Joined January 2026
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Who actually owns Kaspa?
I analyzed the top 1,000 wallets.
Here's what the on chain data shows and
what it means for decentralization. π§΅
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"Decentralized" is the most abused word in crypto.
ETH: 1,000,000 validators - 3 entities control 65% of stake
SOL: 1,800 validators - top 20 control the majority
ADA: 3,000 pools - heavily concentrated
DOT: 297 active validators - elected by nominators
KAS: Open. Global. Permissionless.
Validator count = decentralization.
Economic concentration is still concentration
regardless of how many nodes are running.
Kaspa has no validator set to capture.
kaspa:native
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$300 trillion in credit. $50 trillion in money markets. Bitcoin at $1.3 trillion. Saylor isn't predicting Bitcoin will absorb all of it. He's saying even capturing 3% creates a $10 trillion network. Digital lending went from zero to $11 billion in 12 months. The infrastructure for the next $10 trillion is being built right now.
Jun 16
Bitcoin has already won as Digital Capital.
The next wave is Digital Credit, Digital Money, Digital Yield, and Bitcoin-backed capital markets β products that can bring trillions of dollars of traditional credit and money market capital onto Bitcoin.
My interview with @Cointelegraph at @BTCPrague.
00:57 β Bitcoin in a drawdown: five major pullbacks in six years, stronger fundamentals, and rising dominance
02:23 β Digital Credit: from zero to an $11B asset class in 12 months
03:35 β Digital Money: bitcoin-backed yieldcoins and the path from 40 vol to 0 vol
04:31 β The opportunity for 8% yield in dollars, euros, yen, pounds, and francs
06:02 β $300T of credit, $30β50T of money markets, and the $10T opportunity for Bitcoin
07:19 β Why Bitcoin is winning economically, technically, and ethically
08:26 β Quantum computing, FUD, and why bear markets amplify Bitcoin debates
10:37 β AI capital rotation, Bitcoinβs current drawdown, and the path to recovery
11:36 β Six years of Strategy: why I would have moved faster into Digital Credit
12:22 β The ideal Bitcoin Treasury Company: common equity plus STRC-style Digital Credit
14:35 β The 32 BTC sale, the $100M bitcoin buyback, and why capital must back credit
17:02 β Defending the equity, credit, and bitcoin-backed capital structure
19:03 β The tradeoff: buy 200,000 BTC and sell 10,000 BTC β or buy and sell zero
20:15 β βNever sell,β Twitter trolls, and Strategyβs fiduciary obligations
22:06 β Bitcoin per share, long-term accretion, and accumulating through bull and bear markets
22:34 β $21B of equity raised in 16 weeks and ~$10B of bitcoin acquired this year
24:18 β The Strategic Bitcoin Reserve, US leadership, and supportive regulation
27:18 β Digital Credit, bank credit, and Digital Money bringing trillions onto Bitcoin
28:01 β Why Bitcoin can grow organically without central bank support
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The most honest number in crypto:
ETH: 16% to founders & foundation
SOL: 61% to insiders & foundation combined
ADA: 17% to founders & foundation
AVAX: 26% to team, foundation & private investors
DOT: 58% to investors via ICO rounds
MATIC: 42% to team, advisors & foundation
KAS: 0%
No pre mine. No founder allocation. No foundation wallet.
Every KAS ever mined was earned openly from block one.
The numbers don't lie.
kaspa:native
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Toccata miner readiness just crossed 50%.
51.3% of Kaspa's hashrate now runs v2.0.0. One week ago it was 32.3%. The upgrade that moved the needle: ViaBTC (18.4%, 71.7 PH/s) switched from v1.0.0 to v2.0.0.
Upgraded pools: ViaBTC 18.4%, F2Pool 17.0%, Kryptex 6.8%, K1Pool 5.7%, 2Miners 1.4%.
Not upgraded: HumPool 26.1% (v1.1.0), Kaspa pool 4.3%, Whalepool 3.8%, edgIn6 2.5%.
Version breakdown across 170 miners:
v2.0.0 - 51.3% (200.5 PH/s, 100 miners)
v1.1.0 - 48.3% (188.8 PH/s, 41 miners)
HumPool is the last major pool on pre Toccata software. 26.1% of hashrate. One upgrade away from network-wide readiness.
Toccata activates at DAA score 474,165,565. Current: 461,276,449. 14 days.
Data: kaspa.stream
#Kaspa #Toccata #NFA
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51% of hashrate already on v2 .
The network voted for Toccata with proof of work before the activation date. Consensus before consensus.
Half of the network power is Toccata ready (v2 ).
Seen on hxxps://kaspa.stream
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DoS attack detected, rate limiting deployed, suspicious sources blocked, CrowdSec bouncers installed at edge all documented publicly. Most projects would quietly restart servers and hope nobody noticed.
Transparent incident response on public infrastructure is how you build trust in a decentralized ecosystem. The attack happened. The fix is already live. The post mortem is on your timeline. That's the standard.
Technical:
- Traefik now rate limits at edge limit in flight requests
- CrowdSeq has been introduced, it listen to access logs, scan for suspicious activity
- Traefik x CrowdSeq bouncers installed to cut CrowdSeq-banned peer at edge
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Saylor just mapped a 10 dimensional matrix for channeling $1,000 trillion in global capital into Bitcoin. Not a price prediction. A business architecture. 10,000 products. 100,000 entrepreneurial efforts. 1,400 companies Strategy is already tracking. This isn't a keynote. It's a blueprint for making Bitcoin the base layer of global finance.
Jun 15
Bitcoin Capitalism β my keynote from @BTCPrague 2026.
