The Akash Token (AKT) is the utility token that powers Akash Network. It’s the primary method of settlement that enables users to buy and sell compute. As network usage increases, so does the demand for AKT.
Last month, we announced our first DEX listing on Osmosis. This allowed users to pair Cosmos native coin, ATOM, one of the most widely available tokens in the world, to AKT. By enabling ATOM holders with the ability to swap their ATOM for AKT, users worldwide can now enjoy access to AKT while benefiting from the incentives from the liquidity pool. Osmosis was a huge success with over $100-million in Total Locked Value in its first month.
Today, we’re excited to announce AKT is now supported on a second decentralized exchange, Emeris. A portal to cross-chain DeFi, Emeris is connected to Gravity DEX, the first cross-chain DeFi protocol on the Cosmos Hub.
“Emeris delivers an amazing experience that abstracts incredible complexity with cross-chain DeFi — a true portal for DeFi — powered by the Gravity DEX,” said Greg Osuri, CEO of Akash Network. “The protocol makes it substantially easier and cheaper to discover and purchase AKT as well as other tokens from a wide variety of Cosmos projects that historically have been harder to access. We’re proud to be one of the first available assets on the platform.”
With Gravity DEX, blockchain developers can list their tokens and avoid regulatory restrictions and excessive listing fees from centralized exchanges. This makes it substantially easier to discover and purchase tokens from a wide variety of Cosmos projects that historically have been harder to access.
“Just as Emeris intends to revolutionize DeFi with its cross-chain capabilities, Akash Network is a real disruptor of the cloud computing market. We’re proud to have such an innovative project as one of our first supported chains, and to open its AKT token to a larger audience,” said Sane Lebrun, VP of Growth at Tendermint.
What Makes Gravity DEX Unique?
Gravity DEX has three main characteristics that differentiate it from other decentralized exchanges.
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It leverages both an Automated Market Maker (AMM) model and an orderbook system.
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Improves price consistency through the use of an Equivalent Swap Price Model (ESPM) instead of a Constant Product Market Maker (CPMM).
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To remove the possibility of front-running, making trading fairer, it handles orders in batches (per block) instead of serial order.
With Gravity DEX, users will have access to a cross-chain decentralized exchange with lower transaction fees ($0.01 - $.10). If you’ve used Uniswap, you know what a massive difference that is.
Two issues users experience when swapping on Ethereum based DEX’s, like Uniswap, are unsustainably high fees and slippage which causes inconsistencies in token prices. Gravity DEX solves this problem by using the ESPM instead. ESPM lands on the latest swap price which ensures that the price users see is the price they get.
Gravity DEX also uses batch execution to eliminate front-running and price manipulation. Instead of sequential order execution, orders in the same block are processed simultaneously and treated equally. This eliminates the possibility of front running by paying higher gas fees.
What’s to Come?
Some of Gravity DEX’s most exciting features including Gravity bridge and Staking Derivatives are scheduled to launch later this year.
Blockchain ecosystems have historically been siloed from each other. Gravity bridge will enable cross-chain transfers between the Cosmos Hub and Ethereum, unlocking an unprecedented transfer of value between the Ethereum and Cosmos ecosystems.
Typically, when you stake tokens they’re locked up and can’t be used for other purposes. Now with Staking derivatives, users will be able to assume long or short positions on the unearned portion of block rewards using their staked tokens. Read this for more on staking derivatives.
Gravity Dex is one of Cosmos’ flagship products and we’re extremely excited for AKT to be one of the first tokens listed at its launch. Click here to try Emeris and here to learn more about the Gravity DEX protocol.
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