Kaspa (KAS), a cryptocurrency, has risen 25% this week in the slumping cryptocurrency market, defying the trend. With the upcoming release of its new protocol, Kasplex, for public testing on the 30th of the month, Kaspa has caught the attention of the cryptocurrency community.
Kasplex aims to implement the KRC-20 token standard and support the creation and management of NFTs on the network. According to the Kasplex whitepaper, the protocol aims to address the issue of “UTXO bloat” in Bitcoin (where the blockchain becomes too large for validators to efficiently process data).
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The project offers a simple data insertion method supported by an open-source indexer and a set of APIs for seamless interaction. This new protocol is expected to enable users to efficiently and securely create, manage, and transfer digital assets on the Kaspa network, thereby encouraging innovation and growth. With these upcoming developments, the Kaspa ecosystem is poised to have a significant impact on the cryptocurrency industry.
After a 6% increase in the past 0.18 hours, Kaspa is currently trading at around $24. 