March 19, 2024

$KREST is coming to Fundrs

What’s happening?

Ahead of the launch of krest, the staging area for all projects building on peaq, its native token ($KREST) is coming to the Fundrs platform with a limited pre-listing offering for the community set to take place on June 5th–14th.

Why does it matter?

Besides giving the community more access to $KREST tokens and boosting the Ecosystem Grant Program, this also makes for one of the first opportunities for the community to get $PEAQ tokens too via a significant airdrop that the contributors will be eligible for later on in the year.

What does it mean for the community?

The ecosystem fundraise is a crucial milestone on the pathway to the network’s launch, enabling the community to support the builders working on dApps and DePINs for krest and peaq via the grant program, thus ultimately driving its growth.

For all the excitement of flight, the final countdown still takes the cake as the most thrilling part of any rocket ship launch. The suspense of a liminal state, the adrenaline before the ultimate journey, the rhythm and determination of the count — as brief as they are, these moments are as charged as it gets.

krest, peaq’s canary network, is now pretty much in the countdown stage, given how long the journey has been so far, but here, we’re still counting days and weeks, not passing seconds. And as the final prepwork is being done on the ground, it’s time for the astronauts — or peaqonauts, rather — to make their way into the spacecraft ahead of the takeoff. And that’s why we’re bringing $KREST to Fundrs, a peer-to-peer merit-based decentralized dApp for capital raising, with the funds raised in this offering going toward ecosystem development via builder grants. But this isn’t even the best part.

Here’s the kicker: All contributors will also take part in an exclusive airdrop of $PEAQ, the peaq network’s native token, making for one of the first opportunities for the community to get it. The contributors will also have exclusive access to various new features and experiments on peaq including Universal Basic Ownership, Machine NFTs, and more. 

Curious? Here’s all you need to know to get on this spaceship.

What’s Fundrs and how does it work?

Fundrs is a fully decentralized platform for raising capital developed and launched by AllianceBlock, an end-to-end decentralized finance solutions provider, to enable cross-chain peer-to-peer fundraising. It is built on a merit system and brings together a community of savvy investors looking to bolster up-and-coming projects across the entire Web3 space.

The project leverages $USDT, one of the largest stablecoins by market cap, as the main token for contributions. However, to be able to buy a ticket, a user also needs to hold a certain amount of $rALBT, the reputation token Fundrs users can obtain by staking their $NXRA tokens. Staking is available on Ethereum, Avalanche, Polygon, and Arbitrum mainnets. The more a user wants to contribute, the more $rALBT they would need to hold.

In the $KREST listing, the staking is not necessary, as $NXRA holders will be eligible to contribute.

Another key condition for taking part in the offerings on Fundrs is completing a Know-Your-Client process — stay tuned to peaq’s and AllianceBlock’s social media channels to catch the announcement when it opens.

How much $KREST goes on offer?

As part of this exclusive offering, which opens on June 5th at 5 PM CET and runs out on June 14th at the same time, the community can access a total of 5,000,000 $KREST tokens. There is no limit on the ticket size, although the aforementioned $rALBT holding rules do apply to this initiative. The $KREST tokens put up on offer will be minted on the Arbitrum blockchain, but once krest is up and running, the holders will be able to obtain them on peaq’s canary network. The tokens will be released on a 3-month vesting schedule, in three equal batches.

As a gesture of gratitude for their backing, the contributors will get access to a number of exclusive airdrops. First, when krest goes live, they will receive additional $KREST tokens on top of the ones they acquired in the offering — one for every three $KREST tokens they got through Fundrs.

In an even more exciting addition, the contributors will also get to take part in an exclusive $PEAQ airdrop, which will take place when peaq’s mainnet goes online. This makes for a major milestone for the project, the community’s first opportunity to get $PEAQ.

The airdrop will be tiered, with higher contributions getting a more favorable ratio for their rewards. This is what the ratios look like:

  • Contributing 25,000 $USDT or more via Fundrs secures one a 1:1 ratio in the $PEAQ airdrop, meaning they receive one $PEAQ token for every $KREST token they got on Fundrs.
  • A contribution between 5,000 and 25,000 $USDT on Fundrs puts one at a 2:1 ratio, which means they get one $PEAQ token for every two $KREST tokens obtained via Fundrs.
  • Finally, all contributions under $5,000 get a 3:1 rewards ratio, securing one $PEAQ token for every 3 $KREST token they got on Fundrs.  

Here's a calculator you can use to calculate for a given amount of NXRA staked; how much rALBT you earn per day, how long it will take to earn enough for one ticket, and how much rALBT you will earn up front if you lock it for a specific amount of time.


Wait, what’s this entire krest thing?

If you want a major refresher, here is a blog we put together to introduce krest a while ago, but here is the gist: krest is peaq’s canary chain as well as the world’s first and only hub for simulating the Economy of Things. It is a production-grade environment featuring all of peaq’s core Modular DePIN Functions such as Self-Sovereign Machine Identities, machine payments, and role-based access control — with a live-fast-die-young mentality. 

Similarly to peaq, its tokenomics will reward builders and machine owners, giving ecosystem projects an edge against dApps and DePINs built on any other blockchain network. Besides that, krest will also feature all of peaq’s integrations, such as with DappLooker, for data-driven analytics, and, for enabling AI agents within the ecosystem.

While the peaq mainnet will be where dApps and decentralized physical networks (DePINs) on peaq launch their release versions, krest will be where they come to build, break, and then build again, but better. It will be the home for daring social experiments, innovative business models, and live-fire trials for projects that transform the foundational principles of running physical infrastructure, controlling and governing machines, and creating value in the Economy of Things (EoT).

As the hub for EoT simulations, krest will feature a network of connected community-owned Raspberry Pi mini-computers standing ready to simulate various connected devices such as drones, electric vehicles, or charging stations. Developers building on krest will be able to leverage these machines to simulate various interactions within their dApps and DePINs with real-world connectivity — but without the risk of causing real-world harm.

A production-grade network, krest will enable builders currently working on dApps and DePINs on peaq, such as bloXmove, NATIX, and Wicrypt, to move the integrations to the next level, from a testnet to a live decentralized network, with more prjects joining in thanks to the bossted Ecosystem Grants Program. krest will also welcome projects and tests by the participants of GAIA-X 4FM moveID, a €20+ million EU-funded project led by Bosch and involving other top industry names such as Airbus, Continental, and DENSO, as well as other major projects such as KI2L the one led by Fraunhofer HHI.

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