In defiance of the prevailing bearish sentiment in the cryptocurrency market, a proof-of-work altcoin at the layer-1 level has experienced a significant upsurge of 25% this week in anticipation of an imminent protocol launch.

Kaspa (KAS), self-proclaimed as “the fastest, open-source, decentralized, and fully scalable layer-1 in the world,” is currently priced at around $0.18, marking a notable increase from $0.144 just seven days ago. This crypto asset, ranked 27th by market capitalization, has also seen a rise of over 6.5% in the last 24 hours.

The recent surge in KAS’ value is attributed to the nearing launch of Kasplex, a protocol designed for the Kaspa ecosystem, with its open beta scheduled to commence on June 30th. The Kasplex Protocol aims to usher in the new KRC-20 token standard and facilitate the creation and management of non-fungible tokens (NFTs) on the Kaspa network.

According to Kasplex’s whitepaper, “The core focus of the protocol’s architecture is to prevent any adverse impact on Kaspa, distinguishing itself from certain protocols that exacerbate the ‘UTXO bloat’ problem observed in Bitcoin. Kasplex offers a user-friendly method for data insertion, supported by an open-source indexer and a range of APIs, enabling seamless engagement with the protocol. By embracing Kasplex, developers, artists, and influencers can harness the capabilities of the Kaspa network to efficiently and securely create, manage, and transfer digital assets, fostering innovation and expansion within the Kaspa ecosystem.”

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(Image: Midjourney)