peaq (styled lowercase by the project; also referred to as "peaq network") (PEAQ) is the native asset of peaq network, a sovereign Layer-1 blockchain for decentralized physical infrastructure networks (DePIN). It also supports machine-economy applications, running as a Substrate/Polkadot-stack-based, EVM-compatible chain with EVM chain ID 3338, with mainnet launched on November 12, 2024.
At launch, more than 50 DePIN projects across 21 industries operated on the network, which provides machine identity, access management, and payment infrastructure connecting vehicles, devices, and robots to Web3 applications.
peaq specializes in DePIN and machine-economy infrastructure — providing machine identity, access, and payment primitives — rather than functioning only as a general-purpose smart-contract chain. Its EVM compatibility lets DePIN builders use familiar tooling while settling machine-to-machine transactions on a purpose-built Layer-1.
The network's DePIN ecosystem grew from approximately 49 active projects in Q1 2025 to 53 in Q2 2025, with active addresses up 10.5% quarter-over-quarter. A reported partnership integrates Fetch.ai autonomous AI agents into machine-to-machine transactions on the network.
PEAQ functions as both a utility and governance token on peaq network. As a utility token, it pays transaction fees and settles machine-to-machine payments within DePIN applications built on the chain.
As a governance token, PEAQ gives holders a role in network decision-making, with participation rights expanding as peaq's governance model progressively decentralizes.
peaq's genesis supply at token generation was 4.2 billion PEAQ, with a maximum supply of approximately 5.67 billion PEAQ reached in year 17 of emission. Circulating supply is approximately 2.49 billion PEAQ as of September 3, 2026.
Net emission is disinflationary: issuance slows over time even as circulating supply keeps rising through investor, team, and ecosystem vesting unlocks.
peaq's founding predates its on-chain launch by about seven years: co-founders began building the underlying technology in 2017 as EoT Labs. peaq's mainnet launched November 12, 2024.
peaq network is a sovereign Layer-1 blockchain built on the Substrate/Polkadot technology stack, rather than a token issued on top of Ethereum, BNB Chain, or Solana. It is fully EVM-compatible, with EVM chain ID 3338 (0xd0a), allowing Ethereum-tooling-compatible contracts to run natively on the chain.
Canonical bridged copies of PEAQ, issued via LayerZero's omnichain-fungible-token (OFT) standard, also circulate on Ethereum, BNB Smart Chain, and Base, while peaq's own chain remains the asset's native settlement layer.
peaq network was founded by three co-founders: Till Wendler (CEO of EoT Labs), Max Thake (CMO of EoT Labs), and Leonard Dorlöchter.
peaq network is developed and maintained by EoT Labs, the company that incubated the project as open-source infrastructure for what it terms the Web3 Machine Economy. EoT Labs originally built enterprise IoT solutions before spinning out peaq as a dedicated Layer-1 blockchain for decentralized physical infrastructure networks (DePIN).
Reporting on EoT Labs' 2022 seed round, denominated in euros, points to an operational presence connected to Malta; CMO Max Thake is described in Maltese press as a Maltese tech entrepreneur.
peaq governance follows an explicitly phased model that has not yet reached full decentralization. In the current initial phase, community input is gathered informally through polls, AMAs, and community calls, while the peaq foundation retains veto power to safeguard network stability.
PEAQ holders, an elected Council, and a Technical Committee can each propose upgrades, parameter changes, or treasury spending; Council decisions can be overturned by the community, and the Technical Committee can fast-track urgent proposals or block risky ones. Governance is planned to move on-chain in a midterm phase before reaching full, transparent on-chain voting long-term.
By Q2 2025, peaq network reported 53 active DePIN projects, up from 49 in Q1 2025, alongside a 10.5% quarter-over-quarter increase in active addresses. MachineX and the UAE's first Machine Economy Free Zone reportedly went live, and PEAQ was announced for listing on Kraken.
In Q3 2025, Combiner, a decentralized energy DePIN built on peaq, reported reaching 1,000 live devices around August 27, 2025. A reported partnership with Fetch.ai integrates autonomous AI agents into machine-to-machine transactions on the network.
CertiK's Skynet fundamentals assessment, published July 2, 2024, ranked peaq #1 for fundamental health (score 98) among pre-launch-stage networks. The assessment placed peaq in the top decile across fundamental, operational, code, and community categories, with no critical code vulnerabilities reported.
peaq runs an active bug-bounty program through CertiK's SkyShield platform, and a Hashlock audit of the peaq blockchain has also been published. As a risk factor, PEAQ has traded down approximately 97% from its December 2024 all-time high, and circulating supply has grown substantially since genesis amid ongoing investor, team, and ecosystem token vesting, including scheduled unlocks.