| Unlock | 10/10 |
| Tokenomics | 7/10 |
| Insider | 7/10 |
| Onchain | 5/10 |
| Dev Activity | 3/10 |
| Revenue | 5/10 |
| Institutional | 5/10 |
| Etf | 4/10 |
| Market Structure | 5/10 |
| Security | 7/10 |
Kaspa's GhostDAG-based blockDAG architecture continues to differentiate the network, with the 2025 Crescendo upgrade having lifted throughput from 1 block per second to roughly 10 blocks per second, while an ongoing Rust node rewrite has meaningfully improved performance and sync times. Smart-contract functionality is advancing through Kasplex's KRC-20 token standard and the Igra EVM-compatible layer, both still in active development rather than full production maturity. Circulating supply sits around 24-26B of a roughly 28.7B maximum. Mining has become increasingly ASIC-dominated as dedicated Kaspa miners have come online, shifting the network away from its earlier GPU-friendly profile. Risks include execution risk on the still-maturing smart contract layer, increasing mining centralization among ASIC makers, and competition from other high-throughput L1s pursuing similar DAG/parallelized architectures.