DePIN: A look at the decentralized physical infrastructure network

Author: 0xUnicorn Source: X, @0xUnicorn

Mobile's tenfold increase in 7 days triggered a wealth effect, and hot money began to pour into the DePIN track

Chinese people are doing this recently Inscription, foreigners are doing DePIN, trying to attract each other to come in. Some of DePIN’s new assets have already performed well among foreigners.

1. HONEY

Market value: US$73 million, full circulation market value: US$1.7 billion

Honey (Hivemapper) is on Solana and has strong investment background and project support. In the project settings, the driving recorder is equivalent to a mining machine, integrated with the Hivemapper network through a mobile application, and automatically uploaded and mapped to the autopilot. It raised $18 million in Series A funding last year, led by Multicoin Capital. The HONEY token release rules are similar to Helium, with a maximum supply of 10 billion, and the current circulating supply increases by approximately 1.6 million Honey every day.

2. DIMO

Market value: US$77 million, full circulation market value: US$390 million

DIMO and Hivemapper both belong to the Drive to Earn track, but the difference is that DIMO's design is more in line with user needs and encourages the removal of ownership of driving data. Centralized acquisition facilitates C-side data collection and use. The business logic behind it is that the Internet of Vehicles track is backed by a huge market with an overall profit of 450 billion to 700 billion US dollars from global automotive data monetization.  

In terms of usage data, Hivemapper and DIMO are relatively close in terms of number of users, but DIMO is smaller in terms of FDV. There are currently 194mln of DIMO in circulation. The initial airdrop is actually a large-scale distribution of baseline rewards, with 382,491,185 DIMO remaining. The pool will be distributed over 40 years, with 1,00,1050 DIMO issued to users every week in the first year, reducing by 15% every year.

3. HNT (Helium)

Market value: 1.2 billion US dollars, full circulation market value: 1.7 billion US dollars

Helium: a centralized wireless network project, a pioneer in the DePIN track, so its ecological network is the most mature. HNT is the primary economic asset in the Helium ecosystem, and the only way to pay for network data transmission is to burn HNT.

 Helium’s income has increased with the price of HNT, reaching 9k US dollars/day, and it is still in a state of insufficient demand. This may be due to Helium’s vigorous efforts One of the reasons for promoting its child DAO. The current two sub-DAOs represent the narrowband network for IOT devices (Helium IOT) and the 5G hotspot network compatible with HNT mining machines (Helium Mobile).

4. MOBILE

Market value: US$400 million, full circulation market value: US$1 billion

MOBILE: The Helium Mobile Network protocol token is also the Helium SubDAO governance token, achieving governance separation. MOBILE was introduced to Helium Network through community proposal HIP-53. MOBILE tokens are mined via 5G-CBRS and WiFi hotspots, including both data transfer proceeds and proof of coverage.

In terms of token distribution, MOBILE follows a minting plan similar to HNT, but the maximum supply is 230,000,000,000 (230B). The value of the MOBILE token comes from two parts. One is that it can be redeemed for HNT through the programmatic treasury - Subdao token MOBILE can be redeemed for HNT. The other part is the governance utility in subDAO. In the future, there may be more utility, such as using staking to increase hotspot proof-of-coverage participation.

5. IOT

Market value: US$53 million, full circulation market value: US$440 million

IOT: Helium IOT Subdao incentivizes IoT devices connected through the LoRaWAN network and balances the relationship between users and device providers. It can be understood as inheriting the use cases of the original Helium IoT part. The current number of IOTs in circulation is 24 billion, which is in the early stages of chip distribution.