Tokenomics
Supply and Distribution
Kaspa launched in November 2021 with a fair launch — no pre-mine, no pre-sale, no venture capital allocation. Every KAS in circulation was mined through proof-of-work.
| Metric | Value |
|---|---|
| Max supply | 28.7 billion KAS |
| Circulating supply | ~27.3 billion (early 2026) |
| Initial block reward | 440 KAS |
| Market cap | ~$1 billion (early 2026) |
| Market rank | ~#67 (early 2026) |
Chromatic Halvings
Kaspa uses a unique emission schedule called chromatic halvings. Instead of the abrupt halving events seen in Bitcoin (where the reward drops by 50% overnight), Kaspa smooths this out:
- The block reward is reduced by a factor of (1/2)^(1/12) each month
- This means the reward effectively halves once per year
- The reduction happens in smooth monthly steps rather than sudden jumps
The name “chromatic” is a nod to the chromatic scale in music — twelve equal steps that together make up one octave (a doubling/halving of frequency).
Hard Money Properties
Kaspa’s monetary policy is designed to function as hard money:
- Fixed supply — the 28.7 billion cap is enforced by the protocol and cannot be changed
- Deflationary emission — rewards decrease predictably every month
- No inflation mechanism — there is no staking reward, no treasury, and no way to mint new KAS outside of mining
- PoW + ASIC secured — the network is protected by dedicated mining hardware, making attacks expensive