{
  "release": "coin-fundamentals-source-review-20260927-3.0",
  "reviewed_at_utc": "2026-09-27T03:59:28.770Z",
  "price_cutoff_utc": "2026-09-26",
  "symbol": "KAS",
  "project": "Kaspa",
  "documented_mechanism": "KAS is the native proof-of-work network asset; miners receive protocol emissions and transaction fees, while normal holders do not receive automatic validator or company revenue.",
  "holder_rights_boundary": "Holding KAS is not a claim on a company or passive fee share. Miner economics require hardware, energy and operating costs.",
  "official_distribution": "Official Kaspa materials describe a fair launch and about 28.7 billion maximum KAS; continuing proof-of-work emissions and miner selling must be considered.",
  "operating_status": "network_thesis_documented_but_no_frozen_multiweek_usage_fee_hashrate_panel",
  "operating_observation": null,
  "token_capture_observation": null,
  "missing_series": [
    "Matched weekly active transaction/fee series from a stable node indexer",
    "Miner emissions, fees, hashrate and estimated cost of production on aligned dates",
    "Attributed real-user versus automated network activity"
  ],
  "supply_estimate": {
    "provider": "CoinGecko",
    "provider_updated_at_utc": "2026-09-27T03:57:30.000Z",
    "circulating": 27720927947.152855,
    "total": 27723684818.12012,
    "max": 28704026601,
    "market_cap_usd": 1307841789,
    "fdv_usd": 1307964808
  },
  "sources": [
    {
      "name": "Kaspa official overview",
      "url": "https://kaspa.org/"
    },
    {
      "name": "Kaspa official emission schedule",
      "url": "https://kaspa.org/tokenomics/"
    },
    {
      "name": "Kaspa official network brief",
      "url": "https://kaspa.org/wp-content/uploads/2025/07/Kaspa-BC25-EN.pdf"
    }
  ],
  "interpretation": "Documented token mechanism, circulating supply estimate, project operating activity, and passive holder economic capture are distinct. Null means not verified, never zero."
}