Kaspa Transaction Volume Surpasses Leading PoW Networks and Challenges Solana

Processing a total of 15.79 million transactions on Tuesday, October 22, the Kaspa network reached an amazing mark.

The Kaspa network processed a remarkable total of 15.79 million transactions on Tuesday, October 22, reaching an impressive milestone. According to Luke, the Kaspa Global Ambassador, this massive volume of transactions is a significant achievement, especially considering that it was attained using censorship-resistant proof-of-work (PoW) technology.

In his tweet, Luke highlighted that Kaspa's performance is unmatched among several top cryptocurrencies that utilize PoW and rank higher on CoinMarketCap (CMC). He even created a visual representation comparing Kaspa's transaction volume to that of prominent PoW-based cryptocurrencies, including Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE).

15.79 Million Transactions.

That's the total amount of accepted transactions from the @KaspaCurrency network last Tuesday, 22/10.

Since I’m a visual person, I thought, why not create a graph to compare Kaspa’s performance against the old PoW dinosaurs sitting ahead of it on the… pic.twitter.com/DXkrjrhmxw

— Luke 𐤊 (@elldeeone) October 24, 2024

Kaspa Transaction Volume Surpasses Leading PoW Networks, Rivaling Solana's Non-Vote Transactions

On that particular day, Kaspa's transaction volume was more than 2.1 times the all-time highs of several leading PoW networks combined. This impressive surge in transaction activity was primarily attributed to the launch of a single token on Kaspa's KRC20 standard, showcasing the strong community support for the platform.

Luke's comparison extended beyond PoW networks. He noted that Kaspa is only 3.4 times less when his daily transaction volume is put up against Solana's (SOL) maximum non-vote figure of 53.8 million, achieved in December 2021. While Solana utilizes a different consensus mechanism, Kaspa is achieving this performance using PoW at 1 block per second (BPS) on Layer 1.

In August, CNF covered the exponential increase in Kaspa's hashrate, driven by GPU miners and major software updates. Rusty Kaspa nodes dominate the network, with 98.83% of all nodes on the mainnet. Kaspa has also achieved 10 BPS on the testnet, demonstrating the project's progress in enhancing scalability and performance.

On the other hand, KSP, the native token of Kaspa, has faced some challenges in the market. At the time of writing, KSP is trading around $0.1271, showing a 3.73% decrease over the last 24 hours. It has a daily trading volume of $39.83 million.