Telecom Players

The incumbents, insurgents, and community operators reshaping connectivity.

The Transformation

Telecom is transitioning from carrier-dominated to community-owned. Understanding who wins and loses is critical for positioning.

Player Type	Current Position	2027 Position	Threat Level
Tier 1 Carriers	Dominant	Pressured	🟡 Medium
MVNOs	Dependent	Crypto-enhanced	🟢 Growing
Hotspot Operators	Emerging	Core infrastructure	🟢 Strong
DePIN Protocols	Nascent	Network owners	🟢 Strong
Equipment Vendors	Stable	Commodity	🔴 Declining
Tower Companies	Strong	Partially disrupted	🟡 Mixed

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Player Profiles

Incumbents

Tier 1 Carriers (AT&T, Verizon, etc.)

Aspect	Current State	DePIN-Era
Function	Own spectrum, build networks	Wholesale to DePIN networks
Moat	Spectrum licenses, capex	Weakening
Threat	DePIN coverage, MVNOs	Margin compression
Opportunity	Hybrid models	Partner with DePIN

The Bear Case: DePIN networks build coverage without spectrum licenses (unlicensed bands, CBRS). Carriers become dumb pipes.

The Bull Case: Carriers partner with DePIN for last-mile coverage, reducing their capex while maintaining core network.

Tower Companies (American Tower, Crown Castle)

Aspect	Current State	DePIN-Era
Function	Own tower infrastructure	Partial disruption
Moat	Physical assets, long leases	Still strong
Threat	Small cells reduce macro tower need	🟡 Medium
Opportunity	Host DePIN equipment	New revenue streams

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Insurgents

DePIN Protocols

Protocol	Focus	Stage	Token
Helium	IoT + Mobile	Live	HNT
Double Zero	Enterprise	Building	—
Proof Wireless	Mobile	Building	—
Dawn	Fixed wireless	Building	—

Network Effects: First protocol to achieve critical coverage in a market tends to win. Helium has first-mover advantage but sustainability questions.

Hotspot Operators

Aspect	Current State	DePIN-Era
Function	Deploy hardware, earn tokens	Core infrastructure
Value Add	Coverage expansion	Network effect
Returns	Token rewards	Variable, declining per hotspot
Risk	Token price, regulation	Evolving

The Operator Economics:

Revenue: HNT rewards (coverage + data transfer)
Costs: Hardware (~$500), electricity (~$5/mo), internet (~$50/mo)
ROI: Highly variable by location (months to years)

MVNOs (Crypto-Enhanced)

Aspect	Current State	DePIN-Era
Function	Resell carrier capacity	Hybrid DePIN + carrier
Margins	10% EBITDA typical	20%+ with crypto integration
Opportunity	Add crypto rails, offload to Helium	Revenue enhancement
Example	Inversion Capital strategy	MVNO + crypto + DePIN

The MVNO Transformation:

• Traditional ARPU: $4-5
• Crypto-enhanced ARPU: $15-20
• Path: Mobile + financial services + token incentives

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Human/AI Split

Function	Current AI %	2027 AI %	Human Edge
Network Planning	30%	70%	Local knowledge, zoning
Hotspot Deployment	10%	20%	Physical installation
Routing Optimization	20%	80%	Edge cases only
Customer Support	40%	75%	Complex issues
Fraud Detection	30%	85%	Novel schemes
Token Economics	10%	30%	Governance decisions

The pattern: Network intelligence goes to AI. Physical deployment and governance stay human.

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Ecosystem Map

                    ┌─────────────────┐
                    │   REGULATORS    │
                    │  (Spectrum,     │
                    │   Licensing)    │
                    └────────┬────────┘
                             │
        ┌────────────────────┼────────────────────┐
        │                    │                    │
        ▼                    ▼                    ▼
┌───────────────┐   ┌───────────────┐   ┌───────────────┐
│   CARRIERS    │   │ DEPIN PROTOS  │   │ EQUIPMENT     │
│  (AT&T, Vz)   │◄─►│  (Helium)     │◄─►│  VENDORS      │
└───────┬───────┘   └───────┬───────┘   └───────────────┘
        │                   │
        │                   │
        ▼                   ▼
┌───────────────┐   ┌───────────────┐
│    MVNOs      │   │   HOTSPOT     │
│               │   │  OPERATORS    │
└───────┬───────┘   └───────┬───────┘
        │                   │
        └─────────┬─────────┘
                  ▼
          ┌───────────────┐
          │     USERS     │
          │  (Consumer,   │
          │   Enterprise) │
          └───────────────┘

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Competitive Dynamics

Porter's Five Forces (DePIN Telecom)

Force	Traditional	DePIN Era	Implication
Supplier Power	High (spectrum)	Medium (hardware)	Equipment commoditizing
Buyer Power	Low (oligopoly)	Medium (choice)	Users have alternatives
Substitutes	Low	Medium (WiFi, DePIN)	Coverage options growing
New Entrants	Very Low	High	Anyone can deploy hotspots
Rivalry	Stable oligopoly	Intense	Race for coverage

Winner-Take-Most Dynamics

DePIN telecom exhibits network effects:

• More coverage → more users → more revenue → more coverage
• First to critical mass in a market likely wins
• Interoperability determines whether multiple networks can coexist

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Investment Thesis by Player Type

Player	Thesis	Risk
DePIN Protocols	Own the network of the future	Token sustainability
Hotspot Operators	Earn while building infrastructure	Token price, location quality
Crypto MVNOs	2x margins vs traditional	Execution, carrier relationships
Incumbents	Avoid, unless partnering	Disruption
Tower Companies	Hold, watch DePIN impact	Small cell proliferation

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Context

• Protocols — What these players execute
• Platform — Technology they use
• DePIN Tokens — Token economics
• Work Charts — Human/AI split methodology