Akash Opens One-Way AKT Migration to Solana
Holders can now lock AKT on Cosmos and receive the same amount on Solana, a one-way move that stays open for two years.
Akash Network has started its move off Cosmos. On Nov. 12th, the decentralized compute marketplace opened a portal that locks AKT on its Cosmos chain and mints the same amount as a token on Solana. It's a one-way trip, and the portal stays open for two years. By Friday midday, about 1.8M AKT, roughly 0.6% of supply, had crossed over.
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What's the Scoop?
How it works: Holders deposit AKT into a new module on Akash that locks it, and a Solana program checks a proof of that deposit before minting. No third-party bridge like Wormhole sits in the middle, and relayers cover Solana fees, so you don't need SOL to receive.
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Stakers wait: Staked AKT has to finish its 21-day unbonding before it can move, which is a step back from the one-step flow the governance proposal described. Founder Greg Osuri says staking on Solana won't be live "for a few months." Rewards on the Cosmos chain continue until a later cutover.
Only the token, for now: Holders approved the move on Nov. 2nd, with about 97% of votes cast in favor. Akash's compute marketplace still runs on Cosmos. Moving it takes a separate cutover vote, and the old chain halts 90 days after that.
Exchanges lag: Exchanges will convert customer balances on their own schedules. No major exchange had announced a date as of Friday, and Akash staff say exchange users have nothing to do yet.
Keys and audits: A 2-of-5 multisig with no time lock can currently upgrade the Solana programs, per Akash's own docs. Reports from the two audits Akash promised before launch aren't public yet, and its plan gives them 30 days.
The big picture: Akash joins Helium and Render in folding a DePIN network into Solana, and ZetaChain is set to follow with its own Cosmos exit in December. For holders, though, moving early has a real cost. You give up Cosmos staking rewards with no Solana staking yet. And since the cutover vote happens on the Cosmos chain, AKT you've already migrated won't count in it. With a two-year window, there's no reason to rush.
William M. Peaster
William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he covers the onchain frontier with a particular interest in art, games, and other culture apps. He has a background in creative writing and writes fiction in his free time.
