Prop 350: Convert Community Pool USDC to AKT
Summary
This proposal sends the 263,775.119968 USDC held in the Akash community pool to an Overclock Labs wallet. Overclock Labs will use the full amount to buy AKT and return all of the AKT purchased to the community pool.
This is a one-time conversion of an asset the community pool already holds, not a new program or ongoing spend. Overclock Labs is acting only as the executor of the conversion.
Background
The community pool currently holds 263,775.12 USDC alongside its AKT. This USDC was earned on providers before the BME launch in March 2026.
This form of USDC (bridged through Axelar) is likely to become less liquid over time as fewer exchanges and pools support it, and bridging costs to move it to USDC on Ethereum have already been rising. With the Akash Protocol migrating to Solana, there is currently no migration path available for non-AKT assets that reside in the Akash community pool. Finally, with BME live, there is no longer a use case for this type of USDC on Akash. Converting this USDC to AKT now keeps these funds in the network's native asset.
What this proposal does
- Sends 263,775.119968 USDC from the community pool to akash1amj443397pxkqdqsz6vplwy054g2hqzkjm6dtg, a new wallet Overclock Labs will use for this return.
- Overclock Labs bridges the USDC to USDC on Ethereum, then uses the full amount to repurchase AKT, net only of bridge and trading fees.
- AKT is purchased through a TWAP (time-weighted average price) order over a period of time to limit the impact on AKT's market price. Overclock Labs may also use a cash-secured put with a tenor of 21 days or less, and any premium earned will also be used to purchase AKT. If a put expires unexercised, Overclock Labs will purchase AKT through the TWAP with the proceeds. The amount of AKT returned depends on market prices at the time of purchase.
- All AKT purchased is returned to the community pool within 30 days of the funds being received.