Skip to main content

DePIN Ecosystem

Data | Diagrams | Innovators

What is the best strategy for investing in DePIN technology?

How do you evaluate projects that combine complex tokenomics, physical hardware deployment, and real-world infrastructure challenges?

Subject Matter​

Investment Thesis​

Impact on Industry DePIN will impact operational models across all industries by fundamentally changing how infrastructure is managed, operated, and incentivized to create more secure, efficient, and community-driven systems. This shift towards decentralization, transparency, and user empowerment will ultimately transform traditional infrastructure models.

  1. Enhanced Security and Resilience:
    • DePINs distribute infrastructure components across multiple locations, reducing single points of failure.
    • This decentralized approach improves overall network security and resilience against cyberattacks and localized disruptions.
  2. Improved Transparency and Trust:
    • Blockchain integration ensures immutable record-keeping of all transactions and activities.
    • This transparency allows for real-time auditing and verification, reducing fraud and errors.
  3. Increased Efficiency and Cost-Effectiveness:
    • Smart contracts automate many processes, reducing the need for intermediaries.
    • This automation cuts administrative overhead and speeds up transactions.
  4. Community-Driven Development:
    • DePINs often utilize token economies to incentivize user participation and resource contribution.
    • This model encourages community involvement in infrastructure development and maintenance.
  5. Scalability and Adaptability:
    • DePINs can scale more effectively than traditional centralized systems as more participants join and contribute resources.
    • This scalability is particularly valuable in industries with fluctuating demand, such as telecommunications and energy.
  6. Cross-Industry Applications:
    • Energy: Enabling peer-to-peer renewable energy trading
    • Supply Chain: Improving transparency and efficiency in tracking and logistics
    • Healthcare: Secure sharing and storage of patient data
    • Telecommunications: Creating resilient, community-driven networks
    • Real Estate: Streamlining property transactions and management
  7. Democratization of Infrastructure: DePINs allow individuals and small entities to participate in and benefit from infrastructure networks traditionally dominated by large corporations.
  8. Interoperability and Standardization: As DePINs evolve, they may drive the development of new interoperability standards across different blockchain networks and traditional systems.
  9. Regulatory Challenges and Opportunities: The rise of DePINs will likely prompt regulatory bodies to develop new frameworks, potentially leading to more standardized protocols across industries.
  10. Environmental Sustainability: Many DePIN projects focus on renewable energy and resource optimization, potentially leading to more sustainable infrastructure protocols.

Evaluation​

Actionable Checklist for Validating DePIN Projects

Preliminary Research​

  1. Define Objectives
    • Specify the purpose of your research (e.g., viability assessment, investment evaluation, or competitor benchmarking).
    • Align objectives with goals like transparency, scalability, or community engagement.
  2. Gather Resources
    • Collect project documentation
      • whitepapers
      • roadmaps
      • technical specs
    • Review community discussions on forums and social media for qualitative insights.

Problem-Solution Fit​

  1. Identify the Problem
    • Evaluate if the project addresses a specific and measurable infrastructure pain point.
    • Validate through community surveys or stakeholder interviews.
  2. Assess Solution Effectiveness
    • Quantify the impact of the solution (e.g., % cost reduction, efficiency gains).
    • Compare against centralized alternatives and existing DePIN competitors.

Competitor Analysis​

  1. Map the Competitive Landscape
    • Identify key competitors and alternative solutions.
    • Perform a SWOT analysis to highlight strengths, weaknesses, opportunities, and threats.
  2. Evaluate Differentiation
    • Determine the project's unique competitive advantage [ ] proprietary technology [ ] network effects
    • Assess barriers to entry created by the project.

Revenue Model and Scalability​

  1. Analyze Revenue Streams
    • Audit current and potential revenue sources (e.g., transaction fees, hardware sales).
    • Verify revenue distribution mechanisms (preferably on-chain).
  2. Evaluate Scalability Plans
    • Assess infrastructure expansion strategies (e.g., node growth rates, hardware deployment feasibility).
    • Model scalability against projected demand curves.

Hardware and Node Network Feasibility​

  1. Review Hardware Requirements
    • Analyze cost-effectiveness and accessibility of required hardware for node operators.
    • Validate ROI for participants based on token rewards vs hardware costs.
  2. Examine Network Decentralization Verify active node count (>1,000 nodes) and geographic distribution to mitigate single points of failure.

Team and Governance​

  1. Assess Team Expertise
    • Review team credentials in blockchain technology and infrastructure management.
    • Look for evidence of prior successful projects.
  2. Examine Governance Models
    • Confirm decentralized governance mechanisms (e.g., on-chain voting systems).
    • Reject projects with centralized veto powers beyond Year 1.

Tokenomics​

  1. Stress-Test Token Distribution
    • Review token allocation models, vesting schedules, and emissions forecasts for sustainability.
    • Ensure inflation controls are in place.
  2. Validate Incentive Structures Check alignment between tokenomics and long-term project goals (e.g., staking rewards vs emissions).

Roadmap and Milestones​

  1. Audit Milestones Break down roadmap into quarterly deliverables tied to measurable KPIs (e.g., node deployment targets).
  2. Check Contingency Plans Confirm strategies for handling supply chain disruptions or liquidity crises.

