Kaspa’s fungible-token convention, KCC-20, is in last call. That’s the last public review before the spec can be marked final.
The header in the kaspanet/kccs repository says Status: Last Call. Michael Sutton merged the pull request that put it there on October 7. The official Kaspa account followed on October 11, saying the reference implementation is merged and open for developers to test. On October 14 the status line still says last call. It does not say final.
What last call actually means
A Kaspa Call for a Convention moves from idea to draft, then review, then last call, then final. Last call is the stretch where people are supposed to find the mistakes before wallets and apps start building on the text. KCC-0, the process document, is already final. It says an editor sets an end date for that stretch, usually about 14 days out, and that the date belongs in the header.
The KCC-20 file doesn’t have one.
So the review is open, and there isn’t a published end date on the spec. If the comments force a real change to the rules, the process sends the document back to review instead of waving it through.
The authors on the file are Sivan Helfer, Michael Sutton, Ori Newman and Romain Billot. It was created August 21. Helfer, who posts as Manyfest, wrote on October 7 that KCC-20 had moved to last call, and that writing a standard is a different job from writing a piece of software. A standard is supposed to be a floor that a lot of different apps can stand on.
A token with the rules on the coin
A KCC-20 token is a covenant. That’s a set of rules stuck to a Kaspa output, not a program living in a global account the way an Ethereum token does. The spec’s state is deliberately small. There’s an amount, an owner, scheme bytes that say how ownership and borrowing work, a borrow guard, and a 32-byte commitment if an app wants to hang extra data off the token.
A normal send has to keep the total token amount intact, and the owner has to authorize it. There’s a second path, borrowed receive, where someone can add tokens to a coin you already hold without your signature. They can’t take your tokens, change the owner, or drain the KAS sitting on that output. They can change the outpoint. If your wallet had an unconfirmed spend of the old one, that spend is now aimed at a coin that doesn’t exist anymore. That’s the part wallet authors are going to feel first.
None of this changes how Kaspa orders blocks. KCCs are conventions for wallets, indexers and apps. They are not a consensus change. The Toccata upgrade is what put covenants on the base layer. KCC-20 is one attempt to stop every project inventing its own token shape on top of that.
People who used KRC-20 keep making the same point, and it’s a fair one. Those balances depended on an indexer deciding who owned what. KCC-20 is written so the covenant checks the rules. Whether the wallet in your pocket actually does that, instead of quietly trusting an indexer again, is the test that matters.
Testnet talk, and a price that didn’t care
A launchpad account, Kasseal, said on October 14 that its KCC-20 launchpad is live on testnet and that mainnet is “soon.” Take that as their claim. The spec still points developers at a reference implementation for testing, and the Kaspa account asked people to try to break it. Nothing in the standards repository says a finished KCC-20 token is live on mainnet.
KAS didn’t react. On CoinGecko at 16:42 UTC, Kaspa was $0.03746, down 2.25% on the day, after a range of $0.03694 to $0.03915. Market cap was about $1.039 billion. Volume was about $11.7 million. Rank 76. At the time of writing, the market is treating this like plumbing.
That’s the right read until a wallet you already use shows a KCC-20 balance that doesn’t depend on somebody else’s server. The other thing to watch is that missing date on the header. A last call with no end date can sit there while everyone talks as if it’s almost done.