No monthly unlocks. The investor, Core Contributors, EoT Labs and Core Time Lease allocations vest per block through the chain’s vesting pallet. The plan has two one-time amounts, the tokens available at TGE and the 93,450,000 PEAQ investor lock-up release six vesting months after TGE. See Unlocks for the schedule and Circulating supply for how the reported figure is calculated.Hard cap: 5,667,620,228.64 PEAQ, to be enforced in an upcoming runtime upgrade.
Utility
PEAQ’s primary utility is in the most fundamental interactions on the network: paying transaction fees, producing blocks in a censorship-resistant way via a staking mechanism, and governing the network.Transaction fees
PEAQ is used for transaction fee payment on the peaq blockchain. The amount of PEAQ needed for any particular transaction is calculated based on the weight, length, and other parameters of the transaction. As with other layer-1 blockchains, no transaction can be carried out without paying the fee in PEAQ, so every transaction from a DePIN on peaq requires PEAQ.Staking
peaq relies on the work of Validators and Delegators for block production. To ensure that blocks are produced in an honest, censorship-resistant, and reliable way, peaq has a staking mechanism, which incentivizes honest work from Validators and Delegators. Validators need to provide a staking deposit to run a Validator node to have “skin in the game”. Delegators can delegate their stake to Validators of their choice in order to back them. Only those Validators with enough backing (stake) are able to produce blocks. Delegators therefore govern which Validators produce blocks. If the Validator misbehaves or goes offline, its Delegator stops earning, so Delegators need to check Validators’ behavior and manage their stake allocation actively. In Economics 2.0 terms these are chain validators. Trust Validators are the staking role that verifies machine activity; public staking consolidates there over the transition described in the launch blog.Governance
Holding PEAQ will enable you to gradually guide the network by voting on key decisions via onchain governance concerning its development and future. Initial Post-Launch Period: Community suggestions are gathered via polls, AMAs, and calls. The foundation holds veto power to safeguard stability. Midterm: Governance shifts onchain. PEAQ holders, the Council and the Technical Committee can propose upgrades, parameter changes, or treasury spending. Council decisions can be overturned by the community; the Technical Committee can fast-track urgent or block risky proposals. Longterm: A fully open, advanced onchain governance model enables any PEAQ holder to propose changes and vote transparently onchain. Safeguards promote broad participation and approved proposals are implemented automatically. The community also manages funds via onchain governance.Inflation
The inflation rate is initially set at 3.5%, ensuring sufficient incentives for early adopters. However, the inflation rate will decrease annually by 10% and will stabilize once the network reaches 1% inflation, following a disinflationary model. The first disinflation took effect at block 7,890,590, 5,256,000 blocks after inflation started at block 2,634,590, and the rate is recalculated every 5,256,000 blocks from there. In the future, the community will be able to vote on adjustments to the inflation/deflation model via the network’s governance.Disinflation Schedule
The following table outlines the disinflation schedule, showing the inflation rate each year, newly minted tokens, and end-of-year supply:
The schedule above reaches 5,657,996,131.31 PEAQ at the end of year 17. PEAQ has a hard cap of 5,667,620,228.64 PEAQ, which the schedule reaches about two months into year 18. The current runtime does not enforce the cap yet; it will be part of an upcoming runtime upgrade.
