Kaspa (KAS)
Fastest PoW blockchain using GHOSTDAG DAG protocol; Bitcoin-aligned narrative with real hashrate growth but no smart contracts
Ranked 87th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
KAS scores 114 of 250 across the 25-variable framework, which places it 87th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
KAS is a top-10 name in the set on 3 variables. The score rests on Regulatory Safety 8/10, 6th of 251, BTC Alpha Potential 6/10, 6th of 251, Holder Concentration 5/10, 10th of 251 and Social Mindshare 7/10, 11th of 251.
Against the same universe, KAS sits in the bottom third on Real Staking Yield 1/10, 226th of 251, Buyback and Burn 1/10, 205th of 251, TVL Trend 2/10, 189th of 251 and P/S Multiple 3/10, 182nd of 251. These are the variables that would have to move for the verdict to change.
96.2% of eventual supply is already circulating, so vesting is not a live risk for KAS. Price has to be justified by demand rather than absorbed against a cliff.
KAS trades 87.7% below its all-time high of $0.2074. Recovering that level is a 8.1x move, not a 87.7% one, which is the arithmetic most drawdown charts hide.
The framework score gained 9 points against the previous pass (105 to 114). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 2 | 166th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 6 | 21st of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 7 | 11th of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 6 | 6th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
KRC-20 token standard driving on-chain activity; Kaspa smart contracts (kSMT) roadmap could expand network significantly
Principal risk
No smart contracts or DeFi, pure PoW L1 with no fee revenue model; speculation-driven price with mining inflation
Market and supply
| Price | $0.0254 |
| Market cap | $701.6Mrank 82 |
| All-time high | $0.207431 Jul 2024 |
| Circulating supply | 27,618,062,639 |
| Eventual supply (max supply) | 28,704,026,601 |
| Dilution to full supply | 1.04x |
| Listed on | Bybit, KuCoin, Gate.io |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to KAS measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Kaspa Research] Kaspa uses GHOSTDAG protocol allowing 1 block/second with 99%+ chain utilizationlink dead, claim unverified
- [CoinGecko] KAS market cap crossed $800M; top 55 by market cap as of May 2026
- [Kaspa Community] KRC-20 token standard launched on Kaspa enabling fungible token issuance
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Kaspa (KAS)?
- KAS scores 114 out of 250 on the 25-variable framework, ranking 87th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are KAS's strongest fundamentals?
- KAS ranks highest on Regulatory Safety 8/10, 6th of 251, BTC Alpha Potential 6/10, 6th of 251, Holder Concentration 5/10, 10th of 251 and Social Mindshare 7/10, 11th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the KAS thesis?
- KAS scores in the bottom third of the universe on Real Staking Yield 1/10, 226th of 251, Buyback and Burn 1/10, 205th of 251, TVL Trend 2/10, 189th of 251 and P/S Multiple 3/10, 182nd of 251. The single risk carried on the scorecard is: No smart contracts or DeFi, pure PoW L1 with no fee revenue model; speculation-driven price with mining inflation
- How much KAS supply is still to enter circulation?
- 96.2% of eventual KAS supply is circulating today, leaving 1.04x the current float still to arrive. At a flat price per token that is 3.8% of fully diluted value ahead of current holders.
- How far is KAS from its all-time high?
- KAS trades 87.7% below its all-time high of $0.2074. Returning to that high requires a 8.1x move from the level used in this scoring pass.
- Which tokens have a similar profile to KAS?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to KAS are JASMY (67), PENGU (104), YGG (95) and GTC (106). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for KAS?
- KRC-20 token standard driving on-chain activity; Kaspa smart contracts (kSMT) roadmap could expand network significantly
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.