Kaspa is on the verge of hitting a big milestone that highlights how rare it’s becoming. According to Kaspa Report, in about two months Kaspa’s stock-to-flow (S2F) ratio will move above silver’s.
S2F compares the total supply of an asset (the “stock”) with how much is created each year (the “flow”). A higher number means new supply is shrinking compared to what already exists.
For proof-of-work coins like Kaspa, this ratio climbs as block rewards decline and emissions slow. When emissions eventually fall near zero, the S2F number can head toward infinity.
That’s impressive because silver has long been one of the world’s scarcest commodities. If Kaspa’s S2F beats silver’s, it would, on paper, take even longer to reproduce the current KAS supply than to mine enough new silver to match the existing stock.
In about two months, Kaspa’s stock-to-flow (S2F) ratio will surpass that of silver.
— Kaspa Report (@KaspaReport) September 17, 2025
Stock-to-Flow measures the ratio of circulating supply (stock) to annual production (flow). Put simply, it shows how many years it would take, at the current production rate, to reproduce the… pic.twitter.com/Ss38WlBUHK
What you'll learn 👉
Why Stock-to-Flow Isn’t the Whole Story
Even though that S2F milestone sounds huge, it doesn’t automatically mean the KAS price will skyrocket. Kaspa Report points out that market prices in dollars depend on many outside factors, things like investor sentiment, exchange activity, or broader currency moves. Scarcity is important, but it isn’t the only piece of the puzzle.
That’s why the report highlights another measure that might tell us more about Kaspa’s real monetary strength: inactive supply.
This tracks how much KAS hasn’t moved in a long time, showing how many holders are treating it as a long-term store of value rather than something to trade quickly.
KAS Inactive Supply and Decentralization
Kaspa’s inactive supply has been growing in an unusually steady way. The analyst notes very high R-squared values on two- and three-year trends, meaning the growth is not random, it’s consistent and reliable.
They believe this stability comes from Kaspa’s deep decentralization. Because no single player can control the network, coins tend to stay parked and untouched. Over time, the influence of any one actor fades even more.
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This pattern isn’t just a sign of strong holder conviction. It also shows Kaspa isn’t a Ponzi scheme and may even be, in the analyst’s words, “the most potent antidote to Ponzi schemes” out there.
The Bigger Picture
All of these points to a network that becomes scarcer and harder to manipulate as time goes on. Surpassing silver’s S2F ratio is only the next milestone.
If the inactive supply keeps climbing as predictably as it has, Kaspa could strengthen its claim as one of the most secure and decentralized forms of digital money, a project many see as carrying forward Satoshi’s original vision.
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