WATCH

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.

Score
114/250
87th of 251
Percentile
65.7%
of the rated universe
Circulating
96.2%
3.8% of value still to vest
Off all-time high
-87.7%
8.1x to recover
KaspaNative L1+9 since last pass
01

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.

02

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

Cash flow variables for KAS, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
2166th of 251
Revenue Trend
3117th of 251
P/S Multiple
3182nd of 251
Real Staking Yield
1226th of 251

Supply

Supply variables for KAS, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
561st of 251
Vesting Schedule
659th of 251
Circulating / FDV Ratio
746th of 251
Buyback and Burn
1205th of 251

Ownership

Ownership variables for KAS, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
493rd of 251
Insider Selling
621st of 251
Holder Concentration
510th of 251

Traction

Traction variables for KAS, scored 1 to 10 and ranked against 251 tokens
TVL Trend
2189th of 251
Active Users
538th of 251
Developer Activity
583rd of 251
Network Growth
552nd of 251

Position

Position variables for KAS, scored 1 to 10 and ranked against 251 tokens
Market Share
552nd of 251
Competitive Moat
629th of 251
Institutional Adoption
3115th of 251
Exchange Depth
573rd of 251
Social Mindshare
711th of 251

Risk

Risk variables for KAS, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
86th of 251
Catalyst Calendar
550th of 251
BTC Alpha Potential
66th of 251
Team Execution
574th of 251
Treasury Runway
4181st 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.

03

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

04

Market and supply

Price$0.0254
Market cap$701.6Mrank 82
All-time high$0.207431 Jul 2024
Circulating supply27,618,062,639
Eventual supply (max supply)28,704,026,601
Dilution to full supply1.04x
Listed onBybit, 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.

05

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.

06

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.

07

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.