Kaspa (KAS) is a native Layer-1 proof-of-work cryptocurrency built on its own BlockDAG rather than a token issued on another blockchain.
It combines the kHeavyHash mining algorithm with the GHOSTDAG protocol, a generalization of Bitcoin's single chain into a Directed Acyclic Graph that lets many blocks be created and confirmed in parallel. This design aims to preserve proof-of-work security while enabling higher block throughput than linear blockchains. Kaspa functions as a base-layer settlement network, similar in purpose to Bitcoin, with programmability being added through upcoming upgrades.
Kaspa differentiates itself from single-chain proof-of-work networks like Bitcoin by using a GHOSTDAG BlockDAG that confirms parallel blocks instead of discarding them, enabling far higher throughput without abandoning proof-of-work security.
Following the May 5, 2025 Crescendo hard fork, block production increased tenfold to 10 blocks per second, making Kaspa one of the fastest proof-of-work blockchains in production. KAS is the native asset used to transact on and secure this throughput, so the differentiation accrues directly to the token. Recorded KAS spot trading volume reached $8.93 million, up 77.15% over 30 days.
KAS functions as a utility token — Kaspa's native gas and settlement asset — rather than a governance token.
The planned Toccata upgrade is intended to extend KAS's utility to native asset issuance and programmable covenants at the base layer.
Kaspa has a fixed maximum supply of approximately 28.7 billion KAS, with no further issuance planned once that cap is reached.
Kaspa launched via a fair launch on November 7, 2021, with no ICO, private sale, pre-mine, or allocation to founders or investors.
All KAS in circulation has been mined through proof-of-work since block zero, mirroring Bitcoin's distribution model. An initial "pre-deflationary" phase (November 2021–May 2022) used a fixed reward of 500 KAS per block at one block per second, before transitioning to the ongoing, gradually decaying Chromatic Phase. The underlying GHOSTDAG research and engineering predate mainnet, having been developed at the research firm DAGLabs.
Kaspa runs on its own native Layer-1 blockchain, not as a token issued on a host chain such as Ethereum.
It uses proof-of-work consensus secured by the kHeavyHash mining algorithm combined with the GHOSTDAG protocol, which generalizes Bitcoin's linear chain into a Directed Acyclic Graph (BlockDAG). This allows many blocks to be created and confirmed in parallel rather than sequentially, while preserving proof-of-work's security assumptions. Since the Crescendo hard fork (May 5, 2025), the network produces a block roughly every 100 milliseconds — 10 blocks per second.
Kaspa's GHOSTDAG protocol was designed by researcher Yonatan Sompolinsky with Professor Aviv Zohar; Guy Corem is also credited as a co-founder.
Early engineering occurred at DAGLabs, a research and development company Sompolinsky co-founded, before the project's public, non-corporate release. Ongoing core development of the Rust-based "rusty-kaspa" client is led by contributors including Michael Sutton (credited with the Crescendo and Toccata designs), Shai Wyborski, Elichai Turkel, and Ori Newman. As of 2026-08-31, 8 active GitHub developers were recorded, up from 7 a month earlier.
Kaspa has no single issuing company or foundation that owns the protocol or controls its token supply.
The project deliberately avoided forming a foundation with pre-allocated tokens or taking venture funding, instead releasing Kaspa to the public domain as a decentralized, community-run network in 2021. Several independent nonprofits have since formed to support the ecosystem without controlling it: the Kaspa Ecosystem Foundation (KEF), the Kaspa Alliance for Transparency (K.A.T. Foundation), and the Kaspa Industrial Initiative (Stichting Kii), a Dutch nonprofit funding development and industrial-standards work.
Kaspa has no on-chain token-voting system and no single controlling authority.
Technical changes are proposed as Kaspa Improvement Proposals (KIPs), discussed and refined publicly, primarily on Discord and GitHub, with community-wide votes and crowdfunding used to prioritize and fund development. Independent nonprofits — the Kaspa Ecosystem Foundation, the Kaspa Alliance for Transparency, and Stichting Kii — provide funding and advocacy support but operate separately rather than as a single governing body, consistent with Kaspa's decentralized origins.
Kaspa's Toccata hard fork is scheduled for mainnet activation on June 30, 2026.
This follows the Crescendo hard fork (May 5, 2025), which raised block production tenfold to 10 blocks/sec. On August 25, 2026, KuCoin's KuMining platform launched "KAS Cloud Mining," expanding retail mining access.
Kaspa's base layer has historically supported no smart contracts, so no CertiK/Immunefi-style audit applies to the core protocol. Its security instead rests on peer-reviewed GHOSTDAG/PHANTOM consensus research and ongoing open-source review of the "rusty-kaspa" client.
The Kasplex zkEVM rollup, which enables KRC-20 tokens on top of Kaspa, was audited by the firm Bits Lab, which identified five bugs that were subsequently resolved. The Kaspa Alliance for Transparency, Zealous Swap, and Kasplex have announced a collaboration to strengthen the Kaspa-to-Kasplex bridge. Top-10 wallets hold an estimated 16.6% of supply, including several identified exchange wallets.