Economics 2.0
The Economics 2.0 contracts are live on peaq mainnet (paper; mechanics on the Economics 2.0 concept page). Machines activate on a subscription tier priced in USD and bond PEAQ at the oracle rate. Machine bonds are held in the MachineSubscription contract (0x9e37AD189c334C92e6B8a812Ca4c02f35Ac43895) and count as circulating supply until they are burned. The bonded total is on the Machine Explorer economics page; activation steps are on the activate page. A lapsed bond decays over a 14-day runoff, half to burn and half to the treasury; the burn address in InfoDesk is unset, so the burn half does not reduce total supply yet. Newly issued PEAQ and transaction fees are split on chain four ways: 30% to staking, 30% to the Machine Pool, 20% to the treasury and 20% to the Activation Token Provision Pool (see Inflation and transaction fee distribution).Tokenomics Adjustments: System wallet simplification and transparency improvements
As peaq Economics 2.0 goes live and as announced July 1 in our market structure update, the broader wallet structure is also being updated. This includes both system wallets and other Foundation-controlled wallets, which have historically been spread across a larger number of addresses. These wallets are now being consolidated into a smaller and clearer structure, making balances and movements easier to track for the community, exchanges, and other stakeholders. It also allows legacy wallets created for earlier initiatives, such as launch-era community campaigns, Get Real, and completed capital contribution activities, to be retired. The legacy balances of five system wallets (Security Treasury, General Treasury, DePIN Incentive Pool, DePIN Staking, Machine Subsidization Pool) are moving to the Treasury Reserve in several transfers, with the rest following by the end of September 2026; the General Treasury keeps receiving its 20% share of block rewards. Legacy campaign wallets (Get Real, Early Adopters, Initial Community Campaign, Capital Contributions) moved to the Dynamic Treasury. The Community Reserve and Security Reserve moved to the Treasury Reserve. Every transfer is listed with its transaction hash in the Economics 2.0 launch blog. The foundation-controlled treasury now consists of these wallets:
None of these moves change the emission schedule. Their effect on circulating supply follows Subscan’s account list: moves between excluded accounts (Community Reserve and Security Reserve to the Treasury Reserve) leave it unchanged, moves from the excluded campaign wallets to the Dynamic Treasury, which is counted, add to it (the Initial Community Campaign wallet was already counted, so its move changed nothing), and legacy system wallet balances arriving at the Treasury Reserve reduce it. Live balances of all excluded accounts are on Subscan under Token Distribution.
Economics 1.0: Allocation at genesis
The table is horizontally scrollable → Lock-up and vesting durations are in vesting months of 438,000 blocks. The investor, Core Contributors, EoT Labs and Core Time Lease allocations vest per block through the vesting pallet (see Unlocks).
The table is the genesis record. Several of its foundation-managed wallets have since been consolidated (see wallet consolidation): Get Real, Early Adopters and Capital Contributions moved to the Dynamic Treasury, and the Community Reserve and Security Reserve moved to the Treasury Reserve. The Initial Community Campaign wallet (0x9B921f6238900178b9bD1d90F0048B6f2Ed9C0e0) moved in full to the Dynamic Treasury. Two wallets appear in both tables under different names: Ecosystem & Treasury (Reserve) 0x4b4c…D49 is the Treasury Reserve, and Ecosystem & Treasury (Grants) 0x46E9…83C0 is the Ecosystem & Treasury Wallet.
Unlocks
How vesting works. A vesting schedule sets a locked amount, a start block and an amount that becomes claimable per block. Nothing is claimable until the start block has passed. After that the claimable amount grows with every block until the locked amount is used up. Callingvest (or vest_other, which anyone can call for an account) lowers the lock so the claimable tokens become transferable.
How to read the table. A vesting month is 438,000 blocks, one twelfth of a 365-day year at the 6-second target block time; when blocks take longer than 6 seconds, a vesting month lasts longer than 30.4 days. Vesting per block is the month’s figure divided by 438,000. On chain the investor schedules run from six vesting months after TGE and the Core Contributors and EoT Labs schedules from nine, each for its full 18, 24 or 36 vesting months, so a row of the plan can sit one vesting month away from the matching release on chain.
The table is horizontally scrollable →
Unlocked Supply is the running total of this plan, not the circulating supply. For the reported figure see Circulating supply.
*The plan counts the staking share of inflation as unlocked: 40% for months 1 to 21 and 30% from month 22, the first full month after the PEAQ Flow split took effect at block 11,528,194 (see Inflation and transaction fee distribution).
**Not counted as unlocked is Total Supply minus Unlocked Supply. It contains the genesis allocations that vest later, the reserves that have no vesting schedule, and the share of inflation that the plan does not count as unlocked. It rises after month 44 because inflation keeps being minted after the last genesis allocation has vested.
†Months 1 to 14 include the community campaign distributions (Community Sale, Get Real, Early Adopters, Capital Contributions), which have no vesting-pallet schedule. The Community Sale was distributed through the LayerZero contract. Get Real, Early Adopters and Capital Contributions were distributed by the foundation, and their remaining balances moved to the Dynamic Treasury under the wallet consolidation. The plan spreads these distributions evenly across their months, and the per-block figure treats them the same way. From month 15 on, every row is vesting-pallet releases only.
