In a nutshell: Things are moving fast. Right on the heels of the Kusama crowdloan success for krest, peaq’s crowdloan on Polkadot is now live. Join the bid to secure peaq a slot on Polkadot — a crucial step toward mainnet launch — and lock in some of your $DOT tokens to fuel the takeoff. There’s $PEAQ tokens to reward those contributing! Head here to join the fray through Polkadot.js, here is where you can do that through Bifrost, or read on for more details!
Sometimes, a song just fits the mood and the moment. For peaq, this song is Gotta Go Fast, and it has been so for at least a few past weeks as peaq control went live alongside the eot demo app. Just a week after the initial release, you could already earn rewards and get a seat at the table at an upcoming krest airdrop by using it to connect your Raspberry Pi to peaq. Oh, and since we mentioned krest, it won a parachain slot on Kusama — going live in this quarter.
Record scratch, the track changes to Don’t Stop Me Now, and the stage lights up once again.
peaq opens its crowdloan on Polkadot.
peaq crowdloan overview
- peaq Parachain ID: 3338
- Targeted Auction: #42-43
- Ending Block (Estimated) — 15,385,734
As a contributor, you:
- Get a 5% bonus if your contribution is more than 5,000 Polkadot tokens ($DOT)
- Besides that, you will have all of your locked $DOT back once peaq’s 96-week parachain lease period wraps up
- Crowdloan cap: 300,000 $DOT
- Reward: 42,000,000 $PEAQ
- Parachain slot lease period: 96 weeks
- $DOT lock-up period: 96 weeks
- Vesting: 24-month linear vesting starting at TGE (Token Generation Event)
- Eligibility: Conditional on user’s agreement to Terms and Conditions, no KYC needed
- Reward token: $PEAQ
- Redeeming $DOT: You will receive your locked $DOT back automatically, without any manual input
A quick word about the rewards: Earlier on, we picked up some community feedback on their size. White the feedback is always welcome and well-appreciated, there is the reason why we capped the rewards at 1% of the token’s max supply. First of all, please note that the crowdloan is capped at 300,000 $DOT tokens — in earlier auctions, the ratio would have been around 2 million $DOT for as much of the total token supply.
Besides that, calculating the right reward allocation is a delicate balancing act. Put too many tokens out on the first auction, and you may find yourself strapped for resources further on, when looking to extend your lease. It can also affect a project’s ability to fundraise for development and maintenance later on. The Polkadot ecosystem is no stranger to such scenarios, and we don’t want to follow down this path.
We’re here to stay, and that takes a tempered and strategic approach.
How to participate:
- Polkadot.js — Through this digital vault, you can access any crowdloans on Kusama and Polkadot. This method is best suited for those who have some experience with the crowdloan mechanism.
- Bifrost — Stake your $DOT and receive liquid $DOT derivatives that you can use while your tokens are locked for the duration of the slot lease period. In other words, you can keep your liquidity while still taking part in the crowdloan.
We are working on securing additional ways for community members to join the crowdloan.
Don’t have a wallet on Polkadot yet? No worries, head here to learn how to set one up quickly and safely. To take part in the crowdloan, you will need to stake your tokens into an escrow account that will automatically release them back to your wallet once the lease period expires. If the crowdloan is successful, you will also receive peaq tokens in line with the vesting schedule. You can check up on any auctions at this link.
peaq is the Web3 network powering the Economy of Things (EoT). peaq enables entrepreneurs and developers to build decentralized applications and DePINs for vehicles, robots, and devices, while empowering users to govern and earn as connected machines provide goods and services. Together with leading consortia such as Gaia-X, peaq is co-creating the standards that will power the future of mobility and other connected industries while working to democratize abundance in the Age of Automation.
Here’s a handy overview of how that works:
Relay Chain: Polkadot
Supply Structure: 5% of PEAQ tokens are expected to be minted each year. In addition, burning mechanisms set to a balancing ratio will allow the chain to maintain a stable token supply over time.
Total Supply: 4,200,000,000
Supply at Genesis: 4,200,000,000
Got any questions? Don’t hesitate to head to Discord and ask, we’ll be happy to help. And if you don’t happen to have a few spare $KSM in your jacket, but still wouldn’t say no to some krest tokens, there’s another way to get in. Fire up your Raspberry Pi and join the EoT simulation DePIN on peaq to take part in an upcoming airdrop.