Binance Pool Launches KASPA Network (KAS) Mining Service: A New Era for POW Cryptocurrency

• Binance Pool, the cryptocurrency mining pool operated by Binance, has announced the launch of its mining service for the KASPA (KAS) network.
• Binance Futures has also launched a USDⓈ-M KAS perpetual contract with up to 50x leverage.

Binance Pool has successfully announced the launch of its mining service for the KASPA (KAS) network. 

Binance Pool has officially launched the KASPA Network (KAS) mining service. Kaspa is a POW cryptocurrency that implements the GHOSTDAG protocol. Previously, Binance launched KAS futures, but did not launch KAS spot. https://t.co/e3sD20cHwS

— Wu Blockchain (@WuBlockchain) August 5, 2024

It is important to note that the KASPA blockchain boasts high transactions and scalability, making it quite popular in the cryptocurrency landscape. By introducing KASPA mining to its platform, Binance Pool aims to provide miners with additional options and potentially boost the network’s hashrate. 

Amidst this significant development, Binance Futures has also launched a USDⓈ-M KAS perpetual contract with up to 50x leverage. This product allows traders to gain exposure to KAS’s price movements.

This integration of KASPA mining with Binance will be a turning point for the KAS token. It will increase market exposure and trading volume, which will be worthwhile for both miners and traders. 

Binance’s venture into KASPA mining is a significant step as it solidifies its position as a comprehensive cryptocurrency platform. Additionally, Binance has added a twist in diversification by including both traditional Proof-of-Work mining and innovative trading products.

Binance Backs Particle Network

This integration of KASPA mining comes on the heels of another significant development by Binance Labs. Binance Labs has invested in Particle Network. This is one of Binance’s tactics for tackling liquidity distribution and user accessibility.

As earlier reported, Particle Network is a modular Layer-1 blockchain built on Cosmos. Utilizing Chain Abstraction offers a “One Account, One Balance, Any Chain.” platform. This approach, featuring Universal Accounts and Universal Liquidity, eliminates the complexities of managing multiple blockchain assets and accounts.

According to a recent Binance blog post, the investment will empower Particle Network to enhance its modular Layer-1 infrastructure, allowing users to seamlessly interact with the entire multi-chain ecosystem. This means maintaining a single account and balance for all chains, and users can easily pay gas fees in their preferred token.

Particle Network founder Pengyu  expressed great enthusiasm about the support, stating that:

We are honoured to receive this investment from Binance Labs, a true pioneer in driving industry innovation. This partnership is a significant milestone for Particle Network as we work towards advancing the realization of Chain Abstraction and accelerating the mass adoption of Web3. With Binance Labs’ support, we will enhance our technical capabilities and expand our reach within the global Web3 community. Together, we are committed to making Web3 more accessible and user-friendly for everyone.

The funding will also fuel Particle Network’s global expansion and further development of its Chain Abstraction features. It’s also worth noting that this paves the way for the launch of their L1 mainnet, which is set for later this year. This will offer a more user-friendly and unified experience for both developers and users within the Web3 landscape.