2025 was a year spent perfecting the network for real-world adoption. The Casper team focused on strengthening the network’s foundations, expanding the tools and pathways available to builders, and creating the conditions for real-world and RWA use cases to operate on the network at scale.
We closed the year with a comprehensive Casper X Space, where Casper Association CEO Matt Schaffnit and President and CTO Michael Steuer walked through what was delivered over the past twelve months and how those efforts translate into what lies ahead. From protocol upgrades and ecosystem tooling to new use cases and live product announcements, the session provided a clear snapshot of where Casper stands today and where it is heading.
If you missed the X Space, you can listen to the full recording here.
We prepared a highly detailed recap of the discussion, including the key updates, the live announcement of CSPR.trade, and the community Q&A that wrapped up the year.
Let’s dive in.
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Casper Association CEO Matt Schaffnit opened the final Casper X Space of the year. He framed the session as both a reflection on the past twelve months and a look ahead to what comes next.
Acknowledging the broader macroeconomic and industry-specific headwinds facing the sector, Matt emphasized that 2025 was a year focused on strengthening Casper’s foundations rather than reacting to short-term conditions.
On the technical front, he referenced the Casper 2.0 Mainnet launch in May as a key milestone, delivering an architecture designed for real-world and regulated workloads. He also noted the recent Casper 2.1 release, which further improved network performance by reducing block times and activating the fee-burning mechanism.
Matt also touched on adoption-focused progress, including the liquid staking beta, enabling CSPR holders to earn staking rewards while maintaining liquidity, and the Americorp parking MVP on Testnet, supported by partners such as Stobox.
He emphasized that Casper’s alignment with standards like ACTUS, ERC-3643, and ERC-7943 demonstrates a shift from concept to execution.
Summing up the year and setting expectations for what lies ahead, Matt concluded:
“With the fundamentals now aligned and focused on driving delivery, 2026 is set to be a defining year from a use case perspective.”
He then handed the discussion over to Michael for a deeper dive into the year’s progress and the roadmap ahead.
Casper Association President & CTO Michael Steuer reflected on a year that compressed multiple development cycles into just twelve months.
The scale of development activity across the Casper ecosystem in 2025 was substantial.
Within the core Casper Network repository, the team shipped 2,051 commits and 322,531 net new lines of code, spanning the Casper node and protocol suite. In parallel, the team at MAKE delivered an even broader volume of ecosystem tooling, contributing 15,895 commits and 803,630 net new lines of code across Casper-related projects.
MAKE alone released 184 product updates throughout the year, nearly one for every weekday, led by CSPR.cloud with 32 releases and CSPR.live with 26 releases. Across core engineering and ecosystem tooling combined, more than 1.1 million net new lines of code were shipped in 2025.
The Odra team continued advancing Casper’s smart contract development framework, releasing nine versions over the year and moving Odra from version 1.5 to 2.4.
Security also remained a priority. Casper worked closely with Halborn Security throughout the year, completing nine separate audits, including a comprehensive audit of the Casper 2.0 codebase.
On the community side, Casper closed the year with approximately 219,600 followers on X, 49,000 members in the main Telegram group, and over half a million participants across all seasons of CSPR.fans.
Much of 2025 was defined by the successful delivery of Casper 2.0, the first major protocol upgrade since Mainnet launch. When Michael joined the Casper Association, Casper 2.0 had already been under development for nearly two years. Refocusing the effort, the core engineering team accelerated toward integration and Testnet readiness in early Q1.
Ecosystem partners, particularly MAKE and Odra, played a critical role in ensuring a smooth transition for developers, users, and exchange partners. On May 6, validators activated Casper 2.0 on Mainnet in a live broadcast, completing the upgrade without disruption to applications or exchanges despite significant architectural changes.
Following the Casper 2.0 launch, the team immediately began advancing the next phase of protocol evolution. Work on VM2, leveraging Casper’s multi-execution environment architecture, continued throughout the year. Alongside this, incremental protocol improvements were shipped, culminating in Casper 2.1, which introduced 8-second block times and 100% transaction fee burning on Mainnet.
Governance was another area of tangible progress in 2025. Casper launched its governance forum and introduced on-chain voting, giving network participants a direct role in shaping protocol decisions.
Over the course of the year, the community initiated and completed six on-chain governance votes, all executed transparently and implemented in line with validator consensus. These votes directly informed protocol changes, including the Casper 2.1 upgrade.
While governance processes continue to evolve within regulatory constraints, Casper closed the year with every major protocol decision having been made on-chain by network participants.
In parallel with governance, the community advanced Casper-native standards through the Casper Enhancement Proposal (CEP) process.
Two major standards were adopted in 2025:
Beyond Casper-specific standards, the network expanded its participation in broader industry efforts focused on real-world asset tokenization. Casper became an active member of both the ERC-3643 Alliance and the ERC-7943 Alliance, contributing to interoperable standards for regulated and composable tokenized assets.
Casper also continued alignment efforts with initiatives such as ISO 20022 and ACTUS, reinforcing its positioning for enterprise and real-world financial use cases.
Throughout 2025, MAKE continued its long-standing focus on making Casper approachable for both developers and users.
Across four seasons, CSPR.fans introduced over half a million users to the Casper ecosystem. Season 3 increased the level of on-chain engagement required for participation, reinforcing meaningful interaction with Casper-based applications.
