//Kaspa
B-

Kaspa

Risk Score 28/100·DValue
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Elevated risk — the predicted emission cliff is actively materializing with 74% hashrate decline from peak, while the Toccata hard fork adds new mechanism complexity requiring full reassessment. B- grade subject to downgrade on full rescan.

Risk Breakdown

Top Risks

1

74% hashrate decline from peak — the emission cliff has arrived (95.8% of 29B KAS mined as of June 2026), causing block rewards to drop from ~65 KAS to ~2.60 KAS per block. Hashrate fell from 1,470 Ph/s in February 2026 to ~388 Ph/s, reducing 51% attack costs by approximately 74%. Multiple major mining pools (Nanopool, F2pool) have exited Kaspa mining entirely

2

Toccata hard fork (June 30, 2026) introduces new L1 covenant scripting (KIP-17) and ZK Groth16 precompile (KIP-16) — while both are well-studied primitives, their interaction with GHOSTDAG's parallel block ordering at 10 BPS is untested in production. New attack surfaces include covenant script complexity bugs and ZK verifier edge cases

3

Security budget long-term viability — with transaction fees at ~$68K/day equivalent and no smart contract DeFi generating fee revenue, sustained mining profitability depends on KAS price appreciation. The UTXO-only design pre-Toccata has generated minimal organic fee pressure

4

Mining centralization post-emission — top 2 pools (HumPool 27%, Kryptex 13%) now control ~40% of hashrate. As unprofitable miners exit, concentration among the remaining large ASIC operators increases the probability of coordinated censorship or reorganization attempts

Frequently Asked Questions

Is Kaspa safe to use?
Kaspa receives a B- risk grade (28/100) from Hindenrank, where lower scores indicate lower risk. Elevated risk — the predicted emission cliff is actively materializing with 74% hashrate decline from peak, while the Toccata hard fork adds new mechanism complexity requiring full reassessment. B- grade subject to downgrade on full rescan. 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. Fair-launched in November 2021 with no pre-mine or VC allocation, it processes 10 blocks per second. Its B- grade reflects innovative consensus technology with strong academic foundations and no security incidents since 2022, balanced against the realized emission cliff (95.8% of 29B KAS mined as of June 2026), a 74% decline in network hashrate from its February 2026 peak, and new mechanism risk from the Toccata hard fork (June 30, 2026) adding covenant scripting and ZK precompile.
What are the main risks of using Kaspa?
The key risks identified for Kaspa are: (1) The emission cliff is now active — 95.8% of the total 29 billion KAS supply has been mined as of June 2026, driving block rewards to ~2.60 KAS/block and causing hashrate to collapse 74% from its February 2026 peak (2) Network hashrate is at ~388 Ph/s vs. 1,470 Ph/s peak, meaning the cost of a 51% attack is ~74% lower than it was at peak. Multiple major mining pools have exited entirely (3) The Toccata hard fork (June 30, 2026) introduces new mechanisms (L1 covenants, ZK Groth16 precompile) that have not yet been production-tested on Kaspa's blockDAG architecture at 10 BPS (4) Mining concentration is elevated: top 2 pools control ~40% of remaining hashrate; further attrition could push a single operator toward majority control
What is Kaspa's risk score breakdown?
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.
How does Kaspa compare to other L1 protocols?
Among 58 rated L1 protocols on Hindenrank, Kaspa ranks #20 by safety (lowest risk score = safest). Its 28/100 risk score and B- grade place it among the safer L1 protocols.
Has Kaspa ever been hacked or exploited?
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.
Last scanned 2026-06-09

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