Kaspa Surpasses 2.4 Billion Transactions, as Ethereum L2s Continue to Struggle
Kaspa, a proof-of-work chain, has processed over 2.4 billion transactions on its mainnet, according to on-chain explorer data. This milestone comes as Ethereum's layer-2 rollups struggle to maintain user and liquidity levels. Kaspa's block rate was increased tenfold through its Crescendo hard fork, from one block per second to ten, resulting in a block time of 100 milliseconds and estimated capacity in the low thousands of transactions per second. The network has handled bursts far beyond legacy proof-of-work throughput, with a peak of 5,584 transactions per second.
The Toccata hard fork, implemented on June 30, 2026, added programmability to the chain, including covenant-based smart contract logic, smart-wallet rules, and native asset support. This sets the stage for applications typically found on account-based chains like Ethereum or Solana. Kaspa's GHOSTDAG protocol allows for parallel blocks to be folded into consensus, rather than discarded, enabling the network to run fast without sacrificing security.
The transaction count and token price of Kaspa are telling two different stories, with the network's throughput milestone not yet translating to a significant price increase. The token price is around $0.0425, with a market cap near $1.18 billion and daily volume around $17.7 million. The L2 side of the trade is also experiencing a shakeout, with several networks shutting down or significantly reducing their activity.