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Altcoins

DeFi Altcoin’s New Payment Feature Makes Waves

DeFi Altcoin’s New Payment Feature Makes Waves

An emerging decentralized finance (DeFi) altcoin has displayed impressive performance compared to the broader cryptocurrency market this week, driven by the introduction of a novel testnet feature.

In a recent announcement, Akash Network (AKT), a DeFi protocol with a focus on cloud technology, revealed the deployment of its Stable Payments feature on the testnet.

This innovative addition allows traders to settle transactions utilizing USD Coin (USDC), a stablecoin issued by Circle.

As explained by the creators of Akash Network, Overclocked Labs, the initial testing phase of Stable Payments has been successfully completed. This pivotal component of AKT 2.0 empowers users to finalize their deployments using USDC.

The feature is live on the public testnet and will be integrated into the forthcoming Akash GPU (Graphics Processing Unit) mainnet upgrade.

Following the news of this advancement, AKT’s valuation experienced a remarkable surge, propelling the digital asset’s price from $0.577 on August 6th to a peak of $1.17 on August 11th, marking a notable increase of over 102%. At the time of composing this text, the altcoin is actively trading at $1.12.


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Circle’s CEO, Jeremy Allaire, acknowledged the collaboration with Akash Network, characterizing the partnership as an alliance between a decentralized cloud infrastructure and a globally accessible settlement currency.

Cheng Wang, the CFO of Overclock Labs, emphasized that the addition of USDC to the Akash Network addresses challenges tied to relying solely on AKT as the exclusive supported payment method across the protocol. Wang pointed out issues such as price instability and the complexities involved in acquiring AKT.

It’s worth noting that AKT, which also concentrates on machine learning and artificial intelligence (AI), initiated AI testing on its testnet in May. This initiative similarly contributed to a rise in the cryptocurrency’s value at that time.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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