Decentralized Finance (DeFi) altcoin Akash Network, known for its cloud-focused protocol, has recently launched the testnet of its Stable Payments feature. This new feature allows traders to settle payments using USD Coin (USDC), a stablecoin issued by Circle. The announcement by Akash Network creators, Overclocked Labs, revealed that the Stable Payments feature successfully passed initial testing and is now live on the public testnet. It will be incorporated 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 the Akash Network’s native digital asset, AKT. Since August 6th, the price of AKT has surged from $0.577 to reach a peak of $1.17 on August 11th, marking a remarkable increase of over 102%. At the time of writing, AKT is trading at $1.12.
Circle CEO Jeremy Allaire expressed his enthusiasm for the collaboration with Akash Network, highlighting the partnership as a decentralized cloud infrastructure providing globally available settlement currency. Cheng Wang, CFO of Overclock Labs, emphasized that incorporating USDC into Akash Network will address issues related to AKT being the sole supported form of payment on the platform. This includes concerns about price stability and the complexity users face when acquiring AKT.
In addition to launching the Stable Payments feature, Akash Network has also been focusing on machine learning and artificial intelligence (AI). In May, they introduced AI testing on their testnet, which led to a surge in the value of the AKT token.
With the introduction of new features and its growing emphasis on machine learning and AI, Akash Network aims to establish itself as a prominent player in the DeFi space. By offering the ability to settle payments using stablecoins like USDC, the platform is tapping into the demand for stability and ease of use within the rapidly expanding decentralized finance ecosystem.
As the crypto market continues to evolve, projects like Akash Network are positioning themselves to meet the changing needs of users and provide innovative solutions. The recent price surge demonstrates the market’s positive response to the introduction of the Stable Payments feature, indicating strong potential for Akash Network’s future growth and adoption.
Please note that investing in cryptocurrencies involves risks, and it is important to conduct thorough research and seek professional advice before making any investment decisions.
