Kaspa has mined 96.85% of its ~28.7 billion max supply, outpacing $BTC's 95.73% of 21 million, with under 3.2% of $KAS tokens left to emit as of November 2026. Kaspa's emission schedule is far more aggressive than Bitcoin's: launched in 2021, it uses monthly reward reductions that effectively halve yearly, front-loading supply issuance compared to Bitcoin's 4-year halvings. This creates a near-term scarcity narrative for Kaspa, but long-term value depends more on demand, adoption, and whether transaction fees can sustain network security after emissions taper.