In Q1’25 over $124Bn was raised then Q2 topped it up with $94.6Bn.
Making more than 2x of what was raised in 2024 combined.
The narrative in crypto right now is that infrastructure projects and hard tech are making a comeback, and pulling in serious capital.
BlockDAGs is one of the names being floated around that camp.
PitchBook reported crypto VC funding rebounded in 2024 and carried aggressively into 2025.
Importantly, infrastructure-focused startups are leading the funding mix, thanks to the ETF narrative and lower‐rate expectations that helped open the moat.
For Q3'25, the full report from primary sources aren’t all out yet, but weekly/late-Sept reads show heavy prints. According to Messari, $912M was raised in the final week of September, between 22–26 alone.
1️⃣ Why BlockDAGs and not blockchains?
Short answer is:
Not all chains parade themselves as blockdags but most that scale effectively use some form of DAG-style architectures.
Here are the clearest, citable examples:
.@hedera (uses a hashgraph DAG-based ledger) → $286.10M
.@SonicLabs (uses an aBFT DAG / Lachesis) → $101.54M
.@Conflux_Network (using a Tree-Graph DAG-style consensus) raised $102.91M
.@Avalanche (part of the DAG-based consensus family, but not a blockDAG ledger) → $577.70M
The latest player on this row is @kaspaunchained.
2️⃣ So what is a blockDAG?
A blockDAG is a ledger where blocks form a Directed Acyclic Graph (parallel order) instead of a single line, and these blocks are being ordered to produce new blocks. If done right, there is a perfect chance of higher throughput and fewer orphaned blocks versus a strict/ normal chain.
The three key pillars of blockDAG tech:
▫️SPECTRE
▫️PHANTOM
▫️GHOSTDAG
Projects using DAG tech fall into any of the above families generalizing Nakamoto consensus to DAGs. Their main purpose is to let parallel blocks coexist and be ordered without orphaning most of them.
Kaspa is a live proof of work L1 blockDAG using GHOSTDAG/DAGKNIGHT consensus, a powerful production reference designed for max performance and UX trade-offs.
Kaspa uses $KAS (its native token) for the smooth running of its DAG and to onboard new protocols building on it.
$KAS is a truly remarkable token under the KRC-20 network.
Despite undergoing a fair launch during the 2022 bear market, its all time high is 5197% up from all time low, and currently the token sits at a 2123.7% up from ATL amidst the rise and fall of the market.
3️⃣ Why are people starting to care?
→ Since a blockDAG lets multiple blocks be added at the same time instead of one-by-one, more execution paths = more transactions get processed per second (higher throughput).
→ there’s better utilization of work. On a normal chain, if 2 blocks appear at once, one usually gets tossed/ orphaned but in a blockDAG, both can still count. Less waste = more of the network’s effort to actually move txs.
→ Faster block confirmations. Because blocks pile up in parallel and reference each other, your transaction gets enough confirmations sooner as long as most participants are honest and the network isn’t lagging.
4️⃣ Who's actually building on the Kaspa ecosystem?
As multiple funding keeps entering and some protocols are emerging under kaspa:
Kasplex – first zkEVM rollup on Kaspa
Kasia – P2P messaging app
ZealousSwap – first KRC-20 dex
Gigawatt & Zet-ex –
Kaspunks & KaspaPunks – NFTs
Kango – memecoin
Details in full👇
1 .@kasplex is an infra stack and protocol for KRC-20/KRC-721 on Kaspa and an L2 (based rollup) that just brought zkEVM smart contracts to the Kaspa world. It uses Kaspa L1 for sequencing and data availability.
Kasplex reported 90M+ KRC-20 transactions stress-tested before mainnet. Treat this as early and promising.
2 .@kasiamessaging is a private, decentralized P2P messaging app built on Kaspa with end-to-end encryption and in-built wallet. It's still in its early stage beta.
3 .@ZealousSwap is an AMM dex on Kaspa using v2-style pools (think of it as the Uniswap v2 for Kasplex). How it works: Bridge $KAS → Kasplex L2 then swap tokens directly on ZealousSwap and you can also deposit LP pairs to earn fees.
They have NFTs where holders may pay lower trading fees or earn LP cut. The protocol holds some of its own LP to deepen liquidity and reduce rugs and finally, the AMM dex uses TWAP oracle to make price harder to manipulate.
4 .@KaspaKii runs 2 energy projects
Gigawatt is an energy-backed stablecoin concept, aimed at settlement in energy markets (not the usual USD-pegged stables we have dominating the space).
Through Gigawatt, Kaspa is tied to rails of real economy flows. It's still in the development stage.
ZET-EX is a dex for tokenized energy and greenhouse gases (green H₂, e-fuels, zero-emission credits).
5 .@KasPunks & @Kaspa_Punks are NFT collections on Kaspa. KasPunks are limited to 1,000 NFTs while Kaspa Punks are 3,000 NFTs with multiple sub-collections.
6 .@KANGO_ON_KAS is a KRC-20 memecoin that actually got traction from listing on MEXC and other CEXs. It has a loud community; if liquidity/bridges improve on the network, projects like this catalyze L2 usage and DEX volume.
Most people will scroll past this and do nothing. That’s fine. The markets need spectators.
But if you’re still here, take the hint: BlockDAGs are solid infra plays. Kaspa did not become a top 50 crypto by chance.
That's a wrap
Follow these top researchers to see more setups like this:
.@michealsuttonil@auzghosty@thesaint_@hashdag@Avivz78@vcorem@hmalviya9@ChadBallantyne@ViktorDefi@stacy_muur@thelearningpill@Nick_Researcher@OriNewman@KryptoInsider1@poopmandefi@bunt10@Web3Sultan@satyaki44@PerrieDExplorer@Kruys_Collins@0xSagey@TheDeFiKenshin@ghostofiyanu@0xSerBito@iamfayvoh@Esongsofficial
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🎁 GIVEAWAY 3 #NFT#KaspaPunks
We are giving away #1706, #671, and #271 — one per winner
How to participate:
1. Like ♡
2. Repost ↻
3. Comment (what does Kaspa/Web3 mean to you?)
Results in 7 days!
Good luck, punks! #KaspaNFT#Kas $kas $kaspa