Understanding Akash: A Comprehensive Overview

Key Insights

• Akash Network provides a decentralized alternative to traditional cloud computing by utilizing underused infrastructure through a reverse-auction marketplace. This model offers cost-efficient, scalable, and transparent access to compute resources.
• Since 2023, Akash has expanded its support for GPU workloads, enabling use cases in AI training, machine learning, and rendering.
• Community-driven development remains central to Akash’s decentralization goals. The majority of code contributions now come from independent developers, and the network has processed over 280 governance proposals.
• Akash’s tokenomics incentivize network security and ecosystem growth. The AKT token facilitates payments, staking, and governance, while adaptive inflation mechanisms encourage long-term participation and reward validators and delegators.

Introduction

The rapid growth of artificial intelligence has significantly increased global demand for computing infrastructure. As data-intensive applications become more common, the need for accessible, scalable compute has become a critical concern for developers, researchers, and enterprises alike. Today, more than 60% of global computing resources are controlled by a few large cloud providers, Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, creating a highly concentrated market.

This centralization contributes to rising costs, regional infrastructure gaps, and limited flexibility for developers and organizations. Akash Network offers a decentralized alternative: an open, permissionless marketplace that allows providers to monetize unused compute capacity while enabling users to access resources at competitive prices. By leveraging blockchain-based coordination and a reverse-auction mechanism, Akash aims to reduce infrastructure costs, increase market efficiency, and support a more diverse cloud ecosystem.

Background

Akash Network was founded in 2015 by Greg Osuri and Adam Bozanich, two technologists with a shared vision of creating a decentralized cloud infrastructure. Their idea stemmed from a growing frustration with the centralization of the cloud computing industry, dominated by providers like AWS, Google Cloud, and Microsoft Azure. They envisioned an open and cost-effective alternative that could democratize access to computing resources while fostering innovation and collaboration.

Greg Osuri, the driving force behind Akash’s vision, grew up in rural India, where access to proprietary software was limited. His introduction to Linux and other open-source tools shaped his belief in technology’s transformative power of openness. Over the years, he honed his expertise in cloud architecture and developer tools, founding AngelHack—a global hackathon platform—and contributing to tools like Firebase. Adam Bozanich, a seasoned engineer with a background in systems and security, brought technical depth to the project. With experience at Symantec and other tech firms, Adam helped translate the ambitious idea of a decentralized cloud into a workable reality. Together, they founded Overclock Labs, the company that would become the cornerstone of Akash Network.

The early development of Akash began with experiments in edge computing using Kubernetes, where the team discovered the potential of blockchain technology. They identified blockchain as a solution to the challenges of trust and coordination in distributed systems, laying the groundwork for what would become the Akash Marketplace. In 2017, they published the Decentralized Supercloud whitepaper, which outlined their vision for utilizing underutilized computing resources to build a decentralized, peer-to-peer cloud platform.

The first significant milestone for Akash came in 2020 with the launch of its testnet in April, followed by Mainnet 1 in September. This marked the operational debut of the Akash Marketplace, allowing developers to deploy workloads on a decentralized cloud for the first time. The platform’s reverse-auction model enabled users to secure computing resources at a fraction of the cost of traditional providers, offering an innovative alternative in the cloud computing space.

In 2021, Akash reached another major milestone with the launch of Mainnet 2. This upgrade introduced the Akash Token (AKT), which became central to the network’s governance and incentive mechanisms. It also empowered the community to participate in decision-making and contributed to the network’s growing decentralization.

By 2023, Akash had expanded its capabilities to include GPU support, catering to the increasing demand for machine learning and AI applications. This positioned Akash as a competitive option for high-performance workloads, offering solutions to persistent challenges such as GPU shortages. Partnerships with organizations like Foundry Digital and interest from entities like the U.S. Department of Defense further solidified Akash’s reputation as a credible alternative to traditional cloud providers.

Akash’s growth has been fueled by its open-source philosophy and community-driven approach. While Overclock Labs continues to play a role in the project’s development, over 90% of contributions to the codebase now come from independent developers. The network’s transparent governance structure, with more than 280 community proposals to date, exemplifies its commitment to decentralization.

