What is PEAQ (PEAQ)?

Quick Facts

  • Blockchain type: Layer-1, built with the Substrate framework
  • Primary focus: Decentralized Physical Infrastructure Networks (DePIN)
  • EVM compatible: Supports both Solidity and Rust (WASM) smart contracts
  • Mainnet launch: November 2024
  • Ecosystem size: Over 50 DePIN projects across 21 industries
  • Funding raised: Over $40 million to date
  • Canary network: KREST, used for testing before mainnet deployment

Introduction

PEAQ is the native utility token of peaq network, a Layer-1 blockchain designed from the ground up to power the Machine Economy. Unlike general-purpose blockchains, peaq focuses specifically on Decentralized Physical Infrastructure Networks (DePIN) — systems where real-world devices, machines, and vehicles interact autonomously on-chain.

Think of it as the blockchain layer connecting smart energy grids, autonomous vehicles, IoT sensors, and robotics into a unified decentralized economy.

History & Background

Peaq was founded by Till Wendler, Leonard Dorlöchter, and Jan Thake through a venture called EoT Labs. Recognizing gaps in existing infrastructure for IoT applications, the team pivoted to build a dedicated Layer-1 chain purpose-built for DePIN use cases.

In 2024, peaq raised $15 million from investors including Animoca Brands and Borderless Capital, followed by a $20 million token launch on CoinList — the largest token sale on that platform in over two years. The mainnet went live in November 2024.

How PEAQ Works

Peaq is built using the Substrate framework, giving it both EVM compatibility and support for Rust-based WASM smart contracts. This makes it accessible to developers from both the Ethereum and Polkadot ecosystems.

The network leverages Polkadot's interoperability framework, enabling cross-chain communication with other parachains and external blockchains via bridges. This allows DePIN applications to tap into liquidity and services across multiple ecosystems.

A key feature is modular DePIN functions — pre-built tools that help developers equip their projects with core functionalities like machine identity, access management, and machine-to-machine payments.

Tokenomics

PEAQ serves as the backbone of the network's economy. Its primary utilities include:

  • Transaction fees: All on-chain activity is paid in PEAQ, similar to gas fees on Ethereum.
  • Staking: Token holders can stake PEAQ to help secure the network and earn staking rewards.
  • Governance: PEAQ holders participate in decisions about the network's future direction.

Peaq also supports a dual-token model, allowing projects to create their own application-specific tokens on top of the network while PEAQ remains the base-layer currency.

Circulating supply ? 2.26 billion PEAQ
Total supply ? 4.42 billion PEAQ
Max supply ? -- PEAQ
Updated 16h ago

Ecosystem & Use Cases

The peaq ecosystem spans over 50 DePIN projects in 21 industries, including energy, mobility, and telecom. Projects building on peaq include noise pollution tracking platforms, vehicle fleet coordination tools, and decentralized sensor networks.

Machine Real-World Assets (MRWAs) are another key use case — physical machines like solar panels, EV chargers, and robots can be tokenized, enabling their owners to earn revenue from machine operation in a decentralized way.

Team, Governance & Community

The team behind peaq comes from enterprise IoT backgrounds, giving the project a grounded, real-world focus. Development is steered by EoT Labs, with community governance mechanisms allowing PEAQ holders to participate in network decisions.

The community is active across Twitter/X, Telegram, and Discord, with regular updates on ecosystem growth and protocol development.

Advantages

  • Purpose-built for DePIN: Purpose-built architecture reduces complexity for real-world device projects.
  • EVM + WASM compatibility: Broad developer accessibility across ecosystems.
  • Cross-chain interoperability: Polkadot-based bridges expand liquidity and connectivity.
  • Strong funding: Over $40 million raised signals sustained institutional backing.
  • Large ecosystem: 50+ live DePIN projects provide real network utility.

Risks & Challenges

  • Competitive sector: Established DePIN players like Helium and IOTA offer alternative infrastructure.
  • Regulatory uncertainty: Tokenization of physical assets and machine payments face evolving regulations, especially in the EU.
  • Adoption dependency: Network value relies on continued growth of real-world DePIN deployments.
  • Emerging technology: Machine Economy use cases are still maturing, creating execution risk.

Long-Term Vision

Peaq aims to become the foundational blockchain layer for the global Machine Economy — a future where billions of connected devices transact, earn, and operate autonomously without centralized intermediaries. With DePIN markets projected to grow substantially over the coming years, peaq's specialized infrastructure positions it as a core building block for decentralized, machine-driven services across energy, mobility, and beyond.

Frequently Asked Questions

PEAQ is used to pay transaction fees on the peaq network, stake to secure the blockchain and earn rewards, and participate in governance decisions. It is the core economic unit of the entire peaq ecosystem.

DePIN stands for Decentralized Physical Infrastructure Network — systems where real-world devices like vehicles, sensors, or energy equipment are coordinated on a blockchain. Peaq is built specifically to handle the high-throughput, low-cost requirements of these machine-driven networks.

The peaq mainnet launched in November 2024. Prior to this, the team used the KREST canary network to test features and onboard early projects.

Yes, peaq is EVM-compatible, meaning Ethereum developers can deploy Solidity smart contracts on it. It also supports Rust-based WASM contracts, making it accessible to Polkadot ecosystem developers as well.

An MRWA is a tokenized physical machine or device — such as a solar panel, EV charger, or robot — that becomes an autonomous economic agent on the blockchain. Owners can earn revenue from the machine's operation in a decentralized way.

As of the latest data, over 50 DePIN projects across 21 industries are active on the peaq network, spanning sectors like energy, mobility, and telecom.

Peaq was founded by Till Wendler, Leonard Dorlöchter, and Jan Thake through EoT Labs, a company with roots in enterprise IoT solutions. Their background in IoT directly informed peaq's DePIN-focused design.

KREST is peaq's canary network — a live testing environment used to trial new features and upgrades before they are deployed to the main peaq blockchain. It reduces risk for protocol changes.