Kaspa’s Stock-to-Flow-Ratio (S2F) surpassed that of silver.
„While a commodity’s S2F ratio does not directly determine its market capitalization, since many other factors influence fiat price action, if KAS were valued at the same aggregate level as the world’s above-ground silver, its price would be roughly $122 per KAS.
If one believes Kaspa to be the most advanced form of money ever devised, offering a ledger superior to silver or any other monetary commodity, then on what basis should we assume its market cap could never exceed silver’s?
Unlike gold and silver, Bitcoin and Kaspa are digital commodity monies that, for the first time in history, provide ledgers where the stock-to-flow ratio can be precisely measured and independently verified by anyone. In contrast, gold and silver rely on trust-based systems and remain vulnerable to coordination failures and information asymmetries.
In this respect, Bitcoin and Kaspa represent superior ledger technologies. They resolve the Byzantine Generals Problem, ensuring consensus without centralized trust.
By the end of this decade, Kaspa’s S2F ratio will exceed that of both gold and Bitcoin“ ~ Kaspa Report
