Akash Network (AKT), a cloud-focused decentralized finance (DeFi) protocol, has recently launched the testnet of its Stable Payments feature. This new feature enables traders to settle payments using Circle’s stablecoin, USD Coin (USDC). The announcement from Akash Network’s creators, Overclocked Labs, stated that the Stable Payments feature has successfully passed initial testing and is now live on the public testnet. It will be included as part of the upcoming Akash GPU (Graphics Processing Unit) mainnet upgrade.
The introduction of this new feature has had a significant impact on the price of AKT. Prior to the announcement, the digital asset was trading at $0.577 on August 6th. However, following the news, the price surged to a peak of $1.17 on August 11th, representing a remarkable increase of over 102%. At the time of writing, AKT is trading at $1.12.
Circle CEO Jeremy Allaire expressed his support for the collaboration between Akash Network and Circle, describing it as a decentralized cloud infrastructure with globally available settlement currency. This partnership aims to enhance the overall ecosystem by providing a stable and widely accepted form of payment for Akash Network users.
Cheng Wang, the CFO of Overclock Labs, emphasized the benefits of adding USDC to Akash Network. Wang explained that this integration helps address the issues associated with AKT being the only supported form of payment on the protocol. These issues include price stability and the process users have to go through to acquire AKT. The availability of USDC as a settlement currency will provide greater flexibility and accessibility for users of Akash Network.
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In addition to its focus on decentralized finance, Akash Network also prioritizes machine learning and artificial intelligence (AI). In May, the project launched AI testing on its testnet, resulting in a significant price increase of the AKT cryptocurrency. The combination of DeFi, cloud-focused solutions, and AI testing demonstrates the project’s commitment to innovation and advancing the blockchain industry.
Akash Network’s recent developments have garnered attention and contributed to its success in the cryptocurrency market. The project’s ability to deliver new features and partnerships demonstrates its potential to be a leading player in the DeFi space. As the ecosystem continues to evolve and expand, Akash Network’s innovative solutions and commitment to improving user experience position it for continued growth.
It is important to note that investing in cryptocurrencies, including AKT, carries inherent risks. Investors should conduct thorough research and exercise caution before making any high-risk investments. The Daily Hodl provides information and news on the cryptocurrency market and does not offer investment advice. It is recommended to seek professional guidance when making financial decisions related to Bitcoin, cryptocurrency, or digital assets.
In conclusion, Akash Network’s launch of the Stable Payments feature on its testnet has attracted significant attention and contributed to the growth of the AKT cryptocurrency. The partnership with Circle and the inclusion of USD Coin as a settlement currency address the challenges associated with payment stability and accessibility. Akash Network’s focus on DeFi, cloud-focused solutions, and AI testing showcase its commitment to innovation and its potential to be a key player in the industry. With continued developments and improvements, Akash Network is poised for further success in the decentralized finance market.