Staking locked tokens
The vesting and lockup schedule applies only to the initial allocations of the total supply at genesis and does not apply to newly minted tokens generated by inflation. Tokens, regardless of their status (locked, unlocked, or under vesting), are eligible for staking. Users can participate as validators or delegators and stake their tokens. Staking rewards are immediately available and fully unlocked upon receipt.Circulating supply
Circulating supply is the total transferable PEAQ balance across all accounts, minus the foundation and system accounts that Subscan lists as excluded under Token Distribution. CoinMarketCap and CoinGecko republish the available_balance figure from Subscan’s API, which excludes the foundation accounts on that list but counts the general treasury account (modlpy/trsry); Subscan’s homepage excludes the treasury account too. Excluded accounts include the Treasury Reserve, the Ecosystem & Treasury Wallet, the Core Contributors Reserve, the Expansion Reserve, and the Get Real, Early Adopters, Capital Contributions, Community Reserve and Security Reserve wallets from the genesis table; Subscan shows the current list and each account’s balance. Locked and vesting balances are not transferable and therefore not circulating. PEAQ bonded by machines under Economics 2.0 sits in the MachineSubscription contract as a transferable balance and counts as circulating until it is burned. The same applies to the Machine Pool and Activation Token Provision Pool shares of block rewards, which sit in the two Economics 2.0 contracts and are not excluded. Earlier history: on December 6, 2024 the 6% CoinList sale allocation was added to the reported circulating supply, following the CoinMarketCap and CoinGecko rule that public-sale tokens count even while locked. That moved the reported figure from 376,976,863 to 624,514,387 PEAQ on that date.Inflation impact on circulating supply
The inflation has the following impact on the circulating supply:- 30% is paid out as rewards to chain validators and their delegators, the Trust Validator staking share during the transition.
- 30% goes to the Machine Pool, the MachineSubscription contract, where it funds bonding reward and onboarding voucher credits.
- 20% goes to the general treasury.
- 20% goes to the Activation Token Provision Pool, the SubscriptionTokenProvisionPool contract, a PEAQ reserve that pays the bond on peaq for bonds paid on another chain, and for USDT settlement when a USDT token is configured (none is set on mainnet).
Inflation and transaction fee distribution
Newly minted tokens and transaction fees are split four ways on chain, following the Economics 2.0 PEAQ Flow: 30% Trust Validator staking (which pays today’s validators and delegators during the transition), 30% Machine Pool, 20% Treasury, 20% Activation Token Provision Pool. Each destination is a block reward sink in the runtime, and every block pays all four directly. 1. Trust Validator staking: 30%, modlPotStake, paid to chain validators and their delegators during the transition This pool ensures efficient, reliable, and censorship-resistant block production. All funds are distributed directly to validators and delegators based on the validator’s total stake and those of the delegators. Validators can set custom delegator fees. 2. General Treasury: 20%, modlpy/trsry The funds of this pool finance the ongoing operations of the ecosystem, supporting further research and development around the network, its core function set, and other key features. The account keeps receiving new issuance while its legacy balance moves to the Treasury Reserve under the wallet consolidation. 3. Machine Pool: 30%, MachineSubscription Each settlement epoch, the PEAQ in MachineSubscription beyond bonds, committed credits and pending runoff payouts is split between bonding reward credit and onboarding voucher credit. Credits are redeemed against renewals and activations, not paid out to wallets. 4. Activation Token Provision Pool: 20%, SubscriptionTokenProvisionPool The PEAQ reserve that pays the bond on peaq when an operator paid it on another chain, and for USDT settlement when a USDT token is configured (none is set on mainnet).Pools that no longer receive block rewards
Until runtime spec 113 the split was 40% validators and delegators, 10% security treasury, 25% general treasury, 20% DePIN incentive pool, 5% machine subsidization pool. The retired accounts listed below receive no new block rewards, and their balances move to the Treasury Reserve under the wallet consolidation. The General Treasury still receives a 20% share and is covered above.- Security Treasury - modlPotCoret: funded the purchase of Coretime.
- DePIN Incentive Pool - modlPotDPInc & modlPotDPStk: incentives for DePINs building on peaq and their liquidity across Machine DeFi protocols.
- Machine Subsidization Pool - modlPotSubsi: subsidized the onboarding of revenue-generating machines as Machine RWAs.