Layer 1 DePIN Network Peaq Goes Live, Token Available on 12 Exchanges

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Veronika Rinecker

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Veronika Rinecker

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Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

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November 13, 2024 10:14 EST

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Peaq, a Germany-based blockchain platform designed to power the machine economy, is now live, according to a Nov. 12 press release provided by the network.

Peaq is a Layer 1 blockchain, specifically designed to support decentralized physical infrastructure networks (DePINs), decentralized applications built on real-world infrastructure. These applications can range from energy grids and transportation networks to supply chain management and Internet of Things (IoT) devices.

A Network of 50 DePINs and 2 Million Devices

Peaq launched with over 50 DePINs already active in its ecosystem. These DePINs utilize more than 2 million devices and aim to reshape 21 industries, including mobility, energy, connectivity, weather, and decentralized artificial intelligence (AI).

Their combined global footprint gives peaq a presence in 95% of countries at launch, as per the press release.

21 industries are already being reshaped by DePINs on peaq

It's time for crypto to #getreal

🔗 https://t.co/OmbHFqeZtg pic.twitter.com/i93uxH5DBi

— peaq (@peaq) November 6, 2024

In September, peaq also strengthened its network by adding prominent European companies and research institutions to its pool of genesis nodes. Now peaq has a pool of 32 genesis nodes to ensure the smooth operation of the network. These nodes include Deutsche Telekom, Lufthansa Innovation Hub, Bertelsmann Investments, Kiln, and the Technical University of Munich (TUM), among others.

🎉 Major European companies such as @lufthansa, @deutschetelekom and Bertelsmann Investments are joining @peaqnetwork#DePIN #Web3 https://t.co/yOIAZ8U8pP

— Cryptonews.com (@cryptonews) September 11, 2024

A DePIN-Powered Future

Peaq’s co-founder, Till Wendler, envisions a future where Web3 becomes a reality. “Peaq’s genesis marks the beginning of a whole new era where Web3 finally gets real,” he said. “The DePIN revolution will transform the way we run the most critical infrastructure, putting the community squarely at the helm.”

“We’ve been working on peaq for almost a decade,” Max Thake, co-founder of peaq, added. Thake also believes the real potential of this industry lies in projects from the Web3 machine economy:

“Not long from now, millions of people all over the world will offer goods and services peer-to-peer via platforms they co-own, fundamentally changing how we interact with technology and with each other. DePIN will become so ubiquitous that we will stop calling them DePINs – they will simply be an integral part of our daily lives, seamlessly integrated into our communities and economies.”

PEAQ Token Goes Live on CEXs

Alongside the launch of the Layer-1 blockchain, peaq’s token PEAQ has also begun trading on 12 centralized exchanges (CEXs), including BingX, Bitget, Crypto.com, KuCoin, and MEXC.

The token is also compatible with a wide selection of wallets, including Metamask, Ledger, and Fireblocks.

PEAQ is a delegated proof-of-stake (PoS) cryptocurrency that allows investors to stake through the peaq portal.

Currently, 4.2 billion tokens are in circulation. The supply is set to increase by 3.5% in the first year, the annual inflation is expected to decrease by 10% until it stabilizes at 1%.

The token is not yet listed on decentralized exchanges (DEXs), but Peaq aims to introduce DEX trading pairs in the future.

On the second day of trading, the value of the token dropped by more than 20% and is now at $0.3, with a market capitalization of $309.3 million.