Peaq, a layer-1 blockchain, recently secured $15 million in funding aimed at expanding its ecosystem centred around decentralized physical infrastructure networks, known as DePIN.
This funding round, spearheaded by Generative Ventures and Borderless Capital, with contributions from Spartan Group, CMCC Global, and Animoca Brands, marks a significant milestone for Peaq ahead of its mainnet launch and the introduction of its native token, PEAQ.
DePIN fundamentally involves leveraging blockchain technology and token-based incentives to construct physical infrastructure networks, sparing other projects the need to procure and maintain their equipment.
Essentially, DePIN serves as a decentralized alternative to centralized cloud services like Amazon Web Services (AWS) or Google Cloud.
Currently, Peaq boasts of over 20 operational DePIN networks, as highlighted in a recent statement.
The significance of DePIN extends beyond Peaq, with industry analysts projecting its potential market value to soar to $3.5 trillion by 2028, as estimated by crypto market data provider Messari.
