Originally published at mrnasdog.com/research/kas/inflation by MrNasDog.
The Kaspa coin page has the score, the price drivers and every question answered — mrnasdog.com/research/kas. Below: supply, line by line.
KAS Inflation Analysis · October 2026 · Supply growing · projected to keep growing
Kaspa (KAS) supply grew +0.64% over the last 90 days and is set to grow about +0.54% over the next 90. All of it is mining pay: 176,264,320 KAS of new block rewards, with no burn, no buyback, no staking lock and no unlocks against it. The Kaspa block reward shrinks by about 5.6% every month, one full halving a year, and 96.7% of the 28.70B KAS cap is already mined, so the new supply keeps getting smaller.
The verdict, in one paragraph
The MrNasDog Pressure Framework reads KAS at +0.64% net for the 90 days to Oct 15 2026: 176.3M KAS of new supply against 0 KAS taken out, measured over a circulating supply of 27.76B KAS. Our inflation monitor reads +0.95% for nearly the same window, a gap of 0.31 percentage points, inside our 0.5-point limit, so no warning chip is needed. The monitor runs higher because its supply figure stood still from early July to early August 2026 and then caught up in one step, which makes its 90-day starting point look low. For the next 90 days the Kaspa reward schedule gives 148.6M KAS, or +0.54%. In one line: KAS is a fair-launch proof-of-work coin that is still inflating, but a little less every month.
Sell pressure: where new KAS comes from
Protocol inflation is the only source of new KAS: 176,264,320 KAS in the last 90 days, about 1.96M KAS a day. Kaspa makes 10 blocks a second, and the network held that pace all window long. Each block pays a reward set by a fixed table in the Kaspa node code. The table steps down once a month by a factor that halves the reward every twelve months, so the reward went from 2.45 KAS per block in July to 2.31 KAS on Aug 5 2026, 2.18 KAS on Sep 4 2026 and 2.06 KAS on Oct 5 2026. That is why the three 30-day parts of the window fell from 62.1M to 58.7M to 55.4M KAS. We added up the reward for every block in the window and checked the total against the live supply read at six dates over 121 days; the two agreed to within 0.0001%.
Vesting unlocks are 0. Kaspa launched on mainnet in November 2021 with no premine, no coin sale and no share for a team, a company or investors. There is no vesting calendar because no allocation was ever made; every KAS in circulation came out of mining.
Foundation and unscheduled unlocks are 0. Kaspa has no foundation treasury. It has community funds paid for by donations, and none of them fell in the window. Because every one of those coins was mined and is already counted as circulating, even a payout from them would move coins between holders and add no new supply.
Long-term locked or bankruptcy supply is 0. No exchange estate, trustee or lockup holds KAS for later release. The largest single holder seen on-chain grew to about 1.53B KAS in the window, but it bought those coins in the market.
Buy pressure: where new KAS goes
Programmatic buyback is 0. Kaspa has no company, token treasury or fee switch that could buy KAS back.
Protocol fee burn is 0. Every transaction fee on Kaspa goes to the miner who includes it; the protocol destroys nothing. Some people send KAS to the well-known burn address by hand, and it gained 2,502 KAS in the window to about 11.23M KAS. Those coins can never move again, but they still sit inside the supply count, so the framework does not book them as coins leaving the market.
Foundation buy is 0: no foundation or treasury buys KAS, and the community funds only take donations and pay developers. New long-term lock is 0: Kaspa is proof of work, so there is no staking and no lock that pulls coins out of the float. With the whole buy side at zero, the net figure equals the mining figure.
Foundation and overhang
The Kaspa community funds are the only group-controlled KAS we track. The DAGKnight fund, raised from donations to pay for the next consensus upgrade, holds about 70.25M KAS and barely moved in the window. The Rust fund, raised to pay for the node rewrite, holds about 46.16M KAS and did not move. The Dev Fund holds about 1.19M KAS and only received coins, the Mining Dev Fund holds about 220K KAS, and two small marketing and funding wallets hold under 2,500 KAS together. Elected community treasurers sign for these wallets, and payouts follow public votes. We read every one of these balances from the chain at each rebuild. If any of them falls between rebuilds, we look at where the coins went and record it in the foundation row at the next rebuild; because the coins are already in the float, a payout would not change the net figure.
How KAS compares to other proof-of-work chains
Kaspa and Bitcoin both pay miners on a schedule that halves, and both stop at a hard cap: 28.70B KAS and 21M BTC. The difference is the shape of the cut. Bitcoin halves its reward in one step every four years, so its new supply stays flat for four years and then drops by half overnight. Kaspa halves every year in twelve small monthly steps, so KAS supply growth falls a little every month and never has a single big halving day. Kaspa is also much further along: about 96.7% of all KAS is already mined after under five years.
Against chains with no end to mining, the gap is wider. Monero pays a small fixed tail reward forever after its main emission ended, and Dogecoin pays a fixed 10,000 DOGE per block with no cap, so both keep adding the same number of coins each year. Kaspa’s new supply heads towards zero instead: the next year adds about 473M KAS, and the next four years about 887M KAS, close to everything left under the cap.
Like Bitcoin and unlike Ethereum, Kaspa has no fee burn, no staking lock and no buyback, so nothing on the buy side offsets mining. Its supply can only grow until the cap is reached, slower each month.
What to watch in the next 90 days
On Nov 4 2026 the Kaspa block reward drops from 2.06 to 1.94 KAS. On Dec 5 2026 it drops again to 1.84 KAS, and on Jan 4 2027 to 1.73 KAS; these three cuts are why the next 90 days bring about 148.6M KAS instead of 176.3M.
KCC-20, the token standard built on the covenants that the Toccata upgrade switched on in June 2026, entered its last-call review on Oct 7 2026; it creates new tokens on Kaspa, not new KAS, so it does not change the supply reading.
The DAGKnight consensus upgrade is on the Kaspa roadmap with no date set; any hard fork that touched the reward table would change this reading, and none of the published upgrade plans do.
The DAGKnight fund (70.25M KAS) and the Rust fund (46.16M KAS) are the two balances to watch for payouts, and the burn address is worth a look at each rebuild.
Summary
The MrNasDog Pressure Framework reads Kaspa (KAS) at +0.64% net over the last 90 days and about +0.54% over the next 90: 176,264,320 KAS of mining rewards with nothing burned, bought back or locked. KAS was fair-launched with no premine, so there are no unlocks and no team coins waiting to reach the market. The key risk is plain: mining keeps adding coins every block, and the buy side stays at zero. The ceiling is hard, though: the Kaspa reward shrinks about 5.6% every month, 96.7% of the 28.70B KAS cap is already mined, and KAS supply growth will keep getting smaller until mining ends.
MrNasDog Pressure Framework analysis of KAS, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 15 2026.
Original: https://mrnasdog.com/research/kas/inflation · Data + explanation only. Not financial advice.