Kaspa Launches New Token Standard - Cryptocurrency Price Responds Positively

Altcoin Kaspa (KAS) bucked the trend in a sluggish crypto market, surging 25% this week ahead of a major protocol launch.

Kaspa has caught the attention of the crypto community as its new protocol, Kasplex, prepares for its open beta launch on June 30.

Kasplex aims to introduce the KRC-20 token standard and support the creation and management of NFTs on the network of Casp .

According to the white paper the Kasplex protocol was designed to avoid the "UTXO bloat" problem seen in Bitcoin . (A bloated UTXO is when a blockchain becomes too large for validators to process data efficiently).

The project offers a simple data insertion method supported by an open source indexer and a set of APIs for seamless interaction.

This new protocol is expected to allow users to efficiently and securely create, manage and transfer digital assets on the Kaspa network, encouraging innovation and growth. With these upcoming developments, the Kaspa ecosystem is poised to make a significant impact in the crypto space.

Kaspa is currently trading at around $0.18 after a 6% rise in the last 24 hours.