As proof of its potential, the first layer altcoin, Kaspa (KAS), has overcome the downturn in the cryptocurrency market and surged 25% this week ahead of its upcoming protocol launch.
Claimed to be the “fastest, open-source, decentralized, and fully scalable first layer in the world,” Kaspa was trading at around $0.18 at the time of writing, up from $0.144 seven days ago.
The crypto asset, ranked 27th by market capitalization, has also seen an increase of over 6.5% in the past 24 hours.
With the Kasplex protocol of the Kaspa ecosystem getting closer to its public beta launch on June 30th, KAS has seen its returns materialize.
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.
Explaining the Kasplex whitepaper,
“Unlike certain protocols that result in ‘UTXO bloat’ issues for Bitcoin, the main guiding principles behind the protocol design are to avoid any negative impact on Kaspa. Kasplex provides a direct data insertion method, complemented by an open-source indexer and a set of APIs, achieving seamless interaction with the protocol.
By adopting Kasplex, developers, artists, and influencers can efficiently and securely create, manage, and transfer digital assets on the Kaspa network, promoting innovation and growth within the Kaspa network.”
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