June 19, 2024

Parasail joins the peaqosystem

What is happening?

Parasail is joining peaq to help new DePINs establish and grow their networks faster through an incentivized restaking mechanism, with the added security of refunds on service failure. 

Why is it important?

Parasail’s restaking pools will effectively work as a Web3 insurance policy for DePINs on peaq, helping them build their demand side — a critical task for any DePIN. 

What does it mean for the community?

You will be able to restake various tokens to secure and support DePINs on peaq while earning rewards. 

Smooth sailing

While DePINs are undoubtedly gaining popularity, widespread user adoption is still a major challenge for the industry. Granted, this arguably goes for any Web3 sector, but for DePIN, adoption could be the make-or-break factor. 

User participation is essential for creating robust and practical DePINs. It’s as simple as that. Without large groups of people registering devices and offering real-world services, decentralized infrastructure networks won’t be widespread enough and the data they provide will lack the accuracy needed to make significant real-world impact. On the other hand, it’s almost impossible to convince people to start using infrastructure services if you don’t have an already established, functioning network.

It’s a chicken and egg situation.

Parasail helps projects tackle this problem by reusing established assets of existing DePINs or layer-1s through an incentivized restaking mechanism. Restaked assets work as a service guarantee of a specific DePIN. This means that users of DePIN services could be eligible for potential payouts from insurance pools in the case of service failures, which makes for more user confidence and, in the longer term, adoption.

By integrating with peaq, Parasail will essentially allow new DePINs to stand on the shoulders of the OGs, leveraging their already established assets, user bases, and onboarded devices to almost instantly create functioning, valuable infrastructure networks. And of course, the DePINs (and anyone else) providing these assets will be rewarded for their contributions. Not to mention that by providing economic guarantees, Parasail helps boost confidence and trust in smaller, unestablished projects, giving them a fair chance to prove themselves in the DePIN space. 

“Integrating Parasail with peaq is a game-changing step toward mainstream DePIN adoption. The economic guarantees Parasail provides will not only boost user confidence and adoption but also streamline the go-to-market process for DePIN projects on peaq. It allows new DePINs to establish trust and build robust networks, positioning themselves for long-term success.”

— Sylvan, Co-founder of Parasail
“With this integration, new projects on peaq will be able to leverage the established assets of existing DePINs. That’s such a powerful synergy: Projects get instant access to the resources they need to grow and thrive while users are protected from failed delivery of services through economic guarantees. This opens the doors to an influx of DePINs, capital, and users, further solidifying peaq’s position as a leader in the DePIN sector. ”

— Till Wendler, co-founder of peaq

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