Akash’s funding history reflects its steady progress. In 2018, it raised $1.8 million in seed funding, which helped kickstart development. In 2024, the network launched a $5 million pilot incentive program to attract GPU providers, with plans to deploy additional resources based on community-driven outcomes.

Today, Akash stands as a leader in decentralized cloud computing. Its ability to leverage idle compute resources, offer cost-effective solutions, and cater to emerging use cases has made it a critical player in the evolving cloud landscape.

Technology

The Problem with Centralized Cloud Providers

Centralized cloud providers like AWS, Microsoft Azure, and Google Cloud dominate the market, but their centralized model introduces significant challenges that hinder innovation, accessibility, and affordability:

• Providers own and control infrastructure, allowing them to dictate prices unilaterally. This lack of competition results in high, unpredictable costs, leaving businesses with little bargaining power.
• Infrastructure is concentrated in limited regions, often prioritizing the U.S., Europe, and parts of Asia. This creates latency issues, reduced access for underserved areas, and compliance challenges for global businesses.
• Rigid, standardized offerings force businesses to adapt to predefined solutions rather than tailoring infrastructure to unique needs. This lack of customization stifles innovation and operational flexibility.
• Vendor lock-in, caused by proprietary technologies and incompatible systems, makes switching providers costly and reduces businesses’ ability to explore competitive or more efficient alternatives.
• Enterprise contracts require lengthy negotiations, often resulting in long-term agreements that restrict businesses from adapting to new technologies or pricing models as market conditions change.
• High capital expenditure (CapEx) costs for colocation (CoLo) and infrastructure development create barriers for startups and smaller businesses with limited resources.
• The dominance of a few key players stifles competition, driving up prices and leaving businesses with few affordable options.

Decentralized Cloud: Opportunities and Challenges

Decentralized cloud solutions aim to address the shortcomings of traditional providers by offering a more flexible and diverse infrastructure model. However, this approach introduces its own challenges. Many decentralized providers struggle with resource underutilization, as infrastructure remains idle without efficient mechanisms to match supply with demand. The lack of a standardized on-demand marketplace exacerbates these issues, resulting in inconsistent deployment processes and a fragmented user experience. These challenges hinder the adoption of decentralized cloud solutions despite their potential benefits.

Why Akash Network?

Akash is a decentralized, open-source cloud computing marketplace that connects users needing computing power (tenants/customers) with those offering spare resources (providers). It provides a cost-effective, secure, and scalable alternative to traditional centralized cloud providers, addressing the inefficiencies of decentralized solutions while overcoming the limitations of centralized models.

Credit: Akash Network

At its core, the Akash Network operates through three key components:

• Akash Providers
  These entities manage infrastructure and Kubernetes clusters, ensuring efficient resource utilization and making computing power readily available for clients.
• Akash Network Platform
  Often described as an “Airbnb for data centers,” the Akash platform creates an open, on-demand marketplace. It emphasizes flexibility, standardized resource allocation, and community participation while adhering to open-source principles.
• Akash Tenants
  Users deploy their applications as docker containers, taking advantage of the decentralized model’s resilience, scalability, and affordability.

How the Akash Marketplace Works

The Akash marketplace is a decentralized cloud platform that uses a reverse auction to match clients with providers offering spare compute. Clients post resource needs, and providers bid to fulfill them at competitive prices.

Credit: Akash Network

Step 1: Defining and Posting Requirements

Clients, known as tenants, begin by creating a Service Definition Language (SDL) file, which serves as a blueprint for their computing needs. This file specifies:

• Resource types: CPU, GPU, memory, or storage.
• Resource quantities: The exact capacity required for each type.
• Additional attributes: Preferences such as geographic location (e.g., U.S., Europe) or privacy features like Intel SGX for secure computation.
• Budget: The maximum price the client is willing to pay.

Once completed, the SDL file is posted to the Akash blockchain as an order, making the requirements visible to all resource providers in the network.

Step 2: Bidding Process and Reverse Auction

Providers with available computing resources review the posted requirements and participate in a reverse auction. In this auction, they bid competitively to offer the lowest price while meeting the client’s specifications.

Credit: Akash Network

Step 3: Selecting a Provider

After providers submit their bids, the client evaluates them based on factors like price, the provider’s ability to meet the requirements, and additional preferences. Once a provider is selected, a lease is established on the blockchain. This lease formalizes the agreement between the client and provider, specifying terms for resource allocation and payment.

