peaq network - DePIN's 'catch-all' L1: What you Need to Know
Scalable DePIN Infrastructure, Consumer Data Ownership, & More
Last month, we hosted several DePIN-focused Revelo Roundtables. Recently, we’ve covered DePIN extensively. And we’re keeping this up today with one more DePIN-focused edition, this time, focusing on peaq Network. We’ve been focused on internet-connectivity-related DePIN. peaq is a little different in that it focuses on enabling the creation of new DePIN protocols and networks for all sorts of infrastructure and devices. This includes anything from EV charging stations to weather data collection networks and everything in between.
peaq is a Layer 1 blockchain built specifically for DePIN. The physical nature of DePIN networks and the variety of industries and devices which fall under the DePIN category, make it a little less simple for an L1 to focus on this sector than others. Promising extensive scalability, multi-chain connectivity, and more, peaq is an interesting ‘catch-all’ project in the DePIN space. In fact, peaq has even partnered with Roam Network, which we covered yesterday…
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Background on peaq
peaq describes itself as a scalable, green, and decentralized L1. Specifically, peaq looks to service apps and protocols building in the DePIN and RWA space. Why look in this direction specifically, instead of going the usual route and looking to attract primarily DeFi builders, with some emphasis on other crypto use cases? peaq’s reasoning is that a lot of applications that users interact with the most frequently involve some of the most top-heavy business models in existence.
The most obvious example of this is Apple’s 30% app store tax/fee. For large companies, maybe they don’t have a problem paying up, and this is simply the cost of distribution. However, for emerging startups, including those operating in the RWA and DePIN realm, forking over 30% of gross revenues is less acceptable.
Blockchain is an obvious solution to this problem of centralized software stores and other infrastructure providers, like data centers and servers. But what’s in it for consumers? peaq allows consumers to own their data, which is also a promise made by other consumer-facing crypto protocols. This is a unique value-add, creating a balance of power that is skewed more toward the consumer, rather than purely favoring app developers, which is how things typically work.
Last week, we covered dVIN, which makes wineries pay consumers for their consumption data, instead of simply obtaining it for free. So the idea that crypto can empower consumers and help them monetize the commodity that their data is, is indeed catching on and seeing some traction. But why should DePIN and RWA builders choose peaq?
peaq’s premise for DePIN builders is its infrastructure, which is uniquely tailored to accommodate physical Internet-of-Things (IoT) devices. So while scalability and performance are very important, as we’ve seen with Solana gaining a lot of adoption from DePIN builders, there are additional steps that blockchains can take to make the job of builders even easier. peaq adds value on this front with its self-sovereign machine identities, peaq agents, and other mechanisms.
Whether it’s data storage, payments, machine verification, or other functionalities associated with DePIN networks, peaq’s aims is to abstract away the process of plugging these into blockchain. This allows builders to focus on their product, with the crypto integration automatically completed in the background.
On top of this, peaq Network is also scalable and performant in its own right. The chain is looking to bump up its performance from 10K TPS to 100K TPS by 2025. Fees remain low, with minimum transaction costs starting at just $0.00025. These are non-starters for those looking to build a crypto app that truly caters to consumers.
To date, peaq boasts over $25M in tokenized Machine RWAs, In addition, there are 45+ DePIN projects building on the network, spanning across 20 different industries. This highlights the depth of projects that peaq can reach and attract, as well as the breadth of industries and sectors that can operate using DePIN.
peaq doesn’t just onboard DePIN apps. The team has taken specific actions to collaborate with DePIN enablers. This includes partnering with LayerZero, which can help peaq access the liquidity of DePIN projects on other chains, or even investing in Borderless Capital’s DePIN fund. Through various avenues beyond its core goals, peaq has established itself at the center of DePIN, all ahead of peaq’s mainnet launch and the peaq token TGE.
Right now, peaq’s sister network, Krest, serves as a testing ground and simulation protocol for DePIN projects. Post peaq-launch, Krest will still maintain its position and value add, allowing DePIN builders to test new functionalities without the real-world consequences associated with them.
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