Kaspa sentiment cracks as utility debate erupts

Hey, welcome to Kaspa Daily Pulse – here’s what the Kaspa community’s been buzzing about today.

First up, the BIG mood check… and yeah, the chat was heavy on pain. A lot of people were joking that Kaspa’s main use case is poverty, with constant talk about buying dips, getting poorer, and wondering why the market keeps sliding. There were calls for lower expectations too, with one person saying maybe four cents is the top, while others still threw out longer-term targets like 40 to 50 cents before 2028, one dollar in 2028, and even three dollars in 2029. So the overall vibe? Short-term frustration, but not total surrender. People sound exhausted, but plenty are STILL stacking.

Second, the most meaningful product conversation today was around actual Kaspa use cases. One of the stronger points in chat was that Michael apparently built a DEX proof of concept as part of designing Argent, and that got people genuinely interested. There was also mention of a KAS-pegged asset idea tied to Argent, which gave some users hope that Kaspa is finally getting something concrete to point at beyond just “best tech.” On top of that, there was a solid back-and-forth about covenants, with one side arguing Kaspa needs real solutions, not workarounds, and another saying covenants are still a strong L1-native choice even if they come with tradeoffs. That was probably the most substantive technical discussion of the day.

Third, there was a pretty direct argument over whether Kaspa is actually losing momentum. One investor said the project feels like it’s slowly dying, blamed the loss of roughly 50 percent of miners, and tied some of that frustration to Shai being gone after KEF cut his grant. That definitely hit a nerve. But others pushed back hard, saying those kinds of metrics have happened before across crypto, including with Bitcoin, and that painful phases like this are not unique. So there’s clearly anxiety around project health… but also a lot of resistance to the doom narrative.

And last, there was some real wallet friction in the mix. One user said Tangem “randomly lost” their auth code, which was enough for them to move back toward Ledger and treat Tangem as, at best, a hot-wallet option. There was also chatter that kwallet might be dead. Not the biggest headline, but definitely the kind of thing that shapes day-to-day confidence.

That’s it for today’s pulse. Let’s see what tomorrow brings. Catch you then.