Reflecting on 2025
2025 has been a tough year for most crypto founders, investors and community members. The cycle turned out differently than almost everyone predicted and hoped, with no traditional altseason.
It had however also been a year where fundamentals and revenue have inched closer to front and center – which is a positive development. It's a good step forward to focus on value creation, yet our industry still has a long way to go. Almost all of the celebrated high-revenue projects are in gambling, be it perp DEXs, prediction markets, or meme launchpads. As an industry, we can do so much better. We have to do better.
On the other hand, DePIN shows early signs of real-world revenue being created, early proof that real goods and services can be offered and consumed onchain.
Investors started heavily focusing on valuing projects based on their revenue. Here I’d add the caveat that some revenues are sustainable, such as a DePIN with a strong demand side and other revenues are cycle- and narrative-driven, such as meme launchpads.
The value of a network like peaq, though, is more complex than its revenue alone. Economic weight accrues to the network and token through multiple mechanisms. While most tokens have one or two utility vectors, PEAQ powers a new economy and gains weight as machines come to life in the global machine economy. Just like the dollar builds strength from human work, spending, and trade, PEAQ accrues from machines producing goods and services. We’ll share a lot more on this in the new year.
In 2024, we had a clear target: to launch successfully. We exceeded all expectations and ended 2024 at a peak. That singular goal made it easy to focus all our efforts.
In 2025, we achieved many big milestones. To name a few: the world’s first tokenized revenue-generating robot, distributing bear-market resistant revenues from everyday people buying salad in Hong Kong on peaq. We established the world’s first Machine Economy Free Zone in the UAE, officially recognized by VARA. We paved the way for robots to come onchain and exceeded 6 million addresses on peaq by machines and humans. It was a year of laying foundations for the future.
2025 turned out to be more challenging than 2024. Having a listed asset and pressure from a noisy market made it more difficult for us to take a step back and look at the bigger picture. But we did exactly that in the past weeks. We zoomed out and reflected on the year: what worked and what didn’t. As a result, we’ve made many big decisions. Here are some high-level ones:
• We stopped everything that doesn’t have a measurable impact
• We double down on what makes peaq unique
• We refined our strategy
• We work solely based on metrics that drive our north star and revenues around peaq’s intrinsic value
We’re starting into the new year with the most clarity and focus we’ve ever had. The vision remains unchanged, yet it got sharpened to the core – and you can read all of this in the Purple Paper we’ll release in 2026.
I like Jeff Bezos’ Day One philosophy at Amazon a lot — one should always operate like it’s the first day of the journey. It feels like Day One at peaq. We’re just getting started, as hungry, dedicated and driven as ever before. With the big advantage of having the level of clarity and focus you can only get from experience.
No matter where the market is at right now, I’m ready and pumped for 2026. Onwards and Upwards 🦾