CSPR.click continued to evolve into the primary integration layer for Casper applications. In 2025, it added support for MetaMask, WalletConnect, and, most recently, social logins, enabling users to create self-custodial wallets using existing Web2 credentials. This significantly reduced onboarding friction for non-crypto-native users.
CSPR.click also expanded fiat on- and off-ramp support and introduced a proxy service that allows front-end developers to access authenticated APIs and real-time WebSocket data from CSPR.cloud without maintaining a backend.
CSPR.cloud remained the backbone of indexed and enriched on-chain data across the ecosystem, supporting both first-party and third-party applications. Late in the year, CSPR.cloud introduced a market data API, giving developers access to real-time token price data on Casper.
All of these resources are now centralized at CSPR.build, a new developer portal designed to streamline onboarding and rapid application development.
In 2025, CSPR.live underwent a major redesign, reframing blockchain exploration through natural-language narratives rather than dense tables of hashes. Network activity is now presented as human-readable stories, making on-chain behavior more accessible to a broader audience.
The launch of CSPR.name introduced human-readable .cspr domain names across the ecosystem. Later in the year, domains became fully tradable via CSPR.market, which also received an architectural overhaul to support Casper 2.0, CEP-95 NFTs, and Odra-based smart contracts.
Michael also introduced CSPR.guru, a Casper-native prediction market built personally using Odra, CSPR.design, CSPR.click, and CSPR.cloud. The project served as a practical validation of Casper’s developer tooling and is currently available on Testnet, with a Mainnet release planned for early 2026.
Casper Hackathon 2026 attracted over 300 registered teams within its first month. Projects already span areas such as zero-knowledge proofs, perpetual trading, gaming, and staking.
Sponsors include Halborn Security, NowNodes, NodeOps, and ChainGPT.
Community participation plays a decisive role through on-chain voting via CSPR.fans, where FAN tokens earned through ecosystem engagement are used to support projects across multiple hackathon phases.
As a holiday initiative, Michael announced that participants completing at least four tasks and sending 800 FAN tokens to projects would be eligible to claim a free fans.cspr subdomain.
Casper expanded and deepened several strategic partnerships throughout 2025.
The MVP for parking transparency and auditability is nearing completion, with on-chain components already live on Testnet and initial market rollouts targeted for January.
After reflecting on the year, Michael closed his remarks with a forward-looking announcement.
He announced the Testnet launch of CSPR.trade, a Casper-native decentralized exchange built by Odra and MAKE. The DEX follows a Uniswap V2-style AMM model and has undergone a full security audit by Halborn, with the audit report being published alongside the launch.
“We know that decentralized trading on Casper Network has been a pain point recently, and we are excited to solve this once and for all.”
CSPR.trade is available on Testnet and includes a wide range of assets, including CSPR, wrapped CSPR, sCSPR, simulated bridged tokens, stablecoins, and derivatives from CasperDelta. The beta will run through the holidays, and analytics features are planned for January.
Mainnet launch is targeted for January 2026, alongside the Mainnet release of WiseLending’s liquid staking, establishing a complete DeFi foundation for Casper.
“This is your opportunity to assist in the future of DeFi on Casper Network,” said Michael, inviting the Casper community to test Casper’s new DEX.
Following his updates and the live announcement of CSPR.trade, Michael addressed questions from the community.
Q: What is the roadmap for 2026?
A: On the core network side, there are still items to complete, including the new Virtual Machine and further optimizations to increase block speed and overall performance. However, now that Casper 2.1 is live and most foundational protocol work has been delivered, the main focus for 2026 shifts to adoption and real-world use cases. Resource allocation will be centered on driving usage across areas like DeFi and RWAs.
Q: What is Casper doing to increase the chances of listings on top centralized exchanges?
A: Over the past 12 months, Casper has added several new exchanges. The Casper Association is in ongoing contact with major exchanges and always has been. In full transparency, one of the large exchanges appears likely in the foreseeable future.
Q: When will the Americorp parking market actually move on-chain?
A: The MVP for the parking use case is scheduled to go live in January. Further rollouts will follow from there, and tokenization efforts are already underway. The rollout timeline and structure were covered in the earlier overview.
Q: Can you explain the Stobox partnership and whether Americorp is still involved?
A: Americorp remains fully in play. The Stobox partnership focuses on the tokenization of real-world assets, including parking assets. Parking assets are underpinned by real estate, generate predictable cash flows, and currently lack access to liquid markets. Tokenization addresses real pain points for both asset owners and investors in a way that is far more meaningful than tokenizing already liquid instruments like treasury bills.
Q: When will parking transactions start appearing on Mainnet?
A: The on-chain portion of the solution has already been completed and is being tested. Initial production rollouts are expected to begin in January, with broader visibility and expansion following as integrations come online.
Q: Why hasn’t the delegated assembly member model been implemented yet?
A: The effort required to implement this within the Swiss regulatory environment was underestimated. The intention has always been to ensure the delegated assembly member model has real legal standing, not a superficial implementation. Work is ongoing with legal counsel and regulators, but it was not possible to complete this within the originally hoped timeframe.
Q: Can you clarify the role and timeline of the native DEX?
A: CSPR.trade is live on Testnet starting today. Details on access and testing will be shared immediately through official channels. The DEX has been fully audited by Halborn and is production-ready. After the holiday break, it will launch on Mainnet. This is not an experimental beta, but a finalized product undergoing community testing and feedback ahead of Mainnet deployment.
And that was a wrap for not only this X Space, but also for 2025, closing a chapter focused on preparation and opening the new one centered on real-world execution.
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