Kaspa

Kaspa is a proof-of-work Layer 1 blockchain, launched in November 2021, that aims to function as a high-speed global sequencing layer for both traditional finance and decentralised crypto markets. It claims to address a longstanding trade-off in blockchain design: the difficulty of achieving fast transaction confirmation times without sacrificing security or decentralisation. It is aimed at anyone who wants a network with Bitcoin-style security guarantees but with block speeds the project describes as faster than any other proof-of-work or proof-of-stake network.

Rather than organising blocks in a single chain, Kaspa uses a Directed Acyclic Graph structure called a BlockDAG, governed by a consensus protocol named GHOSTDAG, which allows many blocks to be produced and referenced in parallel without discarding them as orphans. Miners compete to add blocks to this DAG using proof-of-work, and the GHOSTDAG rules determine an ordering across that parallel structure so the network can agree on a canonical history. The native token, KAS, is used to pay transaction fees and to reward miners who secure the network.

The data provided does not include a specific fee-revenue figure or a protocol-retained earnings figure, so fee-based valuation measures cannot be calculated from what this site stores. KAS is issued to miners as block rewards, and as of the point-in-time snapshot, 96.375189 percent of the maximum supply of 28,704,026,601 tokens has already been issued, leaving a dilution overhang of 0.002079 percent of circulating supply still to enter the market. The fully diluted value is virtually identical to the market capitalisation, with an FDV-to-market-cap ratio of 1.000021 at this point in time, reflecting how little supply remains unlocked.