Raised $15 million in financing, raised $36 million through CoinList: Peaq

According to the latest report from CoinList, the DePIN Layer1 protocol Peaq completed a fundraising activity of $20 million through CoinList on May 17, attracting participation from over 14,500 community members and raising a total of over $36 million, resulting in oversubscription of peaq's token issuance. This event became the largest and highest donation fundraising activity on CoinList in over two years. The new funds will primarily be used to ensure that the DePIN based on peaq becomes an industry leader and to accelerate the development of the peaqosystem, while promoting various ecosystem 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 from regions such as the United States, Canada, China, and South Korea will not be able to participate in this token issuance. Meanwhile, Peaq is actively preparing to launch its mainnet to further promote the development of its ecosystem.

As early as March this year, Peaq had completed a $15 million financing round led by Generative Ventures and Borderless Capital, with participation from several well-known institutions including Spartan Group, HV Capital, CMCC Global, and Animoca Brands. These funds will be used to expand the Peaq ecosystem, which consists of over 20 DePIN projects covering areas such as multi-chain machine IDs, AI agents, and data verification.
As Peaq's ecosystem continues to expand and innovate, the emerging field of DePIN is also rapidly developing and growing. The following will explore in detail how Peaq drives the development and application of DePIN through its unique technology and ecosystem.

Introduction to the peaq Platform: Innovative DePIN Solutions Focused on the IoT Economy

Peaq is a Web3 network focused on decentralized physical infrastructure networks (DePIN) that supports the Internet of Things economy (EoT). Its network can scale to over 10,000 transactions per second (TPS), with transaction costs as low as $0.00025, suitable for building DePIN and dApps. Peaq offers features such as autonomous machine IDs, role-based access control, seamless machine payment processing, machine data storage, machine NFTs, data indexing, and autonomous AI agents, and achieves seamless interaction 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 the blockchain and IoT fields. Peaq completed a $6 million financing round led by Fundamental Labs in June 2022, and in March 2023, it secured another $15 million financing led by Generative Ventures and Borderless Capital. In May 2024, Peaq completed a $20 million fundraising through CoinList, attracting participation from over 14,500 community members and raising over $36 million, making it the largest fundraising activity on CoinList in recent years.

Operational Principles:

What sets Peaq apart is its technology architecture and economic model tailored for DePIN and the IoT economy. Its core operational principles include the following aspects:
High Scalability and Low Transaction Costs: The Peaq network can support high throughput of over 10,000 TPS and plans to scale to over 100,000 TPS in the future. This capability is attributed to its asynchronous support and elastic scaling technology, allowing the network to handle a large number of concurrent transactions without sacrificing performance. Meanwhile, the cost of each transaction is only $0.00025, ensuring economically efficient operations;

Autonomous Machine IDs: 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 secure and reliable interactions between devices. This system is particularly suitable for IoT applications that require high security and trust, 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 functionalities. The RBAC system is managed through smart contracts, providing flexible and customizable access permission settings;
Data Storage and Verification: The Peaq network supports distributed data storage and data verification functions, ensuring 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 aimed at incentivizing various participants in the network. Whether node operators, device owners, or application developers, they can earn rewards by contributing computing resources, data, and services to the network. These incentives mainly come from transaction fees and block rewards, promoting the formation of a healthy and active ecosystem.

Application Cases:

In terms of specific applications, Peaq supports multiple DePIN use cases, including peer-to-peer electric vehicle charging, decentralized car sharing, wind and solar energy trading, smart traffic monitoring, and air quality monitoring. These applications demonstrate Peaq's immense potential in driving the development of decentralized physical infrastructure networks. Through these applications, Peaq not only provides solid technical support but also showcases its wide-ranging possibilities in real-world scenarios. The next step will explore how Peaq further drives the development and application of DePIN through its unique technology and ecosystem.

Peaq's Tri-Token Economic Model: Dynamically Maintaining the Stability of Ecological Value

As an innovative platform for decentralized physical infrastructure networks (DePIN), Peaq has launched a three-token system: the mainnet token $PEAQ, the token $KREST for the canary network krest, and the testnet token $AGUNG. These three tokens play a crucial role in the Peaq ecosystem, ensuring the efficient operation of the network and active participation from the community.