Transparency​

  1. Verify Data Availability Ensure real-time data feeds for node uptime, revenue flows, and governance proposals are publicly accessible via APIs.
  2. Demand Third-Party Audits Require smart contract audits and infrastructure security reviews before Mainnet launch.

Execution Protocol​

  1. Scorecard Evaluation Rate projects against this checklist using weighted scoring (e.g., 30% Problem-Solution Fit, 25% Tokenomics).
  2. Pressure-Test Scenarios Simulate worst-case scenarios (e.g., 50% demand drop or 30% node churn) to assess resilience.
  3. Monitor Key Metrics Set alerts for deviations in node count (-10% monthly), treasury balance (more than 12 months runway), or governance participation (under 40% voter turnout).

Comparison Schema​

CategoryMetricData TypeScoring CriteriaValidation Method
Problem-Solution FitSpecific problem statementTextQualitative assessmentWhitepaper + stakeholder input
Problem-Solution FitQuantified impact vs alternativesPercentage (%)Numerical improvementBenchmark comparison
Competitor AnalysisCompetitive moat score1-10 scaleWeighted SWOT analysisExpert review
Revenue ModelRevenue share to tokenholdersPercentage (%)On-chain verificationSmart contract audit
Hardware FeasibilityNode ROI breakevenMonths< 18 months = passCost vs reward simulation
GovernanceProposal turnoutPercentage (%)> 40% = passGovernance platform data

Project Categories​

Consumer Facing​

Product Engineering: Consumer facing applications that leverage DePIN infrastructure.

BAXUS is the first peer-to-peer Marketplace for buying, selling, trading, and storing your valuable spirits & wine, at the price you want to set.

Industry Infrastructure​

Platform Engineering; Infrastructure and B2B services.

ProtocolPurposeIntentImplemntationOutcomes
375aiReal Time #Marketing Data
RoamData
GlowSolar power
AxalDecentralized network for the global supply chain.
AethirFocused on high-performance GPU resources for AI and gaming while mining crypto.
AmbientEnvironmental sensors for air quality monitoring.
AnyoneOnline privacy through a decentralized onion-routing network.
AquasaveGlobal water scarcity through decentralized smart water management.
Arweave.org
BeamableGaming Infrastructure for the Decentralized Era.
DabbaDemand-driven DePIN.
DimoConnected car network that gives users control over their vehicle data.
FleekPerformant, geo-aware decentralized web and edge compute services.
Filecoin
Geodnetsatellite data, ag-tech and construction. Intro
Heale LabsLogistics
Helium
Hivemapper
IO NetThe Internet of GPUs
Kuzco
Mawarireal-time 3D content streaming in spatial computing.
Metabloxglobal decentralized WiFi roaming.
Minimamotor sports.
MinutesDecentralized wireless network for telecommunications.
NatixGeospatial intelligence network for mapping and autonomous driving. #transport #mapping-data
NosanaLeveraging consumer GPUs for AI inference and high-performance computing.
NovanetZKP incentive network that brings fast, privacy-preserving proofs to browsers, consumer devices, and across blockchains.
Nubila AI
ObortechDecentralized network for the global supply chain.
OasisROSE
Phaidra
Power LedgerRenewable energy
PDSStorage solutions and services for Arweave's permaweb
Render
Ritual
SilencioCombating noise pollution.
Sky TradeSkyTrade lets you monetize your airspace, the legal right to use and control the space above buildings and land
StreamrP2P data streaming
Teleport
The Graph / GRT
Theta Token / THETA
UprockTurn spare bandwidth into benefits.
WicryptCommunity WiFi network.

