Peaq Network – Another DePIN Win For Polkadot

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15 May 2024

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Polkadot’s rise from “visible obscurity” is a key element of my recent writings. It sounds a bit strange, but hear me out. Although Polkadot is very well-known, it needs to be better understood. It’s this dynamic that has kept potential investors in the dark, regarding Polkadot’s enormous potential. This is however beginning to change and is coincidentally unfolding alongside the unveiling of Polkadot 2.0, coretime improvements, and the Jam chain.
As I have previously mentioned, projects built on Polkadot are parachains, and therefore, layer 1 blockchains. This is an attractive feature that only a layer 0 project, such as Polkadot can offer. The benefits of such a model are attracting newcomers and existing projects alike. In a recent article, I addressed the migration of Enjin, as well as a DePIN project, MapMetrics. Polkadot is becoming a favorable alternative for many projects that require stability, scalability, decentralization, and affordable fee structuring.
I think the “Great ETH Deception” is beginning to lose its luster. Polkadot is just one example of a viable, if not superior, alternative. The ETH issues are ongoing, and very little progress has been made in a decade. Gavin and Charles realized the challenges that lay ahead for Ethereum. Not only that, but they likely also saw that the appropriate measures required were being avoided in favor of an alternative route. This has however created a gap in the market.
Peaq Network
Regarding DePIN, Polkadot has secured a gap in the market. Parachains built on Substrate/Polkadot are well aligned to DePIN projects. Peaq is powering a global infrastructure revolution and is partnered with some industry leaders such as Bosch and Continental. More than 25 DePIN and Machine RWA projects are built on Peaq, which is expected to explode over the next few years.
Peaq enables the building of dApps for users of vehicles, machines, robots, and other devices such as phones and tablets. It’s a decentralized WEB3 network powering the Economy of Things. The Peaq Network is highly decentralized and has a Nakamoto Coefficient of 92, the highest among other layer 1 projects. The Nakamoto coefficient measures decentralization and represents the minimum number of nodes required to disrupt the blockchain’s network
Solana, for example, has a Nakamoto Coefficient of 19. Essentially, Peaq is 4X as decentralized as Solana. Peaq is also incredibly scalable and will eventually surpass 100K transactions per second. The current rate is approximately 10K TPS. Peaq’s token launch went live on CoinList a few days ago with tomorrow being the final day. The PEAQ token has a total supply of 4 200 000 000.

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The protocol has an inflation rate of 2.5% and the fixed token price for the token launch is $0.079. It will be interesting to see where the token price goes once PEAQ hits exchanges. Considering the great partnerships and incredible projects built on Peaq, it’s hard not to be bullish. This is yet another win for the Polkadot ecosystem. A lot is happening on Polkadot!

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Final Thoughts
Polkadot is becoming increasingly dominant, regarding blockchain adoption and real-world use cases. Regular readers might remember that I predicted Polkadot would be a silent performer in this bull market, and is likely to experience an explosive finish. The Polkadot ecosystem is one to watch, especially with hot narratives like DePIN. That’s it for this one. See you next time!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.