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> token_autopsy --replay

Kaspa (KAS) Token Autopsy: The Fastest Proof-of-Work Chain — But Who Pays the Miners?

Token Autopsy · streamed 2026-11-04 · runtime 1:33:20

Takeaways

Derived from the stream's auto-generated captions.

• Token Autopsy on Kaspa (KAS), a proof-of-work layer 1 built on a block DAG, opening with news on CFTC-approved stock perpetuals, the Arbitrum Security Council moving funds without the attacker's key, and Aztec's privacy upgrade.
• The launch is about as clean as they come: no premine, no presale, no insider allocation, and DAG Labs raised equity rather than selling KAS. Roughly 96.8% of the 28.7 billion max supply is already out.
• The problem is who pays the miners. From October 3 to November 1, fees were about 0.15% of miner revenue and new issuance covered the other 99.85%, while the subsidy shrinks every month.
• Live today: GhostDAG at 10 blocks per second and covenants on mainnet. DAGKnight and vProgs are still in progress and were not scored.
• Final Token Autopsy score: 62 out of 100, with token value capture at 8 of 20. Fast proof of work, but the stream's question stands: where does the money come from?