Raises $15M, raises $36M via CoinList: Peaq

According to the latest report from CoinList, the DePIN Layer1 protocol Peaq completed a $20 million fundraising event through CoinList on May 17, attracting the participation of more than 14,500 community members, and raising a total of more than $36 million, which was oversubscribed. The token issuance of peaq. The event became CoinList’s largest fundraiser with the highest amount of donations in more than two years. The new funding will primarily be used to ensure peaq-based DePIN becomes an industry leader and accelerate the development of peaqosystems, while promoting various ecosystem and community initiatives.

Additionally, 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 had completed US$15 million in financing, led by Generative Ventures and Borderless Capital, with Spartan Group, HV Capital, CMCC Global, and Animoca Brands Many well-known institutions participated in the investment. The funds will be used to expand the Peaq ecosystem, which consists of more than 20 DePIN projects covering areas such as multi-chain machine IDs, artificial intelligence 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 promotes the development and application of DePIN through its unique technology and ecosystem.

Peaq platform introduction: Innovative DePIN solution, focusing on the Internet of Things economy

peaq is a Web3 network focusing on decentralized physical infrastructure network (DePIN), supporting the Internet of Things economy ( EoT). Its network is capable of scaling to over 10,000 transactions per second (TPS) with transaction costs as low as $0.00025, making it suitable for building DePIN and dApps. peaq provides autonomous machine ID, role-based access control, seamless machine payment processing, machine data storage, machine NFT, data indexing, autonomous artificial intelligence agents and other functions, and achieves seamless interaction with Polkadot, Cosmos, Solana and Ethereum, etc. , 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 round of financing led by Fundamental Labs in June 2022, and received an additional $15 million in funding led by Generative Ventures and Borderless Capital in March 2023. In May 2024, peaq completed a $20 million fundraising through CoinList, attracting the participation of more than 14,500 community members and raising more than $36 million, becoming CoinList's largest fundraising event in recent years.

How it works:

Peaq is unique in its 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 more than 10,000 TPS, and plans to expand to more than 100,000 TPS in the future. This capability is due to its asynchronous support and elastic scaling technology, which allows the network to handle large numbers of concurrent transactions without sacrificing performance. At the same time, the cost per transaction is only $0.00025, ensuring cost-effective operation;

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 via the blockchain, ensuring that interactions between devices are safe and secure. This system is particularly suitable for IoT applications that require high security and credibility, such as intelligent transportation and industrial automation;

Role-based access control: peaq implements a role-based access control (RBAC) mechanism , ensuring that only authorized users and devices have access to specific resources and functionality. The RBAC system is managed through smart contracts, providing flexible and customizable access permission settings;

Data storage and verification: peaq network supports distributed data storage and data verification functions to ensure the integrity of data during transmission and storage. Integrity and security. 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 people in the network Various participants. Whether they are node operators, device owners or application developers, they can earn rewards by contributing computing resources, data and services on 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 point-to-point electric vehicle charging, decentralized car sharing, wind and solar energy trading, intelligent traffic monitoring, and air quality. Monitoring etc. These applications demonstrate the huge potential of peaq in advancing the development of decentralized physical infrastructure networks. Through these applications, peaq not only provides solid technical support but also demonstrates its broad 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 maintain the stability of ecological value

peaq, as an innovative platform for the decentralized physical infrastructure network (DePIN), has launched three token systems: Main network token $PEAQ, Canary Network krest token $KREST and testnet token $AGUNG. These three tokens play a vital role in the peaq ecosystem, ensuring efficient operation of the network and active participation of the community.

$PEAQ Token’s Multiple Functions:

$PEAQ is the native token of the peaq network and is mainly used for the following aspects:

Transaction fees: All on the peaq network All transactions require payment using $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 pledge $PEAQ to set up a checker node, which is the peaq consensus mechanism Important section. Delegators also need to use $PEAQ to support selected checkers and receive part of the rewards;

Network governance: $PEAQ holders can influence the development of the network and key future decisions through the on-chain governance mechanism Voting, thereby achieving ownership of the peaq network;

Reputation system: Machine owners and operators can stake $PEAQ on their machines to guarantee their trustworthiness.

Peaq network adopts a deflationary model, with an initial inflation rate of 3.5%, which will decrease by 10% every year until it stabilizes at 1%. This model not only ensures early adopter incentives but also ensures long-term network health and stability.

$KREST token application scenarios:

$KREST token is used in peaq’s canary network krest. Its economic parameters are similar to those of the peaq main network, but there are differences. The krest network is mainly used for testing and experiments to ensure the security and stability of updates and new features of the peaq main network.

On the krest network, $KREST tokens are distributed as follows:

EoT Labs Team: 5%

Funding Reserve: 12.5%

Early Support Users: 5%

Core Time Lease: 20%

Treasury: 10%

Adoption Plan: 22.5%

Community Activities: 25%

These allocations ensure the continued development of the krest network and the active participation of 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 the construction of its ecosystem.

$AGUNG Token Purpose:

$AGUNG is the token of the peaq test network and is mainly used to promote the development and testing of the test network 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 exquisitely designed to ensure efficient operation of the network and extensive community participation. The $PEAQ, $KREST, and $AGUNG tokens 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 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 completely revolutionize it?

Peaq Network, as an innovative platform for the Decentralized Physical Infrastructure Network (DePIN), 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, peaq Network strives to change this status quo through its unique technology and diverse application scenarios.

The peaq network supports more than 300,000 devices and has more than $25 million in real-world assets (RWA) locked, successfully building a bridge between the physical world and the Web3 digital world. Last May, peaq Network announced that it would introduce 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 create a new era in the development of the Internet of Things. era. 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 Internet of Things economy, helping entrepreneurs and developers build decentralized applications that enable users to operate on these connected machines. The management and revenue rights are exercised on the device, 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, achieving efficient and transparent operations. The peaq network provides a series of functional modules, such as peaq ID, peaq Access, peaq Pay and peaq Control, allowing developers to easily develop DePIN projects and obtain corresponding device benefits.

With the upcoming launch of the peaq network mainnet, its ecosystem will be further expanded to attract more DePIN projects and developers to participate. The peaq network has been integrated with the cross-chain protocol Wormhole, promoting the interaction of funds and liquidity between peaq and ecosystems such as BNB Chain, Ethereum, and Polygon. Despite its promising future, the peaq network faces many uncertainties as it advances these innovations.

Changes in market environment, technology development and user needs may have a significant impact on its future. Whether peaq Network can continue to lead the trend in the Internet of Things economy still needs time to test, but it has taken a solid step on the road to the integration of Web3 and the Internet of Things.

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