According to the latest report from CoinList, the DePIN Layer1 protocol Peaq completed a $20 million fundraising campaign through CoinList on May 17, attracting more than 14,500 community members to participate, raising a total of more than $36 million, and oversubscribing peaq's token issuance. This event became CoinList's largest and highest-donated fundraising event in more than two years. The new funds will be mainly used to ensure that peaq-based DePIN becomes an industry leader and accelerate the development of peaqosystem, while promoting various ecosystems and community initiatives.
In addition, Peaq announced that it will launch its native token PEAQ on CoinList from May 9 to May 16. However, users in the United States, Canada, China, South Korea and other regions will not be able to participate in this token issuance. At the same time, Peaq is actively preparing to launch the mainnet to further promote the development of its ecosystem.
As early as March this year, Peaq has completed a financing of US$15 million, led by Generative Ventures and Borderless Capital, and participated by many well-known institutions such as Spartan Group, HV Capital, CMCC Global, and Animoca Brands. These funds will be used to expand the Peaq ecosystem, which consists of more than 20 DePIN projects, covering multi-chain machine ID, artificial intelligence agents, and data verification.
As Peaq’s ecosystem continues to expand and innovate, the emerging field of DePIN is also developing and growing rapidly. The following will explore in detail how Peaq promotes the development and application of DePIN through its unique technology and ecosystem.
Peaq Platform Introduction: Innovative DePIN Solution Focused on IoT Economy
peaq is a Web3 network focused on decentralized physical infrastructure networks (DePINs) that supports the Economy of Things (EoT). Its network is able to scale to over 10,000 transactions per second (TPS) with transaction costs as low as $0.00025, making it suitable for building DePINs and dApps. peaq provides features such as autonomous machine IDs, role-based access control, seamless machine payment processing, machine data storage, machine NFTs, data indexing, autonomous AI agents, and seamless interactions with Polkadot, Cosmos, Solana, and Ethereum, enhancing the interoperability of the Web3 ecosystem.
Team and Financing:
peaq was co-founded by Till Wendler, Leonard Dorlochter and Max Thake, who have extensive experience in blockchain and IoT. In June 2022, peaq completed a $6 million round led by Fundamental Labs, and in March 2023, it received another $15 million in funding led by Generative Ventures and Borderless Capital. In May 2024, peaq completed a $20 million fundraising through CoinList, attracting more than 14,500 community members to participate and raising more than $36 million, becoming CoinList's largest fundraising event in recent years.
How it works:
Peaq is unique in that it has a technical architecture and economic model tailored for DePIN and the Internet of Things (IoT) economy. Its core operating principles include the following aspects:
High scalability and low transaction costs: The PeaQ network is able to support high throughput of over 10,000 TPS, and plans to expand to over 100,000 TPS in the future. This capability is due to its asynchronous support and elastic expansion technology, which allows the network to handle a large number of concurrent transactions without sacrificing performance. At the same time, the cost of each transaction is only $0.00025, ensuring cost-effective operations;
Autonomous Machine ID: peaq provides an autonomous machine identity (ID) system that allows each connected device to have an independent, autonomous identity. These IDs are verified through the blockchain, ensuring that interactions between devices are secure and reliable. This system is particularly suitable for IoT applications that require high security and trustworthiness, such as smart transportation and industrial automation;
Role-based access control: Peaq implements a role-based access control (RBAC) mechanism to ensure that only authorized users and devices can access specific resources and functions. The RBAC system is managed through smart contracts, providing flexible and customizable access rights settings;
Data storage and verification: The peaq network supports distributed data storage and data verification functions to ensure the integrity and security of data during transmission and storage. By using decentralized storage solutions, peaq can effectively manage and protect large amounts of IoT data;
Economic model and incentive mechanism: PeaQ adopts a specially designed economic model to incentivize various participants in the network. Whether it is a node operator, device owner or application developer, everyone can get rewards by contributing computing resources, data and services on the network. These incentives mainly come from transaction fees and block rewards, which promotes the formation of a healthy and active ecosystem.
Applications:
In terms of specific applications, peaq supports multiple DePIN use cases, including peer-to-peer electric vehicle charging, decentralized shared cars, wind and solar energy trading, smart traffic monitoring, air quality monitoring, etc. These applications demonstrate the great potential of peaq in promoting the development of decentralized physical infrastructure networks. Through these applications, peaq not only provides solid technical support, but also demonstrates its wide range of possibilities in the real world through practical application scenarios. The next step will be to explore how peaq can further promote the development and application of DePIN through its unique technology and ecosystem.
