• Akash Network (AKT) has rolled out the testnet of its Stable Payments feature, allowing traders to settle payments using Circle’s stablecoin, USD Coin (USDC).
• News of the new feature sent AKT skyrocketing, as the digital asset went from a price of $0.577 on August 6th to a peak of $1.17 on August 11th, an increase of over 102%.
• This key feature will enable users to settle deployments in USDC and is part of the upcoming Akash GPU mainnet upgrade.
Under-the-Radar DeFi Altcoin Outpaces Crypto Market
One under-the-radar decentralized finance (DeFi) altcoin is outperforming the overall crypto market this week as it launches a new payments feature. Akash Network (AKT) has rolled out the testnet for its Stable Payments feature which will let traders settle payments using Circle’s stablecoin USD Coin (USDC).
Testnet Rollout Causes Price Surge
News of this new development caused AKT’s price to skyrocket, going from a price of $0.577 on August 6th to a peak of $1.17 on August 11th – an increase of over 102%. At time of writing, it is trading at $1.12.
Collaboration with Overclock Labs and Circle CEO
The collaboration between Akash Network and Overclock Labs was recognized by Circle CEO Jeremy Allaire who described it as a decentralized cloud infrastructure with globally available settlement currency. According to Cheng Wang, CFO of Overclock Labs, adding USDC to Akash Network will help alleviate issues related to only having AKT as payment over the protocol like lack of price stability and difficulty acquiring AKT tokens.
AI Testing Launched in May
In May 2021, Akash Network launched AI testing on its testnet which also sent their token’s prices rising up at that time. The project focuses not just on payments but also machine learning and artificial intelligence (AI).
Final Thoughts
Akash Network’s rollout for its Stable Payments feature has been highly successful so far causing an impressive price surge and drawing attention from major players like Circle CEO Jeremy Allaire. With features for both machine learning/AI development and payments integrated into their platform, they are sure to remain competitive in the DeFi space for some time coming up!