Venture capitalist Arthur Cheong highlights the potential of Akash Network
– Akash Network (AKT), a decentralized finance (DeFi) altcoin, is gaining attention from Arthur Cheong.
– Cheong praises Akash Network’s strong fundamentals and industry tailwind, noting its significant price gains.
– The cloud-focused DeFi protocol is currently trading at $1.19, up nearly 3% in the past 24 hours and over 100% in the past week.
– Akash Network also focuses on machine learning and artificial intelligence (AI).
– The project recently introduced its Stable Payments feature, allowing traders to settle payments using USD Coin (USDC).
L2 projects need more than just technology to succeed, says Cheong
– Cheong believes that layer-2 (L2) projects are currently highly commoditized.
– He suggests that simply announcing a pivot to L2 with a token will not lead to significant gains in the future.
– The success of L2 projects will depend on their ability to distribute their products and onboard millions of users.
– Cheong cites Coinbase’s Base as an example of a successful L2 project that prioritized infrastructure development.
– He expresses optimism for L2 teams that are focused on building the right infrastructure for scalability.
Closing Thoughts: Akash Network and the future of L2 projects
Cheong’s endorsement of Akash Network highlights its potential for growth in the DeFi space. As more investors become aware of its strong fundamentals and price gains, the altcoin may attract increased attention. Additionally, Cheong’s insights on L2 projects shed light on the importance of distribution and infrastructure in achieving long-term success. As the crypto industry continues to evolve, projects that prioritize scalability and user onboarding will likely stand out from the crowd.
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