MapMetrics ditches Solana blockchain for peaq

Drive-to-earn DePIN project MapMetrics will slowly transition to the peaq blockchain

article-image

MapMetrics modified by Blockworks

share

Decentralized Physical Infrastructure (DePIN) project MapMetrics will leave the Solana ecosystem and migrate to peaq, a layer-1 solution designed specifically for DePIN and Machine real-world assets (RWAs).

MapMetrics is a drive-to-earn project that rewards users with tokens and NFTs for providing anonymous live traffic and map data. Similar to DePIN project Hivemapper, the team hopes to create a decentralized global map using Web3 technology. 

Read more: ‘Drive-to-earn’ app aims to bootstrap ‘dynamic maps’ with crypto rewards

Brent van der Heiden, co-founder at MapMetrics, told Blockworks that the decision was made as peaq offered a variety of modular DePin functionality.

“Peaq ID, a decentralized multi-chain machine identity, enables the network to prioritize real machines in times of high load,” Heiden said. “The Modular Functions, such as the DePIN data verification framework, will also help us further expand our DePIN’s own features.”

Additionally, Heiden notes there are a handful of potential synergies in the wider peaq ecosystem, including with other DePINs and its enterprise partners, which may enable the team to secure new partnerships to build out demand for the project. 

“Peaq’s community includes thousands of DePIN enthusiasts, which will help us grow, and the Machine Composability that comes with using the same identity standard across the ecosystem will help us tap into the pool of devices already on peaq,” Heiden said.

The transition process will be completed over multiple phases, beginning with smart contract deployments on peaq, followed by moving core business logic over to the layer-1. Afterwards, native token minting will also be available on peaq, and a bridging option will be available to existing holders. 

Despite MapMetric’s decision to leave the Solana ecosystem, the blockchain remains a popular home for many DePIN projects today. 

Read more: DePin projects have gained momentum on Solana blockchain

Natix, another DePIN mapping project, revealed today that it will be launching its native token on the Solana blockchain, while continuing to collaborate with the peaq network.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (4).jpg

Research

Despite crypto gaming related projects and funds raising close to a billion dollars in November 2021, there have been only a handful of games that have attracted users apart from mercenary capital, and have had sustained activity for longer than a few months. Crypto gaming is going through an infrastructure phase. Theoretically, crypto gaming stands to benefit from purpose-built, high throughput chains, where blockspace is cheap (especially for games which are fully onchain). However, despite the launch of many gaming-focused chains, most crypto games are lacking in quality and quantity. Most new crypto gaming infrastructure either have no games or only a few games launched (e.g. Xai) or have failed to garner meaningful attention (e.g. Immutable X).

article-image

Ethereum is becoming a multilayered lasagna-like system, pushing people to the margins with its complexity and fees

article-image

Ether would be set to re-test its 2021 price high should the regulator unexpectedly approve ETH funds, industry watchers say

article-image

The Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act, is expected to head to the floor for a vote in the House in the afternoon on May 22

article-image

NYAG announced details about its settlement with bankrupt lender Genesis on Monday

article-image

The $948 million of inflows from May 13 to May 17 roughly equaled the net money that left the fund category over the five prior weeks

article-image

A Goldman Sachs alum will take over as CEO in August