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Proof-of-Work Altcoin Defies Market Doldrums and Surges by 25% This Week Ahead of New Token Standard Launch

June 28, 2024

A proof-of-work, layer-1 altcoin has defied the crypto market doldrums and surged by 25% this week ahead of an upcoming protocol launch.

Kaspa (KAS), which bills itself as “the fastest, open-source, decentralized and fully scalable layer-1 in the world,” is trading around $0.18 at time of writing, up from $0.144 seven days ago.

The 27th-ranked crypto asset by market cap is also up more than 6.5% in the past 24 hours.

KAS’ gains have materialized as Kasplex, a protocol for the Kaspa ecosystem, gets closer to its open beta, which kicks off on June 30th.

The Kasplex Protocol plans to introduce the new KRC-20 token standard and support the creation and management of non-fungible tokens (NFTs) on the Kaspa network.

Explains Kasplex’s whitepaper,

“The primary principle guiding the protocol’s design is to avoid imposing negative effects on Kaspa, unlike certain protocols that contribute to the ‘UTXO bloat’ issue in Bitcoin. Kasplex provides a straightforward approach to data insertion, supplemented by an open-source indexer and a suite of APIs, enabling seamless interaction with the protocol.

By adopting Kasplex, developers, artists, and influencers can leverage the Kaspa network to create, manage, and transfer digital assets efficiently and securely, promoting innovation and growth within the Kaspa network.”

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