- Kaspa achieved 15.79 million transactions on October 22, surpassing several older PoW networks in transaction volume.
- Kaspa’s daily transaction count is just 3.4 times lower than Solana’s all-time high in non-vote transactions.
Processing a total of 15.79 million transactions on Tuesday, October 22, the Kaspa network reached an amazing mark. Luke, the Kaspa Global Ambassador, claims that this enormous volume of transactions is an amazing feat, especially since it was achieved with proof-of-work (PoW) technology impervious to censorship.
Luke pointed out in his tweet that Kaspa’s performance is unique among numerous top cryptocurrencies utilizing PoW. All of which rank better on CoinMarketCap (CMC), and he even produced a graphic comparison of Kaspa’s transaction volume against earlier 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 and Challenges Solana
On that specific day, Kaspa’s transaction volume was 2.1 times more than the all-time highs of several reputable PoW systems taken together.
The release of a single token on Kaspa’s KRC20 standard, highlighting the great support of the community for the platform, was mainly responsible for this notable increase in transaction activity. Luke’s analogy also stretched outside the PoW networks.
He noted that Kaspa is just 3.4 times less when his daily transaction volume is compared to Solana’s (SOL) maximum non-vote figure of 53.8 million, attained in December 2021. Although Solana runs on a different consensus process, Kaspa is maintaining performance by utilizing PoW at 1 block per second (BPS) on Layer 1.
Beside that, in August, CNF reported on the exponential rise of Kaspa’s hashrate. GPU miners and major software improvements propelled this increase. With 98.83% of all the nodes on the mainnet at that time, Rusty Kaspa nodes predominate. Kaspa has attained 10 BPS on the testnet, therefore demonstrating the advancement of the project in reaching scalability and performance enhancement.
Meanwhile, Kaspa’s native token, KSP, has encountered certain market difficulties notwithstanding these technological developments. Reflecting a 3.73% drop over the last 24 hours, KSP is trading at about $0.1271 as of the time of writing. The daily trading volume of it is $39.83 million.