Step 4: Deployment and Resource Allocation

Once the lease is finalized, the provider allocates resources and deploys the client’s containerized application. Akash handles orchestration tasks such as configuring networking, storage, and runtime parameters to ensure the application launches successfully.

Step 5: Managing the Deployment Lifecycle

Following deployment, Akash continues to manage the workload by monitoring resource usage, automatically scaling capacity as needed, and maintaining uptime. This lifecycle management ensures stable performance across decentralized infrastructure.

Payments and Blockchain Integration

The Akash marketplace uses blockchain to ensure transparent, secure, and verifiable transactions, with all payments made in AKT, its native token. A “take fee” from each lease—10% for AKT payments and 20% for other tokens—rewards network stakers and supports ecosystem sustainability. To address the volatility of cryptocurrency prices, Akash is integrating stablecoin settlement into its platform. This feature will allow clients to lock in stable rates for long-term leases while still leveraging the benefits of the AKT token. Stablecoin integration provides greater budgeting and financial planning predictability, particularly for enterprises requiring consistent pricing.

Consensus mechanism:

Akash Network is built on the Cosmos SDK and powered by the Tendermint Byzantine Fault Tolerant (BFT) engine, a choice driven by the need for a modular, scalable, and interoperable blockchain infrastructure. The Cosmos SDK allows Akash to customize critical features like governance, staking, and tokenomics, while Tendermint BFT provides fast, secure consensus with low energy consumption. The use of Tendermint BFT ensures the network remains robust, even if two or more validators experience issues, as it tolerates up to one-third of validators being faulty or malicious without compromising the blockchain’s integrity. Akash employs a Delegated Proof-of-Stake (DPoS) consensus mechanism, where validators secure the network by staking AKT tokens. Validators earn rewards proportional to their stake, and delegators can also stake AKT with validators to share in these rewards.

Compute Resources: CPUs and GPUs Integration

The Akash marketplace provides a decentralized platform for accessing compute resources, including CPUs and GPUs. This capability addresses the increasing demand for cost-efficient and accessible computational power and positions Akash as a versatile solution for diverse workloads, from general-purpose tasks to compute-intensive applications.

CPU Integration

Akash connects clients needing computational power with providers offering underutilized CPU resources. These CPUs can be utilized for a wide range of tasks, such as:

• Hosting web applications.
• Running databases.
• Processing large datasets.

GPU Integration

Integrating GPUs into Akash’s marketplace is a game-changer that caters to high-performance workloads. GPUs are specifically designed for tasks requiring extensive computational power, including:

• Artificial Intelligence (AI): Training machine learning models efficiently.
• Blockchain Nodes: Running decentralized applications with heavy computational demands.
• Rendering and Simulations: Handling intensive graphical or scientific computations.

Following Ethereum’s transition to Proof-of-Stake, many previously used mining GPUs became idle. Akash’s decentralized marketplace enables these GPUs to be repurposed for AI, rendering, and other high-performance workloads, offering a cost-effective and sustainable alternative to traditional cloud providers.

How Compute Resource Integration Works

Akash’s marketplace integrates compute resources through an innovative approach:

• Resource Packaging: Providers use virtualization technologies like Docker to slice their physical machines into resource units. These units are leased to clients as containers, ensuring efficiency and portability.
• Provider Operations: Providers manage their resources using Akash’s Provider Daemon software, which facilitates communication with the blockchain and allocates resources to clients.
• Transaction Management: Payments for leased resources are conducted transparently using the AKT token.
• Deployment Management: Akash’s application layer orchestrates the lifecycle of workloads, optimizing resource allocation and enabling scalability.

Advanced Features and Cost Optimization

To enhance its offerings, Akash includes several advanced features:

• Persistent Storage: Ensures data retention between deployment restarts, making it suitable for workloads like blockchain nodes or AI training models that require continuous access to large datasets.
• Fractional uAKT Pricing: Enables tenants to pay only for the exact resources consumed, significantly improving cost efficiency and accessibility.

Tokenomics

The Akash Token (AKT) is the native utility token of the Akash Network, enabling core functions within its decentralized cloud computing marketplace. It plays a critical role in securing the network, facilitating resource exchange, and driving ecosystem participation.

