Akash Announces First AKT Token DEX Listing on Osmosis
“We’re excited to have Akash Network be one of the first launch partners 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.”
Sunny Aggarwal, Co-founder of Osmosis
It’s been an eventful month at Akash. We announced that we partnered with Helium Network, the largest peer-to-peer wireless internet-of-things (IoT) network, to provide a decentralized, open-source, and low-cost cloud alternative for Helium’s new blockchain validators.
We also welcomed the NBA’s Houston Rockets owner Tilman Fertitta to Akash Network as an investor and validator. Fertitta, an early Bitcoin supporter, has a track record of leveraging emerging technology and is working towards migrating his business empire’s cloud computing needs to Akash DeCloud.
With deployments on Akash increasing over 20% week on week, the need to expand access to AKT for our users has never been greater. As the primary method of settlement for compute on the Akash decentralized cloud, AKT is the utility token that enables the frictionless buying and selling of compute.
As the demand for AKT increases with network usage, one of our primary goals is to unlock Akash Network’s acceleration and expand global access to AKT without arbitrary access restrictions; the decentralized cloud requires decentralized access.
Wider Global Access to AKT
So it’s with great excitement that we announce our very first decentralized exchange listing of AKT on Osmosis shortly after the Osmosis Mainnet launch this Saturday, June 19th.
We’re also thrilled to be hosting Osmosis applications and API-serving nodes on Akash’s decentralized cloud.
With Osmosis, any developer or AKT buyer can now access AKT in a permissionless and frictionless way, from anywhere in the world. All that’s needed are a few things: your Keplr wallet, a Cosmos ecosystem token starting with ATOM, a computer, and Internet access.
For holders of AKT the ATOM<>AKT pool will also feature lucrative incentives for liquidity providers on Osmosis. Early liquidity providers receive a larger proportion of rewards in both OSMO and AKT.
For the Cosmos superfan and humble farmers, this is the start of IBC’s potential being realized. For the first time, Osmosis users will be able to directly swap ATOMs for AKT, and bring Cosmos’s fully interoperable ecosystem to life.
Akash Network’s main goal is to increase access to lower cost, scalable, and developer friendly cloud compute in an open-source and permissionless environment. Listing AKT on a DEX aligns fundamentally with our ethos and vision for a decentralized future.
What is Osmosis?
Osmosis is an automated market maker (AMM) protocol built for liquidity providers. With Osmosis, users are able to swap cross-chain assets within the Cosmos ecosystem and provide liquidity for IBC-enabled Cosmos assets like AKT and ATOM for the first time while earning OSMO and AKT rewards.
Why Participate in Osmosis?
User experience is critical to the success of any trading protocol and one of the biggest obstacles in creating a consistent and reliable trading experience is short-term mercenary farming where liquidity providers quickly add and remove liquidity to pursue the best yields. With that in mind, Osmosis has leveraged two novel devices to encourage long term liquidity: Bonded liquidity Gauges and Exit fees (a fee LPs pay when withdrawing liquidity from a pool).
45% of daily issuance of OSMO rewards will go towards incentivizing liquidity providers to bond their LP tokens to promote long-term liquidity on Osmosis’ AMM. Osmosis users can also choose to bond their LP tokens after providing liquidity. Similar to OSMO staking, LP tokens remain bonded for a certain length of time, except users are allowed to choose the length of their own unbonding period. Staking requires a two-week unbonding period.
To further promote ‘long-lasting incentive programs’, the Osmosis team has enabled external incentives by outside parties to supplement Osmosis’ own liquidity programs. This provides Akash Network’s team the capability and flexibility to incentivize with additional rewards for bonding gauges that promote the overall health and liquidity of pools that include AKT, such as our initial AKT/ATOMs, or potential future pools within the Cosmos ecosystem, like Terra’s $Luna, Binance’s $BNB, or Thorchains $Rune.
For a deeper dive into bonded liquidity gauges and other features that make Osmosis so unique, read Osmosis’ Liquidity Mining 101.
Osmosis AKT Timeline
Osmosis Chain Launch: June 18th 5PM UTC
Osmosis Public Launch: June 19th 5PM UTC
AKT LP Rewards turned on: Earliest on June 21st
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