Blockchain
penomo taps peaq to build a sustainability-first network of tokenized batteries
peaq, the go-to blockchain for real-world applications, announces the expansion of its ecosystem as penomo joins in to build a network of tokenized batteries. penomo is a monetization platform for eco-friendly energy storage businesses, especially those which re-use or recycle electric vehicle (EV) batteries. With penomo, these batteries will run as a decentralized physical infrastructure network (DePIN) earning rewards for the borderless community of Web3 investors by pooling new revenue streams such as selling carbon credits to companies looking to go carbon-neutral.
Lithium-ion batteries are a crucial component of sustainable power grids, storing spare energy for times when no sun rays hit the solar panels and no breeze spins the wind generator turbines. They also power electric vehicles, increasingly popular due to their sustainability. However, lithium extraction comes at a major cost for the environment, and businesses working on various sustainable solutions, such as green energy storage or battery recycling, often struggle to set up sufficient income streams and access liquidity fast, making for a major hurdle to the push for an eco-friendlier energy paradigm.
penomo enables businesses that accumulate sustainable energy to monetize their batteries quickly and efficiently. With penomo, such businesses can tokenize their batteries, offering the global Web3 investor community a portion of their future revenues to raise funds and turn batteries into liquid assets. They can also sell carbon credits or carbon credit futures to companies on-chain, monetizing the positive impact they make on the environment. In total, this unlocks three prospective revenue streams that all offer access to global capital and fast liquidity.
penomo will leverage peaq and its core functions, including self-sovereign multi-chain peaq IDs and peaq pay, peer-to-peer machine payments, to set up the fractional ownership mechanism powering its DePIN. Businesses adding their batteries to the penomo DePIN will outfit the hardware with peaq IDs through penomo’s app, which will also leverage peaq to tokenize the batteries, automatically distribute the rewards between investors, and facilitate sales of carbon credits and, optionally, battery data.
At the current stage, penomo, which is an incubation of EoT Labs, the company developing peaq as an open-source layer-1 blockchain for real-world applications, already has 4 letters of intent with energy storage and recycling companies, including Evyon. It is also in talks on paid proof–of-concept and co-development with two major multinational enterprises and has been endorsed by at least 10 major companies, including prominent automakers and energy businesses. Jasvir Dhillon, penomo’s co-founder, is also the EoT labs lead for KI2L, a project led by Fraunhofer HHI, part of one of Europe’s largest research organizations; the project taps AI to make EV batteries more sustainable.
“It’s encouraging to see so much market pull for penomo’s solution,” says Jasvir Dhillon, penomo’s co-founder and CEO. “Multiple decision-makers from relevant companies are reaching out to us themselves, even though we’re yet to spend a dime on marketing. We are thrilled to be building a solution that embraces the regenerative finance ideas by merging sustainability with business innovation. As a layer-1 built for DePINs, peaq is the perfect home for a project like this, bringing handy pre-built functions and tailor-made economics to the table.”
“penomo is addressing a major pain point for businesses working to make energy storage more sustainable,” says Till Wendler, co-founder of peaq. “Its DePIN of tokenized batteries will enable the Web3 community to invest in sustainable projects and earn rewards from energy preservation, while also driving enterprise adoption of peaq.”
Blockchain
$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko
Farcana — United Arab Emirates based Bitcoin shooter game, has announced that its $FAR token is now ranked first on Bybit exchange. This development comes after the launch of its staking program, which offers users a 60% annual percentage rate (APR) on their $FAR tokens.
The staking program requires users to utilize the Polygon network for staking their announcement. Following the announcement, $FAR token soared to 44% according to Coingecko.
Founded in 2022, Farcana recently raised $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
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A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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