Multiple Functions of the $PEAQ Token:

$PEAQ is the native token of the Peaq network, primarily used for the following purposes:
Transaction Fees: All transactions on the Peaq network require the use of the $PEAQ token for payment. This includes not only basic transaction fees but also the costs associated with deploying EVM or ink! smart contracts on the network;
Network Operation: Users need to stake $PEAQ to set up validator nodes, which are a key part of Peaq's consensus mechanism. Delegators also need to use $PEAQ to support selected validators and earn a portion of the rewards;
Network Governance: $PEAQ holders can vote on the development and key future decisions of the network through an on-chain governance mechanism, thus achieving ownership of the Peaq network;
Reputation System: Machine owners and operators can stake $PEAQ on their machines to guarantee their credibility.
The Peaq network adopts a deflationary model, with an initial inflation rate set at 3.5%, decreasing by 10% each year until stabilizing at 1%. This model not only ensures incentives for early adopters but also guarantees the long-term health and stability of the network.

Application Scenarios of the $KREST Token:

The $KREST token is used for Peaq's canary network krest, with economic parameters similar to those of the Peaq mainnet but with some differences. The krest network is primarily used for testing and experimentation, ensuring the safety and stability of updates and new features for the Peaq mainnet.
On the krest network, the distribution of the $KREST token is as follows:
EoT Labs Team: 5%
Funding Reserve: 12.5%
Early Supporters: 5%
Core Time Leasing: 20%
Treasury: 10%
Adoption Plan: 22.5%
Community Activities: 25%
These distributions ensure the continuous development of the krest network and active participation from the community. The economic model of the krest network is designed to incentivize various participants, including machine owners and dApp builders, to actively use the network and participate in building its ecosystem.

Uses of the $AGUNG Token:

$AGUNG is the token for the Peaq testnet, primarily used to facilitate the development and testing of the Agung testnet. Unlike $PEAQ and $KREST, the $AGUNG token 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 ingeniously designed to ensure the efficient operation of the network and broad community participation. The $PEAQ, $KREST, and $AGUNG tokens each play different roles in the mainnet, canary network, and testnet, respectively, but together provide a solid economic foundation for Peaq's decentralized physical infrastructure network. This design not only enhances the security and stability of the network but also lays the groundwork for future expansion and innovation. As more projects join the Peaq network, this three-token system will further promote the development of DePIN projects, allowing them to stand out in the Web3 space.

In the Era of IoT, Can the Launch of Peaq's Mainnet Bring About a Complete Transformation?

As an innovative platform for decentralized physical infrastructure networks (DePIN), the Peaq network is committed to bringing the Internet of Things (IoT) into the Web3 era. Against the backdrop 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 over 300,000 devices and has locked in over $25 million of 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, creating a future Web3 car-sharing platform and ushering in a new era of IoT development. Currently, over 25 DePIN projects have been successfully deployed on the Peaq network.

As one of the parachains of Polkadot, the Peaq network supports the IoT economy, helping entrepreneurs and developers build decentralized applications that enable users to exercise management and profit rights over these connected machine devices, truly realizing human-machine collaboration in the age of artificial intelligence. The Peaq network also ensures user data autonomy and management rights through distributed storage and data management, achieving efficient and transparent operations. The Peaq network provides a range of functional modules, such as Peaq ID, Peaq Access, Peaq Pay, and Peaq Control, enabling developers to easily develop DePIN projects and gain corresponding device profits.
With the imminent launch of the Peaq mainnet, its ecosystem will further expand, attracting more DePIN projects and developers to participate. The Peaq network has already integrated with the cross-chain protocol Wormhole, facilitating funding and liquidity interactions between Peaq and ecosystems such as BNB Chain, Ethereum, and Polygon. Despite the bright prospects, the Peaq network still faces many uncertainties in advancing these innovations.
Market conditions, technological developments, and changes in user demands may all have a significant impact on its future. Whether the Peaq network can continue to lead the trend in the IoT economy remains to be seen, but it has already taken solid steps on the path of integrating Web3 and IoT.