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Decentralized Physical Infrastructure Network Tokens Surge
Despite Bitcoin and Ethereum’s stable performance, two tokens associated with decentralized physical infrastructure networks (DePIN) have experienced significant growth. Akash Network’s AKT token surged by 52.4%, while Zebec Network’s ZBC token rose by 38.5% in the past day. At the current moment, AKT is trading at $6.29, and ZBC is trading at $0.03473, data from CoinGecko indicates. This growth occurred as Bitcoin maintained a price above $66,000, while Ethereum dipped slightly below $3,200.
The Rise of DePIN in the Cryptocurrency Space
DePIN has emerged as a popular category within the cryptocurrency sphere, focusing on leveraging blockchains to support networks of physical hardware such as sensors, wireless infrastructure, and energy grids. This approach addresses the expenses and challenges associated with owning vast computational power, as well as the risks of centralizing operations under a single cloud computing provider. Additionally, DePIN enables individuals to monetize their hardware assets, even if they do not possess a data center-level quantity of resources.
UpBit, the largest cryptocurrency exchange in South Korea, recently announced its support for deposits and withdrawals of Akash Network’s AKT token. Launched in October 2020, this token serves as a means to secure the network through staking and is the primary currency used for “leasing” resources from decentralized network participants. UpBit, one of the largest centralized exchanges according to CoinGecko, has facilitated $1.3 billion in normalized trading volume over the past 24 hours. Having obtained a license to operate in Singapore, UpBit continues to expand its services to global traders.
Advancements in DePIN Technology
Another notable development within the DePIN space is the integration of Llama 3, the latest open-source model from Meta AI, into associated platforms. Akash Network, for instance, offers access to Llama 3 via its chat service, enabling users to engage with this advanced AI model without the need for an account creation—free and permissionless interaction.
In contrast, Zebec Network’s recent successes can be attributed to factors beyond novel listings and AI accessibility. The project’s Zebec Instant Card empowers holders to utilize meme coins like BRETT and TIMMI in real-world transactions through a Visa card. While this feature has attracted interest from crypto enthusiasts, caution is advised due to the volatile nature of meme coin valuations.
Moreover, Zebec Network’s collaboration with the Circle ecosystem represents a significant milestone, allowing developers to leverage USDC for seamless real-world payments and payroll services. The team’s integration into Circle’s platform enhances the utility and functionality of Zebec Network, opening doors for efficient financial transactions and business operations.
Last week, Zebec Network shared that over 200 clients are utilizing its platform to process payroll worth $37 million for more than 10,000 employees on a monthly basis. This demonstrates the growing adoption and practical applications of DePIN technologies in real-world scenarios.
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