Akash Network (AKT) is a decentralized cloud computing marketplace that lets users buy and sell compute resources, including GPUs, without relying on a centralized provider. It runs on Akash, its own Cosmos SDK application-specific blockchain secured by CometBFT consensus; AKT is not an ERC-20 or SPL token. Providers list spare compute capacity and tenants pay for deployments in AKT or IBC-enabled currencies through an open marketplace rather than fixed hyperscaler pricing. As of 2026-09-01, AKT carries a market capitalization of approximately $152.4 million.
Akash ties token value directly to network usage through its Burn-Mint Equilibrium (BME) mechanism, which automatically buys and burns AKT when tenants purchase compute. Reported figures put monthly compute spend near $3.36 million, with roughly $0.85 of every dollar spent converting into AKT burns, equal to about 2.1 million AKT burned per month. This usage-linked burn differentiates Akash from centralized clouds and other decentralized-compute networks that lack a comparable demand mechanism, positioning AKT within the broader decentralized AI-compute sector.
AKT functions as both a utility and governance token. Holders use AKT to pay for compute deployments on the Akash marketplace (or via IBC-enabled currencies), stake AKT with validators to help secure the chain and earn staking rewards, and vote on-chain on governance proposals directly or through their validator's delegated vote. AKT is also consumed through the Burn-Mint Equilibrium mechanism, which burns tokens tied to compute purchases, linking everyday network usage to token holder participation beyond passive staking or voting.
As of 2026-09-01, AKT has a circulating supply of approximately 297.34 million tokens, a total supply of about 297.37 million, and a maximum supply of 388.539 million AKT. Market capitalization stands near $152.4 million.
Akash Network's development began around March 2018, but AKT's public launch came later through fundraising rounds rather than at founding. A seed round raised approximately $2 million in March 2020, led by Digital Asset Capital Management. AKT's public ICO ran through 2020, concluding October 15, 2020 at a price of $0.7673 per token and raising approximately $800,000, with investors including D1 Ventures and Goldfingr. Combined funding across both 2020 rounds totaled approximately $2.8 million.
Akash Network runs on its own Cosmos SDK application-specific blockchain, using CometBFT (Tendermint-style Byzantine Fault Tolerant) consensus with a Delegated Proof-of-Stake validator set. AKT holders delegate tokens to validators, who produce and validate blocks and secure the network. As of an October 14, 2025 upgrade, Akash runs on Cosmos SDK v0.53 combined with CometBFT. AKT is a native chain asset rather than a token deployed on another chain, so it has no ERC-20 or SPL contract address.
Akash Network was founded around March 2018 by Overclock Labs. Named co-founders are Greg Osuri (Founder and CEO of Overclock Labs) and Adam Bozanich (CTO). Other named leadership includes Bassel "Boz" Menzalji (COO) and Chanda Dharap (VP of Engineering). Greg Osuri testified before a U.S. House committee on May 21, 2025, on behalf of Overclock Labs regarding Akash Network, reflecting some engagement with U.S. policymakers.
Akash Network is developed and stewarded by Overclock Labs, Inc., a Delaware entity originally registered as Ovrclk Inc. in June 2015 and headquartered in San Francisco, California. Overclock Labs describes its mission as building tools, protocols, and infrastructure to make foundational elements of the internet open, decentralized, and simple, and it continues to lead core development of the Akash protocol under an open-source model.
Akash Network is governed on-chain through the Cosmos SDK x/gov module. AKT holders vote on proposals directly or through their validator's delegated vote, and a proposal requires a 1,000 AKT deposit to advance to a vote; the deposit is returned unless the result is "no with veto." More than 300 on-chain governance proposals have been submitted to date, including Proposal #224, which added deployment settlement in IBC-enabled currencies and passed with 98.83% approval.
In 2026, Akash rolled out its Burn-Mint Equilibrium tokenomics upgrade, described as its most significant tokenomics change since launch. The network also announced integration of NVIDIA Blackwell B200/B300 GPUs for on-chain AI training and inference, shipped its Reserved Instance Marketplace (AEP-44) in August 2026 for AWS-style reserved compute pricing, and launched Akash Homenode, letting consumer and prosumer GPU owners monetize idle hardware. Akash also published a Q1 2026 report and a 2026 roadmap outlining these initiatives.
No confirmed third-party smart-contract or protocol security audit from firms such as CertiK, Halborn, or Trail of Bits has been identified for Akash Network. CertiK's Skynet product assigns Akash a monitoring score of 83.83 ("A" rating), but this is an automated scoring tool rather than a completed audit engagement, and Akash has not been audited by CertiK. No active bug bounty program has been confirmed. Some analyses describe AKT holder concentration among top wallets as high, though precise on-chain figures were not independently verified.