Akash Network's Utility Token (AKT) Pairs with Cosmos Native Coin (ATOM) Ahead of Osmosis Launch

Akash Network's Utility Token (AKT) Pairs with Cosmos Native Coin (ATOM) Ahead of Osmosis Launch

Enabling Users Anywhere Access to AKT and Earn Rewards for Liquidity Provisioning

Akash Network, the open-source cloud also known as Airbnb for cloud computing, today announced Akash Token (AKT) and Cosmos (ATOM) will be the first pair available on Osmosis, an automated market maker (AMM) protocol built for liquidity providers, allowing users to earn rewards for providing liquidity.

Starting this Saturday, June 19th, 2021, users will be able to pair Cosmos native coin, atom (ATOM), one of the most widely available tokens in the world, to AKT, significantly increasing access to Akash's utility token. Enabling ATOM holders with the ability to swap their ATOM for AKT, increases the incentives to buy and hold AKT by incentivizing liquidity pools with OSMO tokens for offering their AKT to the pool.

"The AKT-ATOM pair enables borderless access to AKT," said Greg Osuri, CEO of Akash Network. "Users worldwide can now enjoy access to AKT, the native token of the world's first open cloud, in a permissionless and secure way."

Over time, the largest allocation of OSMO tokens is set aside for liquidity incentives to reward liquidity providers for their contributions and to give them an ownership stake in the future of the protocol. Launching with 7 chains including Akash Network, Cosmos, Regent, IRIS, Sentinel, and Persistence, AKT will be the first tradable asset in the Cosmos ecosystem to be available on Osmosis upon its launch.

"We're excited to have Akash Network be one of the first launch partners of Osmosis," said Sunny Aggarwal, Co-founder of Osmosis. "Akash Network enables a new generation of resilient, decentralized internet infrastructure to be built, and Osmosis provides a gateway for anyone to take part in this decentralized economy. For Osmosis to be a truly decentralized exchange, we need to be built on a decentralized infrastructure. Osmosis will be a proud user of Akash infrastructure to host our applications and API-serving nodes."

Powering high-growth industries including blockchain and machine learning, AKT is Akash's native utility token and is used as the primary means to govern and secure the blockchain and provide a default mechanism to store and exchange value. Currently, AKT has ~48% APR staking rewards and ~84% bonding rate.

For media inquiries, please contact Kelsey Ruiz at (916) 412-8709 or kelsey(at)akash(dot)network.

About Akash Network:

Akash Network, the world's first decentralized and open-source cloud, accelerates deployment, scale, efficiency, and price performance for high-growth industries like blockchain and machine learning/AI. Known as the "Airbnb for Cloud Compute", Akash Network provides a fast, efficient and low-cost application deployment solution. Developers leveraging Akash Network can access cloud computing at up to three times less than the cost of centralized cloud providers like Amazon Web Services, Google Cloud and Microsoft Azure. Utilizing containerization and open-source technology, Akash Network leverages 85% of underutilized cloud capacity in 8.4 million global data centers, enabling anyone to buy and sell cloud computing. For more information visit: https://akash.network/.

Publication date: 
06/17/2021 - 17:30
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