Kaspa's supply approaches a hard ceiling of about 28.7 billion KAS. The live circulating figure is below — and because the emission curve decays geometrically, the overwhelming majority of all KAS that will ever exist has already been mined. Every coin entered circulation the same way: as a mining reward, starting from block one on November 7, 2021. There was no other door.
Kaspa launched on November 7, 2021, announced publicly before the first block. There was no initial coin offering, no tokens created at genesis, no allocation for the founders, and no discounted round for investors. The supply at block zero was exactly zero. Everything since has been minted one block reward at a time, paid to whoever contributed the mining work — on ordinary CPUs and GPUs in the early months, on ASICs since 2023.
That makes Kaspa part of a small club. Most major chains distributed a large share of their supply before the public could earn any:
| Network | How initial supply was created | Insiders at day one |
|---|---|---|
| Bitcoin (2009) | mined from block one | none |
| Ethereum (2015) | created at genesis, sold in the 2014 crowdsale | the majority of initial supply |
| Solana (2020) | genesis allocations to investors, team and foundation | roughly half of initial supply |
| Kaspa (2021) | mined from block one | none |
This is a historical fact, not a value judgment — Ethereum and Solana built enormous ecosystems on their models. But it changes how you read Kaspa's supply data: there is no unlock schedule to track, no vesting cliff to fear, no foundation treasury that can hit the market. What you see on chain is the whole story.
Kaspa's emission follows a smooth geometric curve: block rewards shrink by about 5.6% every month, halving every 12 months. Summed to infinity, that curve converges on the ~28.7B ceiling — each year adds half of whatever remains. The practical consequence: supply growth is front-loaded and the tail is thin. The remaining coins will trickle out over decades, with rewards mathematically reaching zero in the 2050s. The full schedule, with the current block reward live, is on the Kaspa halving, explained.
Aggregator sites make choices: do burned coins count, do dormant coins count, do foundation treasuries count? For most chains those choices move the number by double-digit percentages. Kaspa is unusually clean — everything mined is circulating by any definition — but if you compare across sites and see small differences, that's methodology, not mystery.
In most of crypto, "fully diluted valuation" towers over market cap because most supply hasn't been released. For Kaspa the two numbers nearly coincide — the dilution that terrifies holders of heavily-vested tokens is arithmetically almost over here. When you see FDV-based warnings applied to Kaspa, check the live percentage above before taking them seriously.
A fair launch means nobody was given coins — it doesn't mean coins are evenly spread today. Whoever mined early and held, holds large positions now, and the single biggest address holds over 5% of everything in circulation. Supply tells you how many coins exist; it takes address-level data to see who has them. We track exactly that on what is entity x?