Akash, a decentralized cloud‑computing marketplace, has submitted Proposal 346 to migrate its AKT token and marketplace from its sovereign Cosmos chain to Solana. The proposal is still in voting as of November 2, with a deadline of 15:02:58 UTC on the same day.
Key elements of the migration plan
The migration would occur in several stages:
- Approval of the migration and launch of a one‑way token portal.
- Launch of an SPL version of AKT on Solana two to three weeks after the vote, pending token and portal audits.
- Separate cut‑over of the marketplace after its own audits and a distinct proposal.
During the cut‑over, inflation‑funded staking rewards on the current chain would cease. Validator roles and associated income would end 90 days later, when the old chain is halted.
Staking income and new token issuance
The proposal separates the end of existing staking rewards from future AKT issuance. New AKT would be minted for provider incentives and the community treasury, but the exact emission curve, decay rate, and hard‑cap remain undefined in the draft.
Holder balances would be exchanged on a 1:1 basis (old AKT for SPL AKT), preserving the token amount but not the income attached to staking. The draft includes a cumulative incentive‑emissions cap that cannot be raised by governance once set, and a timelock mechanism that allows a guardian to pause emissions.
Compute credits and supply considerations
Akash’s roadmap describes ACT, a non‑transferable compute credit, whose funding could involve burning AKT from circulation and, if needed, minting additional AKT to cover shortfalls. However, the proposed Solana design states that ACT redemption will be paid from a vault collateral and explicitly forbids minting new AKT under the burn‑mint‑equilibrium model.
The migration portal would remain open for two years, after which migration would be irreversible. The 1:1 token exchange would maintain balance representation on Solana, while future emissions and compute‑credit accounting would determine holders’ income and supply dynamics.
Next steps
The proposal requires a successful vote to authorize the migration and token portal. Subsequent steps include finalizing the emissions model, publishing the staking replacement mechanism, and completing audits before the marketplace cut‑over.
