Coinspeaker
Peaq Network Secures $20M in Funding from CoinList Token Launch
Decentralized Layer-1 blockchain peaq Network announced that it has secured $20 million in the largest CoinList funding and token launch in more than two years.
The launch of the PEAQ token was concluded recently and data shows that it was oversubscribed by the community. Precisely, over 14,500 wallets contributed to it, breaking the record for both the largest amount secured and the largest amount contributed in over two years.
peaq Funding to Boost Activities on L1
The network strongly believes that this outlook underscores the enormous support and trust that the community and the broad Web 3.0 ecosystem have in peaq. This disposition is important for the L1 as it heads towards its upcoming mainnet launch. Also, the massive embrace suggests the growing interest in the decentralized Physical Infrastructure Network (DePIN) niche.
“We are deeply grateful to the community for their faith in peaq’s mission and their continuous support,” Till Wendler, co-founder of peaq said. “The token launch on CoinList was a big step toward becoming truly community-owned, and we’re excited to be moving further in this direction with more community events and initiatives. This is a very strong signal for the DePIN space as a whole.”
The secured fund will contribute to bolstering activities on peaq, making it stronger and more robust as time goes by. For context, peaq plans to utilize the $20 million from the token launch to grow its ecosystem, further develop its Modular DePIN Functions, and ensure network security. They accrued funding will primarily go towards new ecosystem programs like community-facing initiatives that push wider DePIN adoption.
The implementation in peaq’s Modular DePIN Functions will include multi-chain self-sovereign machine identities known as peaq ID, seamless peer-to-peer payments for machines and people known as peaq pay and peaq verify, a three-tiered framework for DePIN data verification amongst others.
According to peaq, there is an upcoming $PEAQ launch for $KREST holders campaign although a specific date was not announced. This is in addition to other opportunities that are likely to come up around the time of mainnet launch.
peaq Registers Huge Growth in Peaqosystem
It was reported that the protocol registered a 20% surge in its ecosystem dubbed the “peaqosystem” in April.
By this percentage, it was concluded that about 25 DePINs had shown support for the protocol even before its official launch. The expectation is that these figures grow in the coming weeks and the secured fund from the CoinList token launch will play a part in making this a reality.
With the CoinList token launch out of the way, the protocol will begin to work on allocations over the next few days.
Meanwhile, CoinList unveiled some key upgrades on its platform a few weeks back. One of these features a reimagined Karma system, which acts as the basis for a reputation-based points setup. It also introduced five Karma Tiers: Rust, Bronze, Silver, Gold, and Platinum.
Noteworthy, the higher the tier, the greater the chances of accessing exclusive token launches and offerings
Peaq Network Secures $20M in Funding from CoinList Token Launch
