OVER 95% OF KASPA $KAS HAS ALREADY BEEN MINED

Data from @kaspaunchained's explorer dashboard reveals that 95.42% of all $KAS tokens that will ever exist are already in circulation — a striking milestone for a proof-of-work blockchain that launched less than five years ago.

The Kaspa network has also logged nearly 2 billion cumulative transactions, with the count currently sitting at approximately 1.986 billion. Wallet addresses on the network have pushed past the half-million mark, reaching 538,675.

A Supply Curve That Outpaces Bitcoin

Kaspa's accelerated emission schedule is by design. According to the project's official tokenomics page, the maximum supply is approximately 28.7 billion $KAS, and the emission model follows a smooth, monthly reduction factor of (1/2)^(1/12) — effectively halving annual output without the abrupt reward cuts seen in Bitcoin's four-year cycle. Official Kaspa documentation had projected that roughly 95% of all $KAS would be mined by around July 2026, meaning the network appears to be running slightly ahead of that estimate.

Kaspa was fair-launched in November 2021 with no pre-mine, no ICO, and no insider allocations. Every token in circulation was mined through proof-of-work, mirroring Bitcoin's original distribution ethos but on an accelerated timeline. The rationale, as outlined by the project's developers, was to ensure the majority of coins entered circulation before ASIC miners could dominate the network.

Growing Network Activity

The approaching 2-billion-transaction milestone is notable in context. In February 2026, Kaspa crossed 600 million total transactions. Since then, the Crescendo hardfork — which boosted block production to 10 blocks per second — has continued to drive throughput higher. The network reached a mainnet peak of 3,585 transactions per second in September 2025, establishing itself as one of the fastest PoW chains in operation.

With more than 538,000 wallet addresses now active on the network, Kaspa's user base continues to expand, though it remains modest compared to larger Layer 1 chains. Upcoming upgrades, including the DAGKnight consensus protocol and the vProgs framework for verifiable smart contracts, are expected to broaden the network's functionality and potentially attract further adoption.

For investors and miners tracking $KAS, the key takeaway is straightforward: the vast majority of new supply has already been issued. With block rewards continuing to shrink each month, scarcity dynamics are set to intensify heading into 2027 and beyond.

Sources:

Kaspa Official — Tokenomics, Emission, and Mining

Kaspa Wiki — Tokenomics

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