Akash Team Migrates to Solana, AKT to Become Native Token

The core team of Akash Network has selected Solana as the migration target, planning to leave the Cosmos sovereign chain akashnet-2 and rebuild the computing power market as a native program on the Solana mainnet, with AKT becoming the native token of Solana. The core team will submit a migration proposal on akashnet-2, which must achieve a quorum of 33.4% and a majority approval to pass. Two weeks after the proposal is approved, and following the completion of two independent audits, AKT will be issued on Solana in the form of SPL tokens, while a two-year one-way migration portal will be opened, allowing AKT to migrate at a 1:1 ratio, with code and decimal places unchanged, and total supply remaining the same. The exact switch date has yet to be determined and will be decided by a separate governance vote after the audits and migration rehearsals are completed; after the switch, existing workloads will continue to run for 90 days, after which the old chain will cease operations. Staking rewards will end at the time of the switch, and the roles and income of validators will end when the old chain stops. Reasons for choosing Solana include the elimination of costs associated with maintaining a sovereign chain, low transaction costs, and Solana's liquidity and user scale.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.