DePIN: The new industrial revolution
The Decentralized Physical Infrastructure Network (DePIN) promises to usher in a new era of productivity, but this era will be driven not by centralized forces but by decentralized forces.
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Current status of DePIN: Panorama, top eight protocols by market value, and the most promising projects
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Author: Messari, Translation: Jinse Finance xiaozou
DePIN (decentralized gaming infrastructure) continues to grow. Financing scale increased by 296% year-on-year, and total market value increased by 400% to US$20 billion. Let's take a deeper look at the current status of the DePIN field.
Based on the previous DePIN sub-field map, we have added four more sub-fields:
• Decentralized Gaming Infrastructure (DeGIN) - Computing Network
• AI Data Layer - Bandwidth Network
• Robotics - Mobile Network
• Manufacturing - Mobile Network
Seven of the top eight DePIN protocols by market value are Digital Resource Networks (DRNs), with a total market value of $12.2 billion. Helium is the only Physical Resource Network (PRN) to enter the top eight.
However, the growth in market capitalization has little correlation with the growth in revenue. All DePIN protocols have low revenue, and only the four largest DePIN protocols are among the top 8 in terms of revenue.
The overall weak revenue growth reflects that the DePIN field will continue to be mainly limited by demand. Centralized platforms will continue to provide more integrated solutions, combining raw resources with customized services.
Studying very early stage financing may tell us where investors see the greatest potential.
Of the three largest financings in 2024, two were invested in L1s tailored for DePIN, including IoTeX and Peaq, with the former successfully raising $50 million and the latter $30 million.
So, which chains are the DePIN projects based on? As of now, there are about 78 DePIN projects on the Solana network, which is in a leading position. At the same time, L1s focusing on DePIN, such as IoTeX and Peaq, are also developing their own ecosystems.
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