Key Utilities of AKT

• Economic Security: Staking ensures network validation and security.
• Payments: Facilitates gas fees, lease settlements, and marketplace transactions.
• Governance: Grants AKT holders the ability to submit and vote on proposals, shaping network decisions. Proposal submission requires a 1,000 AKT fee, and validators must implement approved proposals to maintain their roles.
• Incentives: Drives provider participation and promotes efficient resource allocation.
• Staking Rewards: Encourages long-term network commitment through inflation-driven token emissions.

Token Supply and Inflation

Akash Network began with an initial supply of 100 million AKT tokens, with the maximum supply capped at 389 million AKT. The adaptive inflation mechanism targets an inflation rate of 25% when the staking ratio is below 66% and 15% when it exceeds 66%, aligning emissions with network participation and maturity.

Initial Distribution

Investors: Allocated 34.5% (34.5M AKT) to reward early supporters and ensure their long-term commitment to the network. These tokens are subject to a one-year lock-up, after which they will be released in semi-annual graded increments.

Team & Advisors: Allocated 27% (27M AKT) to compensate core contributors and advisors for their development and strategic contributions to the protocol. These tokens are locked for one year and subsequently released every six months to align with their sustained involvement in the project.

Decentralized Cloud Foundation: Allocated 19.7% (19.7M AKT) to fund protocol development, foster partnerships, and drive ecosystem growth initiatives. A portion of these tokens is released at the Token Generation Event (TGE), with the remainder distributed over 24 months to ensure continued support for the network.

Ecosystem: Allocated 8% (8M AKT) to support the expansion of the ecosystem through initiatives like hackathons, grants, and user acquisition campaigns. These tokens have a staggered vesting schedule over approximately two years.

Testnets: Allocated 5% (5M AKT) to incentivize participation and testing during Akash’s pre-launch phases. These tokens also follow a staggered vesting schedule over approximately two years to maintain engagement throughout the testing periods.

Vendors & Marketing: Allocated 4% (4M AKT) to cover operational expenses, secure partnerships, and execute marketing initiatives. These tokens are vested over approximately two years to ensure consistent funding for critical activities.

Public Sale: Allocated 1.8% (1.8M AKT) to provide immediate liquidity to early buyers during the token generation event. These tokens have no lock-up, ensuring they are immediately available for use.

Staking and Reward Mechanism

The Akash Network uses a dual-layer staking model comprising validators and delegators. Validators stake AKT to secure the network, while delegators contribute additional tokens to validators. Rewards are allocated based on the amount staked and the lock-up duration, with dynamic rewards offering higher returns for longer lock-up periods. Staked tokens are subject to a 21-day unbonding period before the withdrawal. This system is designed to maintain network security and incentivize participation.

Revenue Redistribution and Reward Composition

Stakers benefit from Take Fees, which redistribute a portion of lease payments (10% for AKT and 20% for other currencies) through the Take Income Pool. Rewards consist of two primary components:

• Block Rewards: Allocated based on the validator’s staked share and the total network stake.
• Inflationary Emissions: Designed to incentivize early adoption and network security, gradually tapering over time to maintain a balanced token economy.

Network Activity

In early April 2024, Akash Network saw a notable surge in daily active leases, reaching an all-time high of 5,000 on April 9. This increase was driven by Spheron Network, which leveraged Akash to deploy small, minimal-resource workloads that redirected traffic back to its own systems. Despite the spike in lease numbers, the low resource intensity of these deployments meant there was no significant revenue increase at the time.

Since then, however, Akash has steadily grown its high-value usage. As of this writing, the network has surpassed $3.1 million in cumulative all-time revenue, reflecting broader adoption of resource-intensive workloads like AI model training and inference.

This highlights the critical role of lease size in driving revenue on Akash Network. While the number of leases indicates network activity, large-scale, compute-heavy deployments generate far more value. In response, Akash has prioritized high-performance GPU support to attract such workloads. Even as lease counts stabilized after the April 2024 spike, revenue has continued its upward trajectory, underscoring the platform’s growing relevance in decentralized computing.

Ecosystem

Credit: Akash Network

NVIDIA (Brev.dev): Brev.dev, acquired by NVIDIA, integrated with Akash Network to provide developers with scalable and permissionless access to NVIDIA GPUs, streamlining AI development workflows. This partnership enabled seamless setups for Jupyter notebooks, democratizing access to high-performance GPUs and reducing barriers to AI innovation through Akash’s decentralized cloud infrastructure.

