Exactly 2 weeks ago I started accumulating $AKT (Akash Network) tokens by purchasing them from BitMax under the AKT/USDT pair. Currently, there are 3 exchanges that listed $AKT these are BitMax, BitMart, & Bithumb Global. All exchanges only offer the USDT pairing as well. Among the exchanges, BitMax has the most daily volume which is currently at $1.40 million. On top of that, it is the one with the least withdrawal fee, it is about 0.1 $AKT. It's not bad and so it is the exchange that I'm currently using to buy $AKT tokens.
What is Akash Network?
Akash is the world's first decentralized cloud computing marketplace, and the DeCloud for Defi.
This is a project that aims to disrupt the cloud compute industry which is dominated by AWS, Microsoft Azure, Google Cloud & Alibaba Cloud.
The Akash Network is part of the Cosmos Hub where multiple other blockchains are interconnected. Some would call it "the blockchain club".
How to earn $AKT?
Currently, the only way to earn $AKT is by staking. There are 3 options to stake your tokens: Cosmostation & Keplr
Cosmostation: Web link
Keplr: Google Chrome Extension link
I'm currently using Keplr because of its familiar look. There is a similarity to Metamask & Keychain. Cosmostation is a little confusing for me since it hosts all of the other $tokens that have to stake feature as well.
BitMax
Another option is by staking it through BitMax Staking program
Web link: https://bitmax.io/en/staking/investment-product
Here's the thing about staking tokens in an exchange, you don't really hold your tokens. It's under their custody and if you are not comfortable with that then it's better to go for the first 2 options that I mentioned above.
Then why mention BitMax as an option? It's worth mentioning for 1 (one) reason... the Instant Unbonding feature.
Currently, unstaking of $AKT requires 21 days before it can be undelegated or become liquid for withdrawal. However, the instant unbonding feature of BitMax comes at a price. It will charge 5% which is quite costly if you ask me.
So, check your math before choosing any of these staking options.
My 2 weeks $AKT staking journey
Now, here's the fun part (at least in my case).
The $AKT token started trading in exchanges on 16th Oct 2020, about 3 months ago. The price started at $0.40 and then gradually increase to about $0.45 after a month. A month later it reached the $0.94 price level. And then after another month, it reached the $1.29 price level.
As you can see, it's been a continuous uptrend since it started trading 3 months ago. That's how the demand grows in a short period of time. It's not the typical token pump & dump scheme that you see with other tokens. It's a relatively smooth sailing journey.
I started accumulating my $AKT tokens on the 5th of January 2021. I'm a little late for the party but not quite. In fact, I feel like we are still at the early accumulation phase of $AKT.
Have a look at what WalletInvestor have to say about the price forecast of $AKT in a year and for the next 5 years.
Indeed, it's a good indication to be bullish at this early time of Akash.
Note: The mentioned prices are predictions only. They are not definitive. DYOR about this.
I just use the WaletInvestor site to get a glimpse of the possibilities for the token market trend.
Anyway, I bought my first set of tokens at the $0.73/AKT token. And then bulk up more on the $0.85 to the $1 price level. Most of my token holdings were bought from the $0.80 to $0.90 price range.
With the current price of $AKT I have gained a total of 149% growth in dollar value. It is amazing to think that I gained it in a span of 2 weeks only!
It almost makes me feel that I should take my profit from this investment. However, something kicks in that made me realize to keep staking my tokens for a year or more.
The Staking Rewards
Currently, it's 54% staking rewards...
At this early phase of $AKT staking, the rewards are still lucrative and it's the best time to accumulate more of these tokens passively.
The Akash Team is also developing the network and scheduled to release the Mainnet 2 this coming February 2021. What this means is that the Cloud Compute Marketplace will be launched.
What's the big deal about the marketplace? It's where the buy & sell of cloud computing services will take place. The Akash network will take 20% of the transaction fees to be redistributed to the staked token holders.
As you stake $AKT tokens, you will be receiving 2 kinds of rewards, the tokens from the inflation and the dividends from the transaction fees. That's the ultimate price for accumulating & staking $AKT tokens at this early stage.
Stake & compound is the ultimate plan until I start receiving dividends.
Cloud computing is a huge industry and it is growing as we speak. If the Akash network can penetrate 1% of the total cloud computing revenue, every $AKT token that you stake will earn you about $7.40 as a dividend only in a span of a year!
That's my ultimate goal for investing in $AKT and not just the immediate profit on hand.
Anyway, if you decided to join in the fun... please do your own research. What I talk about in this post is not financial advice.
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Good to see you taking the plunge into this. I still couldn't get the courage to get into it and waiting for a good dip but seems it won't happen soon. Your post has renewed my excitement towards AKT! Let's see, if I can get some, (I felt I'm too late for it).
I was really hoping for a dip as well... but looking at how the price trend, it's unlikely that it will dip in the near future. The price has been steadily rising in the past 3 months.
It's only a month or less before the release of Mainnet 2 and I feel that it will create more hype for the project.
A famous youtuber also mentioned AKT in his video which is one of the reasons why AKT is attracting more attention.
I'm still observing and learning more about it, so please don't take my words as a basis if you ever decide to invest in Akash ;)