- Akash Network (AKT), a decentralized cloud computing altcoin, has seen a 44% surge since its mainnet upgrade on May 2nd.
- The 73rd-ranked crypto asset by market cap is also up nearly 35% in the past seven days alone.
- Despite its recent gains, AKT remains nearly 29% down from its all-time high of $8.07, which it set in April 2021, according to CoinGecko.
Following a successful mainnet upgrade, Akash Network (AKT) records a significant surge in value, showcasing the potential of decentralized cloud computing in the crypto market.
Akash Network’s Mainnet 11 Upgrade
Akash Network is a decentralized open-source cloud network that supports decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains and artificial intelligence (AI). The project recently completed a mainnet upgrade, dubbed “Mainnet 11”, which has led to a significant surge in the value of its native token, AKT. The upgrade improved the management and tracking of authorized AKT and simplified the grant process for deployments.
Surge in Ecosystem Growth
According to House of Chimera, a blockchain research firm, Akash Network witnessed a surge in ecosystem growth in the first quarter of the year, logging more than $140,000 in revenue in Q1, compared to $100,000 in Q4 of 2023 and less than $20,000 in Q3. The firm attributes this growth to increasing interest in DePin, coupled with growing developer demand, resulting in higher usage of AKT. DePIN projects involve the use of crypto assets and blockchain technology to incentivize the building of real-world infrastructure.
Conclusion
Despite its recent gains, AKT remains nearly 29% down from its all-time high of $8.07, which it set in April 2021, according to CoinGecko. However, the recent surge following the mainnet upgrade showcases the potential of decentralized cloud computing in the crypto market, and the growing interest in DePin projects indicates a promising future for Akash Network.