Venice.ai: Venice.ai leveraged Akash’s decentralized compute to deliver private, uncensored AI conversations and image generation without requiring user logins.

Prime Intellect: Prime Intellect democratizes AI development by using Akash’s Supercloud, powered by NVIDIA H100 and A100 GPUs.

Nous Research: Nous Research tapped into Akash’s decentralized infrastructure to train “Nous Hermes 2,” an AI model built on over one million GPT-4 data entries.

Morpheus: Morpheus integrated with Akash to power its open-source, peer-to-peer network of personal AI agents incentivized by MOR tokens.

Flock.io: Flock.io partnered with Akash’s Supercloud to simplify access to high-performance compute for training AI models.

Eliza: Eliza integrated Akash’s compute resources to support its multi-agent simulation framework, which is designed to create, deploy, and manage autonomous AI agents.

Akash Chat API & Akash Chat: These platforms showcase Akash’s Supercloud capabilities by providing free access to AI tools like the Llama3 API and pre-trained models such as Mistral-7B-v0.2. These tools, powered by NVIDIA GPUs leased through Akash, promote accessibility and innovation in AI development.

Auki: Auki utilized Akash’s decentralized infrastructure to power “The Posemesh,” a protocol for collaborative spatial computing in augmented reality. The integration supports privacy-preserving, decentralized AR content creation and virtual real estate management, expanding opportunities in shared AR experiences.

BitMind: BitMind aggregates compute resources, including Akash’s decentralized infrastructure, to streamline the deployment and maintenance of decentralized AI instances.

Envision Labs: Envision Labs integrated Akash’s automated scaling capabilities to power its DeAI Network, a platform for decentralized AI development.

EaveAI: EaveAI leverages Akash’s compute to power its data hub, aggregating and delivering insights related to X Spaces.

Rango Exchange: Rango Exchange, a multichain decentralized exchange and bridge aggregator, hosts its homepage on Akash’s decentralized cloud infrastructure to enhance its resilience and decentralization.

Osmosis: Osmosis, a leading decentralized exchange within the Cosmos ecosystem, integrates Akash’s decentralized cloud to facilitate liquidity provision for AKT and other Cosmos assets.

Kava Network: Kava Network, a Cosmos-native blockchain offering DeFi services like staking, token swaps, and money markets, integrates Akash to power its decentralized financial tools.

OmniFlix Network: OmniFlix, a media and NFT platform for creators and communities, utilizes Akash’s decentralized cloud infrastructure to support its operations. This integration aligns with OmniFlix’s commitment to decentralizing content creation and distribution, ensuring scalable and reliable services for NFT minting, media streaming, and community-driven initiatives.

Nodeshift: Nodeshift, a platform offering managed blockchain infrastructure services, leverages Akash’s decentralized compute resources to provide scalable and reliable node hosting solutions.

DeAI Community Hub (Austin, TX): In partnership with academic and industry collaborators, Akash is launching a physical community hub in Austin focused on decentralized AI development.

There are several other partners and applications in the Akash ecosystem, spanning AI, privacy, DeFi, infrastructure, and gaming. These include AI-focused platforms like Bagel, Levangie Laboratories, Vertical AI, and yesnoerror, as well as compute tools such as AkashGen, Exabits, Bless, and Quasarch Cloud Platform. Privacy and infrastructure projects like Alter, Blockless, and Foundry Digital also leverage Akash’s decentralized cloud. Several validators and service providers, including Stakewolle, Bi23 Labs, Thumper AI, and Vixello, operate within the network. On the application layer, additional integrations include AtlasDAO, Chandra Station, Chia Network, Juno Network, NetaDAO, Stargaze, Strange Clan, Passage 3D, and Thirdweb. These partners further demonstrate the diversity of use cases supported by Akash’s decentralized infrastructure.

Roadmap

Verifiable Compute: The Verifiable Compute feature, expected to roll out between late 2024 and mid-2025, is being developed to ensure that computations performed on the network can be verified for accuracy and integrity. This is intended to provide greater reliability for users requiring trusted execution environments.

