rapid transaction speeds, though constrained by declining relative trading volume and ongoing competition from major L1s. Community support (4.5/10) exhibits high on-chain transaction throughput and hundreds of thousands of wallet addresses, though public organic engagement data was limited. Security and audit history (3.5/10) is constrained by a lack of formal third-party core protocol security audits, past consensus split bugs at launch in November 2021 (resolved via checkpoint), ASIC mining centralization risks, and a ~60% price drawdown. No qualifying red-flag events apply to cap the overall score, yielding a mathematically derived weighted average of 6.3/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Kaspa (KAS)
Kaspa (KAS) is an open-source, proof-of-work Layer-1 cryptocurrency built on a BlockDAG architecture utilizing the GHOSTDAG consensus protocol. Founded by an academic team including Yonatan Sompolinsky and Michael Sutton, the project launched in November 2021 without a pre-mine, initial coin offering (ICO), or private investor token allocations. Kaspa operates a UTXO-based network designed for rapid block intervals and high transaction throughput, featuring a fixed maximum supply cap of 28.7 billion KAS, with over 93% to 96% of coins already mined and circulating.
The core protocol architecture enables parallel block creation without orphaning valid blocks, achieving sub-second block times. Development has progressed through major milestone releases, including node rewrites in Rust (rusty-kaspa) and hard fork upgrades such as Crescendo and Toccata, which introduce programmability features, SilverScript covenants, and zero-knowledge proof (ZKP) verification capabilities. Kaspa's governance follows an informal, community-coordinated model without an on-chain DAO or formalized voting mechanisms.
Several technical and market risks have been identified across the network's history. Shortly after its November 2021 launch, a consensus bug resulted in a network split that required resolution via a checkpoint block, though no direct theft of funds occurred. Additionally, the core protocol has not undergone formal third-party security audits by recognized audit firms, the network faces structural mining centralization risks associated with specialized ASIC hardware, and user-side phishing and wallet drains remain an ongoing operational challenge tracked by the Kaspa Security Center. Market performance has also experienced notable volatility, including an approximate 60% year-over-year price drawdown.