A decentralized cloud computing altcoin, Akash Network (AKT), has experienced a significant surge of 44% following the completion of its mainnet upgrade on May 2nd. Currently trading at $5.76, up from approximately $4.00 before the release of its “Mainnet 11” version earlier this month, AKT has also seen a 35% increase in value over the past seven days.
Akash Network is a prominent decentralized open-source cloud network that caters to a wide range of applications, including decentralized finance (DeFi), machine learning, blockchains, and artificial intelligence (AI). The recent upgrade has enhanced the management and tracking of authorized AKT, streamlining the deployment grant process.
According to research conducted by House of Chimera, Akash Network experienced substantial ecosystem growth in the first quarter of the year, generating over $140,000 in revenue. This marks a notable increase from the previous quarters, with only $100,000 in Q4 of 2023 and less than $20,000 in Q3. The firm attributes this growth to the rising interest in DePin and the escalating demand from developers utilizing AKT.
DePin, short for decentralized physical infrastructure, involves leveraging crypto assets and blockchain technology to incentivize the construction of real-world infrastructure. Despite its recent success, AKT remains approximately 29% below its all-time high of $8.07, which was achieved in April 2021, as reported by CoinGecko.
In conclusion, the ongoing advancements in technology and the growing interest in decentralized solutions are driving the success and utility of Akash Network within the crypto industry. Stay updated with the latest developments to maximize your potential in this ever-evolving market.
