Layer 1 Peaq Attracts Lufthansa and Deutsche Telekom, Accelerating DePIN Growth
Date: 2024-09-12 Author: Henry Casey Categories: BLOCKCHAIN
The Decentralized Physical Infrastructure Network (DePIN) and Layer 1 network Peaq have added major European companies and research institutions to their pool of founding nodes.
The new node operators include Deutsche Telekom MMS, Lufthansa Innovation Hub, Bertelsmann Investments, and the Technical University of Munich (TUM), one of Germany’s leading research universities, according to a company announcement on September 9.
These organizations, valued collectively at over $170 billion, are now supporting the network’s infrastructure and opening up opportunities for community members to stake their tokens and share in the rewards.
Business Interest Accelerates DePIN Adoption
At launch, the active pool of Peaq nodes is limited to 32 participants, each node supported by staked tokens from both the node operator and their delegators. Anyone can join the pool, allowing both businesses and community members to operate nodes. As the network grows and demand for new nodes increases, the active pool can gradually expand.
Delegators, community members who stake their tokens to support selected active nodes, play an important role in the success of the network. By delegating their tokens, they not only strengthen the security and performance of the nodes, but also receive a share of the node rewards.
Dörlechter, co-founder of Peaq, says that the participation of large companies such as Deutsche Telekom and Lufthansa in decentralized infrastructure networks sends a clear signal about the viability of such projects.
To further facilitate the integration of DePIN into the enterprise environment, Peaq has also launched the Enterprise Adoption Program, which aims to connect decentralized infrastructure projects with leading companies. Companies that join the program will receive ecosystem updates, strategic advice, and opportunities to invest in DePIN projects on the Peaq platform.
DePIN — Driving Web3 Growth
DePIN is a blockchain protocol designed to decentralize real-world infrastructure such as communication networks, data centers, and energy markets.
By offering tokenized rewards, DePIN incentivizes people to contribute underutilized resources or financial capital to network development. This approach helps to effectively solve the bootstrapping problem for resource-intensive networks.
DePIN has grown rapidly in recent years and has found applications in various sectors. In 2023, DePIN projects added over 600,000 new nodes, spanning computing, wireless, and sensor networks.
According to Messari, DePIN’s market cap has grown more than 400% year-over-year to reach $20 billion. This growth has been fueled by a 296% increase in DePIN funding, which has led to new terms like DeGEN, DeGIN, zk-TLS, and AI x DePIN.
