What is this?

This chart tracks Kaspa's circulating supply over time — the total amount of KAS that has been mined and exists on the network. Kaspa launched in November 2021 with a unique "chromatic" emission schedule inspired by musical note frequencies. Unlike Bitcoin's abrupt 4-year halving events, Kaspa's block reward decreases smoothly, halving approximately once per year following a geometric decay curve. The initial block reward was 440 KAS per block, and it diminishes continuously so that total supply asymptotically approaches a hard cap of 28.7 billion KAS.

Because Kaspa operates at 1 block per second (1 BPS), the network produces roughly 86,400 blocks per day — far more than Bitcoin's ~144. This high block rate means issuance is distributed more frequently in smaller increments, creating a smoother inflation curve. The deflationary trajectory is baked into the protocol: each month, the per-block reward drops slightly, gradually reducing the rate at which new KAS enters circulation.

Understanding circulating supply is essential for evaluating Kaspa's stock-to-flow ratio, inflation rate, and long-term scarcity properties. As Kaspa approaches its max supply over the coming decades, the emission rate will become negligible, making KAS increasingly scarce — a characteristic that underpins its store-of-value narrative alongside its high-throughput transaction capabilities.

How to use this data

Investors and analysts use circulating supply data to calculate market capitalization (circulating supply × current price), assess inflation pressure, and compare Kaspa's monetary policy to other proof-of-work chains. A decelerating supply growth curve confirms that the emission schedule is functioning as designed and that no unexpected inflation events have occurred.

You can also use this chart to identify how far along Kaspa is in its total emission lifecycle. Since approximately half of all KAS is emitted in the first year and the remainder follows an exponential decay, the majority of supply inflation pressure occurs early in the network's life. Comparing the current circulating supply against the 28.7B cap gives you a clear picture of remaining issuance and future dilution risk.

For miners, tracking supply growth helps forecast future revenue: as block rewards decrease, transaction fees must eventually compensate. Monitoring the slope of this chart reveals how quickly that transition is approaching.

How it's computed

Circulating supply is calculated by scanning the full UTXO (Unspent Transaction Output) set of the Kaspa network and summing the value of every unspent output. This represents all KAS that currently exists and is spendable by its holders. The measurement is sampled at regular intervals and stored historically to produce the time-series chart displayed above.

This approach is more accurate than simply multiplying block rewards by block count, because it accounts for the actual state of the ledger — including any edge cases in the DAG structure where parallel blocks may have been pruned or merged via GhostDAG consensus. The UTXO-based method provides ground-truth supply data directly from the blockchain state.

Note that "circulating supply" includes all mined coins regardless of whether they are actively traded or held in dormant addresses. Lost or inaccessible coins are still counted, as there is no reliable on-chain method to distinguish them from long-term holdings.