In early 2024, Peaq completed a $15 million funding round, led by Generative Ventures and Borderless Capital, as it prepares for its upcoming mainnet launch and the listing of its native token, PEAQ. According to Messari, the DePIN industry’s market size is expected to reach $3.5 trillion by 2028, highlighting the potential of the DePIN market.

Peaq’s technical strength is evident in its modular DePIN features and multi-layer data validation framework. The first feature enables developers to rapidly build DePIN projects, while the second ensures data accuracy and integrity, a crucial factor for decentralized systems, particularly in IoT applications.

Peaq Network’s strong strategic vision and technological infrastructure make it a formidable competitor in the DePIN arena, ready to meet the growing demand for decentralized physical infrastructure solutions.

Project Overview

Founded in May 2020, Peaq Network is a pioneering Layer 1 blockchain designed specifically to support Decentralized Physical Infrastructure Networks (DePIN) and machine RWA (Real World Assets). As the crypto economy grows, the demand for decentralized solutions that integrate physical infrastructure with blockchain technology has become more critical than ever. Peaq Network addresses this need by offering a robust platform that seamlessly integrates physical assets into the blockchain ecosystem.

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With parallel block production, asynchronous support, and agile core timing, Peaq Network can scale to 10,000 TPS (transactions per second), with potential upgrades allowing it to surpass 100,000 TPS.

Investors and Funding Status

Since its inception, Peaq Network has completed four funding rounds and one CoinList community sale.

• Pre-seed: In October 2020, Peaq raised €750,000 from prominent investors in Germany. This investment will help Peaq form a partnership with the Bosch Group for use in automotive production and operations.
• Seed Round: In June 2021, Peaq secured €2.5 million, which will be used to expand Peaq’s blockchain solutions and launch new projects.
• Private Round: In June 2022, Peaq raised $6 million to help build an advanced development team and launch new products.
• Pre-IPO Private Round: In March 2023, Peaq raised $15 million to expand its ecosystem and develop new DePIN projects.
• Community Sale: In May 2023, Peaq completed a token sale on the CoinList platform, raising $20 million.

PEAQ Token Economics

The native token of the Peaq Network is PEAQ, which plays a crucial role in the network’s operations, governance, and incentive mechanisms. Built on the Substrate framework, PEAQ benefits from the security and scalability of the Polkadot ecosystem.

Token Use Cases

• Transaction Fees: PEAQ is used to pay for transaction fees within the network.
• On-chain Governance: PEAQ holders can participate in network governance, voting on proposals and protocol upgrades.
• Node Staking: PEAQ can be staked to contribute to network security.
• Device Reputation Proof: Device owners stake PEAQ to guarantee the reliability of their machines.

Distribution and Vesting

The total supply of PEAQ is 4.2 billion, distributed as follows:

• Pre-seed: 294 million tokens (7%)
• Seed Round: 210 million tokens (5%)
• Private Sale Round: 546 million tokens (13%)
• Pre-IPO Private Sale: 378 million tokens (9%)
• Community Sale: 252 million tokens (6%)
• Project Team: 840 million tokens (20%)
• Network Security: 210 million tokens (5%)
• Ecosystem and Vault: 840 million tokens (20%)
• Community Program: 630 million tokens (15%)

Testnet – Krest

Peaq’s testnet is called Krest, providing a simulated testing environment for DePIN projects on the Peaq platform. Krest tokens were initially distributed in August 2023.

Peaq Network continues to make significant contributions to the future development of DePIN projects.

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According to Bithumb’s announcement, PEAQ and VANA will be listed on January 2, 2025, at 12:00 PM. During the first 5 minutes of listing, buy orders will be disabled, and only sell orders will be accepted. Additionally, to control price volatility, sell orders will be limited to 10% below or 100% above the base price.

What is peaq (PEAQ)?

PEAQ stands out as a blockchain solution focused on DePIN (Decentralized Physical Infrastructure Networks). Supporting multi-chain technology, PEAQ offers its users flexibility and ease of use with EVM and WASM-based smart contracts.

Use Cases of PEAQ Token:

• Transaction Fees: Enables low-cost and fast transfers.
• Staking: Provides opportunities for network security and earning rewards.
• Governance: Allows contributors to shape the future of the ecosystem.

Modules of the Peaq Ecosystem:

• Peaq ID: Identity authentication.
• Peaq Access: Access management.
• Peaq Verify: Verification services.
• Peaq Pay: Payment solutions.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Bithumb to List PEAQ and VANA! appeared first on Coin Engineer.