Akash Network (AKT) skyrockets after completing Mainnet 11 upgrade

This DePin Token has increased by 44% since completing the mainnet upgrade on May 2.

Akash Network (AKT) is trading at 5.5 USD at the time of writing, up from around 4 USD before launching “Mainnet 11” earlier this month.

Crypto Assets ranked 73rd by market capitalization is also up nearly 35% in just the past seven days.

Akash Marketplace runs on Akash, a Tendermint-based blockchain built using the Cosmos SDK. Akash relies on Delegated Proof of Stakes (DPoS) consensus mechanism. The network is secured by a team of validators responsible for creating blocks and processing transactions and state changes. To run validator nodes, users must meet the node’s hardware bridge and stake AKT.

The project says the new upgrade has improved management and tracking of authorized AKT, while simplifying the deployment authorization process.

House of Chimera, a blockchain research firm, noted that Akash Network saw a spike in ecosystem growth in the first quarter of the year, reaching revenue of more than 140,000 USD in Q1, compared to 100,000 USD in Q4 2023 and less than 20,000 USD in Q3.

The company explains, “The growing interest in DePin, coupled with growing developer bridge, leads to greater use of AKT.”

According to CoinGecko, despite the recent gains, AKT is still nearly 29% fall from its all-time high of 8.07 USD set in April 2021, AKT has risen as much as 2,200% over a 1-year period, a respectable increase even during a downtrend.

What is DePIN?

DePIN (Decentralized Physical Infrastructure Networks) is a concept in the field of blockchain and cryptocurrency, referring to the construction and development of decentralized physical infrastructure networks.

Decentralized (Decentralization): DePIN focuses on building physical infrastructures that are not controlled by a single organization or individual. Instead, it uses a decentralized model in which multiple entities operate simultaneously to validate and maintain the network.

Physical Infrastructure: DePIN focuses on building and maintaining physical elements such as servers, nodes, and network systems to support the operation of blockchain and cryptocurrency applications.

Networks: DePIN typically consists of a network of nodes that are distributed across multiple locations and do not have a single point of control. These network nodes work together to confirm transactions and maintain the transparency and security of the network.

DePIN is seen as an important part of the development of the blockchain and cryptocurrency ecosystem, as it enhances the sustainability, security, and decentralization of these systems.

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