Digital Capital is the foundation for Digital Credit, Digital Money, Digital Yield, Digital Equity, and a universe of Bitcoin-backed products and services.
Timestamps:
01:37 - The Four Bitcoin Ideologies and the case for Bitcoin Capitalism
03:29 - Bitcoin as Digital Capital: thousand-year capital with a half-life of infinity
06:12 - Bitcoin network snapshot and ~68% dominance
07:41 - What is money? The Austrian view, the conventional investor view, and βBitcoin is money, everything else is creditβ
09:21 - Digital Money and Digital Credit: bitcoin-backed products for fiat-facing investors
11:28 - Digital Credit: an ~$11β12B asset class that was zero 12 months ago
14:54 - Bitcoinβs opportunity: $1T of bitcoin vs. $1,000T of global capital
15:43 - The 10-dimensional model for reaching stranded capital
16:44 - 1) Asset types: commodities, equities, credit, derivatives, real estate, money, and tokens
18:07 - 2) Capital functions: store of value, appreciation, income, collateral, and payments
19:29 - 3) Custody: self-custody, banks, custodians, broker-dealers, prime brokers, and exchanges
20:34 - 4) Jurisdictions: 664,000 legal and regulatory environments for capital
22:03 - 5) Distribution networks: banks, exchanges, payment networks, and $156T controlled by wealth advisors
23:13 - 6) Account forms: retirement accounts, brokerage accounts, insurance policies, treasuries, and trusts
24:51 - 7) Risk: market, currency, duration, regulatory, credit, technical, security, theft, and counterparty risk
26:03 - 8) Liquidity: transforming $350T of illiquid capital with liquid digital assets
28:02 - 9) Investors: banks control ~$200T and need compliant bitcoin-backed products
30:09 - 10) Product characteristics: fixed rate, floating rate, leverage, callability, fees, and structure
30:45 - The 10x10 matrix for channeling global capital into Bitcoin
31:19 - How $10β20T of capital could expand Bitcoin into a $100T network, moving from $70K to $700K to $7M per bitcoin
32:10 - Bitcoin Capitalism as a Darwinian market: winners, challengers, failures, and 1,400 companies tracked by Strategy
34:53 - Existing bitcoin-backed products: @Trezor, @Unchained, @Fidelity, @Fold_app, @Tando_me, @Relai_app, @CashApp, @HodlHodl, @AnchorWatch, @Meanwhile, $IBIT, $STRC, and $MSTR
40:03 - Digital Capital, Digital Credit, Digital Money, and Digital Yield competing with traditional capital markets
41:03 - Digital Money and Digital Yield: better stablecoins and higher-yield bitcoin-backed products
47:27 - 3 ways to participate: savers, investors, and innovators
49:19 - The aluminum airplane analogy: people buy the product, not the commodity underneath
52:29 - Build a βΏridge to connect $BTC to the global capital markets
53:42 - 10,000 products, 10,000 needs, and 100,000 corporate efforts to change the world
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After June 30, Kaspa UTXOs can enforce rules on how they are spent.
Not smart contracts. Not an EVM. Covenants: programmable restrictions embedded directly into the UTXO model that Kaspa already runs.
This is the most consequential feature in Toccata. Here is what it means and how it works.
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Why UTXO native matters:
EVM smart contracts run on an account model. Every transaction mutates global state. This creates congestion, ordering dependencies, and MEV.
Covenant UTXOs are independent. They do not share state. They do not compete for execution order. Parallel processing is native. Kaspa already runs 10 BPS because its DAG handles parallel blocks. Covenants extend that parallelism to programmable logic.
No global state bottleneck. No mempool auctions. Programmability that matches the architecture.
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Silverscript compiles high level covenant logic into Kaspa's script engine. Built by Ori Newman, Michael Sutton, IzioDev, and Manyfest.
v2.0.0 is released. Covenant IDs, transaction introspection, and native asset support activate on June 30. 15 days.
The vault is built. The rules are written. The consensus enforces them.
Follow @ReconProtocol for weekly deep dives on Kaspa's protocol architecture, on chain mechanics, and ecosystem development.
Source: @OriNewman (June 5, 2026)
Data: kas.live Β· kaspa.stream
#Kaspa #Toccata #Covenants #NFA
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Everyone talks about speed.
Nobody talks about what speed costs.
BTC: 600s - secure, but slow.
SOL: 0.4s - needs a validator committee to get there.
KAS: 0.1s - Pure Proof of Work. No committee. No shortcuts.
Every chain faster than Bitcoin introduced a trust layer.
Kaspa didn't.
That's not an opinion. That's the data.
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Strategy acquired 1,587 BTC at an implied average price of approximately $63,012 while simultaneously increasing its USD reserves by $100 million to $1.1 billion.
This combination of BTC accumulation and liquidity building reflects a disciplined treasury policy that goes beyond mere HODLing.
Jun 15
Strategy has acquired 1,587 BTC for $100 million to increase our $BTC Reserve to βΏ846,842. We have also increased our USD Reserve by $100 million to $1.1 billion. $MSTR $STRC strategy.com/press/strategy-β¦
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Kasia has neutralized the DoS like attack on public nodes through temporary limits and blocking.
Such incidents are to be expected with centralized gateways and underscore why decentralized access infrastructure will become crucial in the long term as Kaspa based applications grow.
Today Kasia public nodes were under a dos-like attack.
The gateway took millions of requests, so we added temporary limits, blocked suspected abusive sources, and deployed an extra protection.
Nodes are healthy again, and weβll keep watching the next days
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