Kaspa (KAS) Takes Off With 23% Burst – What’s Fueling The Thrust?
Kaspa continues to captivate the blockchain sphere with its interesting nature as a Directed Acyclic Graph (DAG)-based proof-of-work (PoW) platform. Emerging onto the scene precisely when the blockchain realm was searching for an Ethereum (ETH) alternative, Kaspa’s protocol arrived as a timely solution. This came after Ethereum’s transition from proof-of-work to a proof-of-stake (PoS) framework the previous year.
A DAG-based PoW is a variation of the traditional proof-of-work consensus mechanism used in blockchain systems. In a typical blockchain PoW system, miners compete to solve complex mathematical puzzles in order to add new blocks to the blockchain. This process requires significant computational power and energy consumption.
The native coin of the Kaspa ecosystem, KAS, has recently generated significant attention. Its performance has been notably impressive, even in a challenging bear market.
Currently priced at $0.04792611, according to CoinGecko data, KAS has exhibited a 17.3% surge in the last 24 hours. Over the past seven days, KAS has demonstrated an impressive climb of 23.3%.
Source: Coingecko
Driving Forces Behind KAS Coin’s Remarkable Growth
Kaspa’s recent surge in prominence can be attributed to a strategic move that has set the stage for its remarkable growth trajectory. The blockchain platform has successfully concluded a crowdfund endeavor with a clear objective: securing a prestigious Tier-1 Exchange listing for its native token, KAS.
The Tier-1 Exchange Crowdfund for #Kaspa has been successfully completed, thanks to your immense support! More details coming soon.
The $KAS browser wallet crowdfund is still live.
Let’s keep the momentum going!Let’s continue to shape the future of finance.… pic.twitter.com/8Oda5yivFA
— Kaspa (@KaspaCurrency) August 2, 2023
The crowdfund, which reached its conclusion on Aug. 2, aimed to amass a substantial sum of $30,000, drawing contributions in USDT and KAS tokens.
Insights into this crowdfund achievement, provided through an update via reliable sources, promise to be unveiled shortly. The anticipation surrounding these forthcoming details suggests a direct correlation between this significant milestone and the recent surge in KAS’s valuation.
An astute Twitter user even pointed out an intriguing phenomenon: many traders appear to be divesting their Bitcoin holdings to acquire KAS tokens.
Folks are literally selling $BTC to buy $KAS. Mission achieved.
— Dr Martin Hiesboeck (@MHiesboeck) August 2, 2023
Diverse Investor Engagement Fuels Kaspa’s Rise
A July Medium blog post by Kaspa shines a light on the purposeful allocation of funds raised through this ambitious campaign. The primary objective of the amassed funds is to fulfill the listing fee requirements established by a centralized exchange (CEX) set to list the KAS token. The CEX will judiciously utilize this substantial capital to orchestrate an extensive and impactful advertising campaign.
KASUSDT trading at $0.046 on the daily chart: TradingView.com
While the loyal native community has undeniably been a cornerstone of Kaspa’s growth, the entry of investors from diverse protocols, including Ethereum, has significantly fortified the project’s standing on a broader spectrum. As noted in a recent report, this influx of interest has magnified Kaspa’s allure, establishing it as an attractive proposition for a wider audience.
In a distinct departure from its competitors, Kaspa has distinguished itself through its remarkable capacity to process an impressive 100 blocks per second. This exceptional throughput rate introduces a level of efficiency that renders it exceptionally suited for enterprise adoption. This technical prowess demonstrates Kaspa’s commitment to scalability and opens doors to a myriad of real-world applications.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pexels
Source: NewsBTC.com
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