Briefly

Kaspa is successfully leveraging technological upgrades and increased exchange activity despite market instability. Here are the main events:

Transition to smart contracts (December 4, 2025) – The Kasplex upgrade enabled the migration of Ethereum dApps, triggering a one-day 19% price surge.
Expansion of futures access (December 3, 2025) – Coinbase Derivatives launched regulated futures on SUI and KAS, increasing institutional investor interest.
Ecosystem expansion (November 25, 2025) – Dymension added KAS as a base asset, and partnership with Hyperliquid improved DeFi capabilities.

Details

1. Transition to smart contracts (December 4, 2025)

What happened: The Kasplex upgrade introduced full smart contract support, allowing developers to migrate Ethereum dApps with minimal changes. After a 14% price drop over the month, the price rose by 19% on December 4 with trading volume exceeding $65 million.
Why it matters: The upgrade expands Kaspa’s capabilities—now it’s not just a transaction platform, but also a venue for DeFi and NFT. Success depends on how many developers migrate from other blockchains. (Cryptonewsland)

2. Expansion of futures access (December 3, 2025)

What happened: Coinbase Derivatives launched perpetual futures on KAS and SUI, enabling leveraged 24/7 trading from early December. After the announcement, KAS price increased by 10%, despite an overall 48% weekly drop in crypto futures trading volume.
Why it matters: Increased liquidity and institutional investor access could stabilize the price, but perpetual futures are associated with higher volatility. Traders should watch funding rates, which are currently close to neutral (+0.002%). (CoinMarketCap)

3. Ecosystem expansion (November 25, 2025)

What happened: Kaspa became a base asset on the modular blockchain Dymension, enabling cross-chain swaps. The partnership of Ethena with Hyperliquid brought $151 million in fees in Q3 to DeFi projects related to Kaspa.
Why it matters: These integrations strengthen Kaspa’s position for interoperability with other networks, but competition from major L1 and L2 blockchains remains high. The sharp 47% price increase on low liquidity indicates speculative interest is still outpacing real usage. (Coinspeaker)

Conclusion

Technical upgrades and exchange listings show the growing maturity of the Kaspa ecosystem, but technology adoption still lags behind price volatility. The market remains in a state of “fear” (CMC fear and greed index: 22). The question is whether the transition to smart contracts can attract sustained developer activity and justify the $1.39 billion valuation. Watch for the development of the ETH/KAS bridge in December—it will provide important clues.