I just noticed an interesting coincidence — the Kaspa halving occurs approximately every 30 days, and the block reward is about to drop from 3.09 to 2.91 KAS. Meanwhile, the hash rate is increasing to 421.4 PH/s — the highest in a month. Miners clearly believe in the project, adding capacity ahead of the next reward reduction. Such confidence amid constant Kaspa halving is a signal.

The network shows rare stability — 1.36 million transactions per hour, fluctuating between 1.32-1.40 million. These are not spikes, but organic demand. Active addresses remain healthy, sometimes exceeding 1,500. And most importantly — the Layer-2 ecosystem finally looks balanced. Igra L2 has been above 1,000 for the third day in a row, Kasplex returned to 123, Kasia at 114. Three protocols simultaneously in the three-digit range — I’ve never seen this before. KRC-721 has returned with 52 transactions, NFT activity is reviving.

What confuses me the most — the price at $0.03 with $916M market capitalization, and on-chain there are 1.62 billion transactions, 388 TPS, maximum hash rate, and four active protocols. The gap between what’s happening on the network and how it’s valued by the market is simply enormous. The Kaspa halving continues, issuance decreases, activity grows — but the price doesn’t react. It’s interesting to see how long this can last.