The Coordination Market// Project Staghunt · Built on Kaspa

The Game
Has Changed

A new primitive for collective action — a machine for turning private intentions into public facts, atomically, privately, and without a master. The internet's missing association layer.

KASPA · MAINNET
DAA SCORE ———
BLOCKS ———
10 BLOCKS / SEC
ITwo demons, one solution
Moloch
// the prisoner's dilemma · misdiagnosed

Two actors would both gain from cooperation, yet each is tempted to defect. Selfishness wins. The century's answer: regulate, tax, coerce. Restrain the defector by force.

Azazel
// the stag hunt · the real enemy

Both hunters want the stag. Neither wants to defect. The only problem is assurance — what if the other doesn't show? No selfishness. Just the absence of binding commitment.

We've been solving the wrong problem. Yonatan Sompolinsky — Kaspa's co-founder and Harvard researcher — argues on hashd.ag that most social failures are not defection problems. They are coordination problems. The demon is not Moloch. It is Azazel — the deity of the wilderness, before civilization, where humans wander alone and no associations form.

If Moloch is the demon of defection, Azazel is the deity of the wilderness — where humans wander alone and no associations form. The remedy is not coercion. It is mechanisms to bind shared action.

Yonatan Sompolinsky — hashd.ag — Project Staghunt
IIHow a coordination market runs
01Stag

A better equilibrium is spotted.

An entrepreneur posts a Hunt — the target outcome, the execution logic, and who may join. The stag is visible to all. No one moves yet.

02Pack

Commitments accumulate — opaquely.

Participants submit intendos: signed conditional commitments — "I will do X if N others do X" — each with its own threshold. No one can see how close activation is. The manipulation surface is zero.

03Hunt

The pack hunts — atomically.

A qualifying subset crosses all mutual thresholds and executes simultaneously. Everyone moves at once. The platform launches with users already there. The stag is caught.

Four laws that
cannot break

I
Coordinated Atomicity
The qualifying subset executes simultaneously. No partial execution. No one arrives at an empty pool. The pack hunts together — or not at all.
II
Accumulation Opacity
No one — participant or operator — can see how close the threshold is. This kills manipulation, sniping, and exposure risk when signaling willingness in hostile territory.
III
Capital Multiplexing
The same capital can back multiple markets at once. Whatever activates first applies. Structurally impossible on traditional rails — only crypto enables it.
IV
Composability
The output of one market is a valid input to another. Hunts chain into cascades: users migrate, capital deploys, infrastructure appears — in one atomic sequence.
IIIStags in the wild

What actually
gets built

01
Liquidity migration
Billions sit on legacy DeFi rails everyone knows are inferior. LPs don't migrate because moving alone means an empty pool. Each LP sets their own threshold; the same capital backs multiple destinations. Whatever crosses first takes it.
02
Platform bootstrap
No users without content, no content without users. Intendos let subscribers conditionally pledge their first year's fees. When the threshold crosses, the platform launches pre-subscribed and pre-funded — the cold-start problem, solved in one event.
03
Political commitment
Revealing preferences in a hostile environment is costly. Designated verifiable proofs let intendos spread peer-to-peer with full deniability — verifiable to trusted peers, unprovable to adversaries. The silent majority finds its voice without exposing itself.
04
Composable cascade
Investors sign: "I commit capital if this migration completes." When the migration hunt resolves, the investments fire atomically alongside it. Users migrate, capital deploys, infrastructure appears in one event — a cascade no individual could bootstrap alone.
IVWhy Kaspa — and nothing else

The hunt
runs on
Kaspa

The four axioms impose hard requirements on the settlement layer. Atomicity, opacity, multiplexing, composability — most chains fail at least one. Kaspa satisfies all four at once, through Real-Time Decentralization: each consensus epoch holds a majority of honest blocks, finalized within one internet round-trip. Coordination markets resolve in seconds; the manipulation window approaches zero.

00
Blocks per second, now → target. No other proof-of-work network is within an order of magnitude.
Commitment
Covenants
Conditional spending rules at the base layer — intendo enforcement without trusted intermediaries.
Opacity
ZK Programs
Zero-knowledge programs anchored to L1 keep pack state hidden until the threshold crosses.
Multiplexing
UTXO Model
Covenants let capital back multiple markets at once — impossible on account-based chains.
Resistance
Proof of Work
Zero pre-mine, permissionless PoW. The stag hunt runs on unowned infrastructure.

The internet gave us free speech and constant participation — and almost no capacity to govern itself. What we need is an association layer: the ability for dynamic communities to acquire write permissions to shared state.

Yonatan Sompolinsky — Oxford Union Address — March 2026

Join the
hunt

Building coordination markets on Kaspa? Researching the mechanism? Or just want to talk about turning private intentions into public facts? Send a signal.