PEAQ's three-token economic model: dynamically maintaining the stability of ecological value
As an innovative platform for the decentralized physical infrastructure network (DePIN), peaq has launched three token systems: the mainnet token $PEAQ, the canary network krest token $KREST, and the testnet token $AGUNG. These three tokens play a vital role in the peaq ecosystem, ensuring the efficient operation of the network and the active participation of the community.
$PEAQ token has multiple functions:
$PEAQ is the native token of the peaq network and is mainly used in the following aspects:
Transaction Fees: All transactions on the peaq network need to be paid with $PEAQ tokens. This not only covers basic transaction fees, but also covers the cost of deploying EVM or ink! smart contracts on the network;
Network operation: Users need to stake $PEAQ to set up the verifier node, which is a key part of the peaq consensus mechanism. Delegators also need to use $PEAQ to support the selected verifier and receive part of the rewards from it;
Network governance: $PEAQ holders can exercise ownership over the peaq network by voting on the development of the network and key future decisions through an on-chain governance mechanism;
Reputation System: Machine owners and operators can stake $PEAQ on their machines to guarantee their trustworthiness.
The peaq network adopts a deflation model, with an initial inflation rate of 3.5%, which decreases by 10% each year until it stabilizes at 1%. This model not only guarantees the incentives for early adopters, but also ensures long-term network health and stability.
$KREST token application scenarios:
$KREST tokens are used in Peaq's canary network, KREST, which has similar economic parameters to the Peaq mainnet, but with some differences. The KREST network is primarily used for testing and experimentation to ensure the security and stability of updates and new features on the Peaq mainnet.
On the KREST network, the distribution of $KREST tokens is as follows:
EoT Labs team: 5%
Funding: 12.5%
Early Backers: 5%
Core time rental: 20%
Treasury: 10%
Adoption plan: 22.5%
Community activities: 25%
These allocations ensure the continued development of the KREST network and active participation of the community. The economic model of the KREST network is designed to incentivize a variety of participants, including machine owners and dApp builders, to actively use the network and participate in the construction of its ecosystem.
$AGUNG token usage:
$AGUNG is the token of the peaq testnet, which is mainly used to facilitate the development and testing of the testnet Agung. Unlike $PEAQ and $KREST, $AGUNG tokens can be obtained for free for testing and experimental purposes. This design ensures that developers can conduct safe experiments in the testnet environment without affecting the stability of the mainnet.
Advantages of the three-token system:
Peaq's three-token system is well designed to ensure efficient operation of the network and broad community participation. $PEAQ, $KREST, and $AGUNG tokens play different roles in the mainnet, canary network, and testnet, but together they provide a solid economic foundation for Peaq's decentralized physical infrastructure network. This design not only improves the security and stability of the network, but also lays the foundation for future expansion and innovation. As more projects join the Peaq network, this three-token system will further promote the development of the DePIN project and make it stand out in the Web3 field.
In the era of the Internet of Things, can the launch of the Peaq mainnet bring about a complete revolution?
As an innovative platform for the Decentralized Physical Infrastructure Network (DePIN), the peaq network is committed to bringing the Internet of Things (IoT) into the Web3 era. In the context of Web2 companies continuing to collect and control user data in a centralized manner, the peaq network strives to change this situation through its unique technology and diverse application scenarios.
The peaq network supports more than 300,000 devices and has locked more than $25 million in real-world assets (RWA), successfully building a bridge between the physical world and the Web3 digital world. Last May, the peaq network announced the introduction of Tesla and decentralized car-sharing applications into the Polkadot ecosystem, aiming to connect car owners and smart driving devices through on-chain technology, create a future Web3 car-sharing platform, and usher in a new era of IoT development. Currently, more than 25 DePIN projects have been successfully deployed on the peaq network.
As one of Polkadot's parachains, the peaq network supports the IoT economy, helps entrepreneurs and developers build decentralized applications, and enables users to exercise management and revenue rights on these connected machines and devices, truly realizing human-machine collaboration in the era of artificial intelligence. The peaq network also ensures users' data autonomy and management rights through distributed storage and data management, and achieves efficient and transparent operations. The peaq network provides a series of functional modules, such as peaq ID, peaq Access, peaq Pay, and peaq Control, which enable developers to easily develop DePIN projects and obtain corresponding device benefits.
With the upcoming launch of the Peaq Network mainnet, its ecosystem will further expand and attract more DePIN projects and developers to participate. The Peaq Network has been integrated with the cross-chain protocol Wormhole, facilitating the interaction of funds and liquidity between Peaq and ecosystems such as BNB Chain, Ethereum, and Polygon. Despite the bright prospects, the Peaq Network still faces many uncertainties in the process of advancing these innovations.
Market environment, technological development and changes in user needs may have a significant impact on its future. Whether Peaq Network can continue to lead the trend in the IoT economy still needs time to test, but it has taken a solid step on the road to the integration of Web3 and IoT.
