Markets
Altcoin Proof-of-Work Defies Market Depression, Surges 25% This Week Ahead of New Standard Token Launch
A Level 1 proof-of-work altcoin has defied the cryptocurrency market crisis and surged 25% this week ahead of the protocol’s upcoming launch.
Kaspa (KAS), Which invoice itself as “the world’s fastest, open-source, decentralized, and fully scalable layer 1,” it is trading at around $0.18 at the time of writing, up from $0.144 seven days ago.
The 27th largest crypto asset by market cap has also risen more than 6.5% in the past 24 hours.
KAS’s gains materialized as Kasplex, a protocol for the Kaspa ecosystem, is getting closer to its open beta, which will begin 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.
Kasplex Explains White paper,
“The primary principle guiding the protocol design is to avoid imposing negative effects on Kaspa, unlike some protocols that contribute to the “UTXO bloat” problem in Bitcoin. Kasplex provides a direct approach to data ingestion, complemented by an open source indexer and a suite of APIs, allowing seamless interaction with the protocol.
By adopting Kasplex, developers, artists, and influencers can leverage the Kaspa network to efficiently and securely create, manage, and transfer digital assets, fostering innovation and growth within the Kaspa network.”
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