Raising $15 million through CoinList to raise $36 million: Peaq

According to the latest report from CoinList, DePIN Layer1 protocol Peaq completed a $20 million fundraising activity through CoinList on May 17th, attracting participation from over 14,500 community members and raising a total of over $36 million, oversubscribing the token issuance of peaq. This event became the largest and highest-funded fundraising activity on CoinList in over two years. The new funds will mainly be used to ensure that DePIN based on peaq becomes an industry leader, accelerate the development of peaqo, and promote various ecosystem and community plans.

In addition, Peaq announced that its native token PEAQ will be launched on CoinList from May 9th to May 16th. However, users from regions such as the United States, Canada, China, and South Korea will not be able to participate in the token issuance. At the same time, Peaq is actively preparing to launch its mainnet to further promote the development of its ecosystem.

As early as March this year, Peaq has completed a $15 million financing round with lead investment from Generative Ventures and Borderless Capital, as well as participation from 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 areas such as multi-chain machine ID, AI agents, and data validation.

As Peaq's ecosystem continues to expand and innovate, the emerging field of DePIN is also rapidly developing and growing. The following will discuss in detail how Peaq is driving the development and application of DePIN through its unique technology and ecosystem.

peaq Platform Introduction: Innovative DePIN Solution, Focused on Internet of Things Economy

peaq is a Web3 network focused on decentralized physical infrastructure network (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, making it suitable for building DePIN and dApps. peaq provides features such as self-sovereign machine IDs, role-based access control, seamless machine payment processing, machine data storage, machine NFTs, data indexing, and autonomous AI agents. It seamlessly interacts with Polkadot, Cosmos, Solana, Ethereum, and other networks, enhancing the interoperability of the Web3 ecosystem.

Team and Financing:

peaq was co-founded by Till Wendler, Leonard Dorlochter, and Max Thake, who have rich experience in the blockchain and internet of things fields. In June 2022, peaq completed a $6 million financing led by Fundamental Labs, and in March 2023, it received a $15 million financing led by Generative Ventures and Borderless Capital. In May 2024, peaq completed a $20 million fundraising through CoinList, attracting over 14,500 community members to raise funds exceeding $36 million, making it the largest fundraising event on CoinList in recent years.

Operation Principle:

peaq's uniqueness lies in its tailored technical architecture and economic model for DePIN and the Internet of Things (IoT) economy. Its core operational principles include the following aspects:

High Scalability and Low Transaction Cost: The peaq network is capable of supporting high throughput of over 10,000 TPS and is planned to expand to over 100,000 TPS in the future. This capability is thanks to its asynchronous support and elastic scaling technology, allowing the network to process a large number of concurrent transactions without sacrificing performance. At the same time, the cost of each transaction is only 0.00025 USD, ensuring economically efficient operations;

Self-sovereign machine ID: peaq provides a self-sovereign machine identity (ID) system that allows each connected device to have an independent and sovereign identity. These IDs are verified by blockchain to ensure secure and reliable interactions between devices. 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 has implemented 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 control settings;

Data Storage and Verification: The peaq network supports distributed data storage and data verification, ensuring the integrity and security of data during transmission and storage. By using a decentralized storage solution, peaq can effectively manage and protect a large amount of data from the Internet of Things.

Economic Model and Incentive Mechanism: peaq adopts a specially designed economic model aimed at incentivizing various participants in the network. Whether it's 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, active ecosystem.

Application Case:

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, intelligent traffic monitoring, air quality monitoring, etc. These applications demonstrate the enormous 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 broad possibilities in the real world. The next step will explore how peaq can further promote the development and application of DePIN through its unique technology and ecosystem.

peaq's Third Generation Token Economy Model: Dynamic Maintenance of Ecological Value Stability

As an innovative platform for the decentralized physical infrastructure network (DePIN), peaq has launched three token systems: the mainnet token $PEAQ, the Canary Network token $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 community participation.

Multiple Functions of $PEAQ Token:

$PEAQ is the native token of the peaq network, mainly used for the following purposes:

Transaction Fees: All transactions on the peaq network require payment in $PEAQ tokens. This includes not only basic transaction fees, but also fees for deploying EVM or ink! smart contracts on the network;

Network Operation: Users need to stake $PEAQ to set up verifier nodes, which is a key part of the peaq consensus mechanism. Delegators also need to use $PEAQ to support selected verifiers and receive part of the rewards from it;

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

Reputation System: Machine owners and operators can stake $PEAQ on their machines to ensure 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 ensures the long-term health and stability of the network.

Application scenarios of $KREST Token:

The $KREST token is used for the canary network krest of peaq, which has similar economic parameters to the peaq mainnet but with some differences. The krest network is mainly 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%

Funds Reserve: 12.5%

Early supporters: 5%

Core Time Leasing: 20%

Treasury: 10%

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 various participants, including machine owners and dApp builders, to actively use the network and contribute to its ecosystem.

The use of $AGUNG Token:

$AGUNG is the token of the peaq Testnet, mainly used to facilitate the development and testing of the Testnet Agung. Unlike $PEAQ and $KREST, the $AGUNG token can be obtained for free for testing and experimental purposes. This design ensures that developers can safely experiment in the test network environment without affecting the stability of the Mainnet.

Advantages of the three-token system:

peaq's three-generation token system is ingeniously designed to ensure efficient operation of the network and widespread 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 enhances the security and stability of the network but also lays the foundation for future expansion and innovation. With more projects joining the peaq network, this three-generation token system will further promote the development of the DePIN project and make it stand out in the Web3 field.

Internet of things era, can peaq Mainnet go online and completely change?

As an innovative platform of the decentralized physical infrastructure network (DePIN), 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, peaq Network strives to change this situation through its unique technology and diverse application scenarios.

The peaq network supports more than 300,000 devices, locks in more than $25 million in real-world assets (RWA), and successfully builds 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, 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 allow users to exercise management and ownership rights on these connected devices, truly realizing human-machine collaboration in the era of artificial intelligence. The peaq network also ensures user data autonomy and management rights through distributed storage and data management, enabling 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 obtain corresponding device benefits.

With the upcoming launch of the peaq network's 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 the funding and liquidity interaction between peaq and ecosystems such as BNB Chain, Ethereum, Polygon, etc. Despite the bright prospects, the peaq network still faces many uncertainties in advancing these innovations.

The changing market environment, technological development, and user needs may all have a significant impact on its future. Whether the peaq network can continue to lead the trend in the Internet of Things economy remains to be tested over time, but it has already taken a solid step on the path of Web3 and IoT integration.