Assets​

ProjectPurposeTechnologyUse CaseRecent Developments / Impact
HeliumDecentralized wireless network for IoT devicesBlockchain (Solana), LoRaWAN for long-range connectivityIoT connectivity (e.g., smart devices, sensors)Helium has expanded its network with thousands of hotspots globally, providing coverage for IoT devices. Web results highlight its collaboration with GEODNET and Wingbits for flight tracking solutions. Revenue growth aligns with DePIN’s 100x surge in 2024 (Forbes).
DIMO NetworkDecentralized vehicle data platformBlockchain (Polygon), IoT devices for vehicle dataAutomotive finance, insurance, maintenanceUsers earn DIMO tokens by sharing vehicle data, reducing financing costs (Coinlist blog). Growing adoption in automotive sectors for data monetization.
ArweavePermanent decentralized data storageBlockchain (own protocol), permaweb for permanent dataLong-term data storage for dApps, NFTs, and archivesPlans to expand ecosystem in 2025 with more dApp integrations and enhanced developer tools (KuCoin Learn). A key player in DePIN for data permanence.
NosanaDecentralized GPU cloud computing and CI/CD toolsSolana blockchainGPU computing for AI, machine learning, and CI/CD pipelinesProvides scalable GPU resources on Solana, mentioned in DePIN Hub as a key player in decentralized computing. Growing relevance in AI and ML workloads.
Render NetworkDecentralized GPU renderingBlockchain (Polygon)3D rendering, animation, and visual effects for creatorsA leader in DePIN for rendering, Render Network has seen increased adoption in creative industries (BitDegree 2024). High potential for scalable, cost-effective rendering solutions.
Akash NetworkDecentralized cloud computing marketplaceBlockchain (Cosmos SDK)Cloud computing for developers, hosting, and DeFi applicationsAkash offers a marketplace for unused computing resources, reducing costs for developers. Gaining traction as a DePIN leader in cloud infrastructure.
io.netDecentralized GPU computing for AI and MLBlockchain (Solana)AI model training, machine learning workloadsNoted for impressive revenue trajectory (DePIN Connection reply). A top-tier DePIN project for AI computing, as per user @Shahabs on X.
Exa BitsDecentralized computing for AI and big dataBlockchain (likely Solana or Ethereum-based)AI, big data processing, and analyticsEmerging player in DePIN, focusing on high-performance computing for AI. Limited public data, but mentioned as a promising project in the sector.
HivemapperDecentralized mapping using dashcamsBlockchain (Solana)Real-time mapping, autonomous driving, urban planningHivemapper incentivizes users to map roads with dashcams, creating a decentralized alternative to Google Maps. Growing adoption in autonomous vehicle tech.
GEODNETDecentralized GNSS (GPS) network for precise location dataBlockchain (Polygon)Precision navigation for drones, autonomous vehicles, and roboticsCollaborates with Helium and Wingbits for flight tracking (DePIN Hub). Provides centimeter-level accuracy for spatial awareness, critical for AI and robotics.
WingbitsDecentralized flight tracking networkBlockchain (likely Polygon or Solana)Flight tracking for aviation, AI, and roboticsRevolutionizing flight tracking with decentralized devices (DePIN Hub). New devices in collaboration with GEODNET and HYFIX offer real-time data, rewarding users for contributions.
ROVR NetworkDecentralized pet tracking and IoT solutionsBlockchain (specific chain unclear)Pet tracking, IoT for animal welfareFocuses on IoT for pet owners, an emerging niche in DePIN. Limited data, but part of the growing IoT-DePIN trend.
Dabba NetworkDecentralized internet access through Wi-Fi hotspotsBlockchain (likely Solana or Polygon)Internet access in underserved areasAims to bridge the digital divide by incentivizing Wi-Fi hotspot deployment. Aligns with DePIN’s mission to improve accessibility (KuCoin Learn).
WeatherXMDecentralized weather data networkBlockchain (Polygon)Weather forecasting, agriculture, and climate researchUsers deploy weather stations to collect hyper-local data, earning tokens. Supported by HeliumDeploy for hardware, showing growth in climate-focused DePIN applications.
StreamrDecentralized real-time data sharingBlockchain (Ethereum, Polygon)Data streaming for IoT, dApps, and real-time analyticsStreamr enables peer-to-peer data sharing, reducing reliance on centralized servers. A veteran in decentralized data, with growing DePIN relevance.
DynexDecentralized neuromorphic computingBlockchain (own protocol)Quantum-like computing for AI, simulations, and researchDynex offers neuromorphic computing, simulating brain-like processes. A unique DePIN project with potential in advanced AI and scientific research.
RunOnFluxDecentralized cloud infrastructure and dApp hostingBlockchain (own protocol)Cloud hosting, dApp deployment, and Web3 infrastructureFlux provides a decentralized alternative to AWS, with a focus on Web3 apps. Growing in the DePIN space for scalable infrastructure.
AnyoneFDNDecentralized privacy-focused communicationBlockchain (specific chain unclear)Secure communication, privacy for IoT and messagingFocuses on privacy in DePIN, likely for secure IoT communication. Limited data, but aligns with the sector’s emphasis on security (KuCoin Learn).
DeEEP NetworkDecentralized energy and power managementBlockchain (specific chain unclear)Energy grid management, EV charging, and renewable energy integrationAn emerging DePIN project for energy ecosystems, reducing costs and improving efficiency (KuCoin Learn). Limited public data but part of a growing trend in energy DePIN.

Notes on Analysis:​

  1. Technology: Most projects leverage blockchains like Solana, Polygon, or Ethereum for scalability and low-cost transactions. Some, like Arweave and Dynex, use custom protocols tailored to their use cases.
  2. Use Cases: DePIN projects span diverse industries—IoT (Helium, ROVR), automotive (DIMO, Hivemapper), computing (Nosana, Akash, io.net), mapping (Hivemapper, GEODNET), and even niche areas like flight tracking (Wingbits) and weather data (WeatherXM).
  3. Recent Developments: Many projects are seeing increased adoption, as noted in the X thread and web results. For example, io.net’s revenue growth was highlighted by @DePINConnection, and Wingbits is launching new flight-tracking devices. The DePIN sector’s 100x revenue growth in 2024 (Forbes) underscores the momentum.
  4. Impact: These projects align with DePIN’s broader mission to decentralize infrastructure, reduce costs, and improve accessibility (KuCoin Learn, Coinlist blog). They’re also gaining traction at events like ETHDenver 2025, where DePIN’s real-world applications are being showcased.

Project Directories​

Investors​

Media​