Kubernetes Integration Enhancements: Ongoing improvements in Kubernetes integration focus on better scalability, cluster management, and failover mechanisms. These upgrades, expected by mid-2025, aim to support the reliable operation of production-grade applications on the network.

Akash CLI Restandardization: The Akash CLI is being updated into a standardized SDK, with delivery planned by Q2 2025. This update is designed to simplify the developer experience and modernize the tooling to align with current standards.

Cosmos SDK Upgrade: In Q1 2025, an upgrade to Cosmos SDK v0.47 was implemented to ensure compatibility with the latest features and improvements in the Cosmos ecosystem. This will also enhance network performance and interoperability.

SDL Builder Enhancements: Enhancements to the Stack Definition Language (SDL) builder, expected by early 2025, will simplify the deployment configuration process. These updates aim to make the platform more user-friendly for developers with varying levels of experience.

Fiat Payment Integration: Support for fiat payments through the Akash Console is scheduled for mid-2025. This feature is intended to broaden the platform’s appeal by making it accessible to users who may not be familiar with cryptocurrency payments.

CI/CD Deployments: Continuous Integration and Continuous Deployment (CI/CD) functionality is set to be introduced by late 2025. This addition will enable automated deployment pipelines, which are particularly useful for teams managing iterative development processes.

Automated Auditor Creation: The development of tools for automated auditor creation is planned for early 2025. This initiative is expected to streamline compliance checks and provide greater transparency in network operations.

Ecosystem Fund: In 2025, Akash launched a structured ecosystem fund through a community-approved proposal to support developer growth and community engagement. The program includes phased funding across four tracks, Vanguards, Navigators, Alchemists, and Ringmasters, designed to incentivize infrastructure development, tooling, research, and go-to-market efforts. This initiative aims to accelerate adoption, foster innovation, and expand the utility of Akash’s decentralized cloud platform.

Cross-Chain Functionality: Akash supports Inter-Blockchain Communication (IBC) and aims to deepen cross-chain functionality in 2025 to improve interoperability and expand user access.

Managed Service Market (MSM): Planned for 2025, the MSM will enable developers to offer and monetize hosted services (e.g., APIs, ML endpoints, databases) directly onchain, expanding available services and AKT utility.

Akash at Home: This upcoming initiative will allow individuals to contribute compute from home servers, with an emphasis on privacy-focused AI workloads. It aims to diversify the network’s resource supply beyond traditional data centers.

Provider Incentives: In 2025, Akash is rolling out an onchain rewards mechanism to accelerate GPU supply growth. Building on previous pilot programs, the system will algorithmically allocate rewards based on provider contributions such as uptime, capacity, and resource utilization. This incentive structure is designed to attract high-performance compute providers and ensure sustained network scalability for AI and other intensive workloads.

Akash Provider Console: Launched in February 2025, the Akash Provider Console streamlines the onboarding and management experience for compute providers. It eliminates the need for manual Kubernetes setup and offers a visual interface for configuring pricing, monitoring earnings, managing deployments, and adjusting infrastructure settings. This tool lowers the barrier to entry for data centers and individual operators, contributing to increased GPU supply across the network.

Closing Summary

Akash Network presents a decentralized alternative to the highly concentrated cloud computing market dominated by a few large providers. By leveraging underutilized compute resources through a permissionless marketplace, Akash enables cost-effective, scalable, and flexible infrastructure for a range of applications including AI, data processing, and decentralized services.

Since its launch, Akash has expanded its capabilities to support GPU workloads, integrated with a growing number of ecosystem partners, and introduced key upgrades aimed at improving usability and performance. With over $3.1 million in cumulative revenue and an active developer and governance community, the network is steadily progressing toward broader adoption. Upcoming features, such as verifiable compute, fiat payments, managed service marketplaces, and onchain provider incentives; highlight Akash’s continued focus on infrastructure reliability, accessibility, and long-term sustainability in the decentralized cloud space.

Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.

This report was commissioned by Overclock Labs. All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. or the organization that requested the report. The commissioning organization may have input on the content of the report, but Messari maintains editorial control over the final report to retain data accuracy and objectivity. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Past performance of any asset is not indicative of future results. Please see our Terms of Service for more information.

No part of this report may be (a) copied, photocopied, duplicated in any form by any means or (b) redistributed without the prior written consent of Messari®.