Kaspa

Kaspa receives a B- risk grade (28/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — novel GHOSTDAG consensus backed by strong academic research and fair tokenomics, but limited production history, approaching emission cliff, and absence of smart contracts create material uncertainties. Kaspa is a proof-of-work Layer 1 blockchain using the novel GHOSTDAG consensus protocol, which allows parallel blocks to coexist in a directed acyclic graph rather than competing. Fair-launched in November 2021 with no pre-mine or VC allocation, it processes 10 blocks per second with plans to scale to 100. Its B grade reflects innovative consensus technology with strong academic foundations and no major security incidents since early patches, balanced against the novelty of its GHOSTDAG mechanism and an approaching emission cliff (95% mined by July 2026) that creates long-term security budget uncertainty.

The key risks identified for Kaspa are: (1) The GHOSTDAG blockDAG consensus is a novel mechanism with less production battle-testing than traditional PoW chains like Bitcoin, despite strong academic underpinnings (2) Nearly 95% of the total 29 billion KAS supply will be mined by July 2026, creating a security budget cliff where transaction fees alone must sustain mining profitability (3) Currently UTXO-only with no native smart contracts, limiting DeFi ecosystem development and fee revenue generation. Smart contract capability is planned but not yet deployed (4) The network experienced early stability issues including a genesis block restart in November 2021 and a hard fork in September 2022 to fix a block manipulation vulnerability

Kaspa scores 28/100 across eight risk dimensions: Mechanism Novelty: 6/15, Interaction Severity: 3/20, Oracle Surface: 0/10, Documentation Gaps: 4/10, Track Record: 3/15, Scale Exposure: 7/10, Regulatory Risk: 1/10, Vitality Risk: 4/10. The highest risk area is Scale Exposure at 7/10.

Among 56 rated L1 protocols on Hindenrank, Kaspa ranks #14 by safety (lowest risk score = safest). Its 28/100 risk score and B- grade place it among the safer L1 protocols.

Kaspa scores 3/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.