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Helium

The largest DePIN telecom network. Community-deployed wireless coverage.

Overview​

MetricValueSource
Mobile subscribers450,000Sep 2025
YoY growth300%Sep 2024 → Sep 2025
IoT hotspots335,000+Global
Mobile hotspots24,800+US-focused
Countries190Network presence

The Thesis​

Helium proves the DePIN telecom model works:

  1. Community deploys — Individual operators buy hotspots
  2. Protocol verifies — Proof of Coverage validates signal
  3. Users consume — Data credits burned for usage
  4. Operators earn — HNT rewards distributed
  5. Loop compounds — More coverage → more users → more rewards → more coverage

Tokenomics​

Dual Token Model​

TokenFunctionMechanism
HNTGovernance + rewardsEarned by operators, burned for DC
Data Credits (DC)Network usageFixed price ($0.00001/DC), burned on use

The burn mechanism: Users buy Data Credits → DC burned for data transfer → HNT rewards operators. Deflationary pressure + operator incentives.

Current Economics (2025)​

MetricValue
Daily HNT issuance~41,000 HNT
Circulating supply~180M HNT
Annualized issuance~8.3%
Daily burn rate~6.5% of issuance
Avg reward/hotspot~0.65 HNT/day

Token Flow​

Users purchase Data Credits (stable $0.00001)
              ↓
Data Credits burned for network usage
              ↓
HNT minted as operator rewards
              ↓
Operators sell/stake HNT
              ↓
Stakers govern protocol (veHNT)

Network Architecture​

IoT Network (LoRaWAN)​

  • Use case: Low-power, long-range IoT devices
  • Coverage: 335K+ hotspots globally
  • Challenge: Supply > demand (coverage built, usage lagging)

Mobile Network (5G/LTE)​

  • Use case: Mobile phone connectivity
  • Coverage: 24.8K+ hotspots, US-focused
  • Model: Offload from carriers (AT&T partnership)
  • Growth: 300% YoY subscriber growth

Proof of Coverage​

How the network verifies legitimate coverage:

StepActionVerification
ChallengeRandom hotspot selectedBlockchain randomness
BeaconHotspot broadcasts RF signalRadio transmission
WitnessNearby hotspots verify beaconIndependent attestation
RewardTokens distributedSmart contract execution

Gaming risk: Fake coverage attempts persist. Protocol continuously adapts verification.

Competitive Position​

Strengths​

  • First mover — Largest DePIN telecom network
  • Proven model — Dual token economics work
  • Carrier partnership — AT&T WiFi offload deal (2025)
  • Community — 335K+ active operators

Weaknesses​

  • Token sustainability — Issuance > burn (net inflationary)
  • IoT demand — Coverage supply exceeds demand
  • US concentration — Mobile network mostly US
  • Gaming — Proof of Coverage still gameable

Opportunities​

  • Global mobile — Expand mobile beyond US
  • Enterprise — B2B connectivity services
  • Roaming — Inter-protocol connectivity

Threats​

  • Competition — Double Zero, Proof Wireless, Dawn
  • Regulation — Spectrum policy changes
  • Token price — Operator economics dependent on HNT value

Operator Economics​

Hotspot Investment​

ItemCost
Hardware$300-800
Installation$0-200
Monthly electricity~$5
Monthly internet~$50

Returns (Variable)​

FactorImpact on Rewards
Location (coverage gap)Higher rewards in underserved areas
Witnesses nearbyMore witnesses = more validation
Antenna qualityBetter signal = more coverage
HNT priceDirect impact on USD returns

ROI range: Months to years depending on location and token price.

Strategic Assessment​

For Operators​

DecisionConsideration
Deploy?Yes if: coverage gap, long-term horizon, token belief
Location?Rural/suburban edges, not urban oversupply
Hardware?Quality antenna > cheap hotspot

For Investors​

ThesisBullBear
TokenBurn accelerates with mobile growthIssuance > burn persists
NetworkFirst-mover compoundsCompetition fragments
TimingMobile inflection nowToo early, execution risk

NZ Opportunity​

SegmentViabilityConsideration
IoTHighRural coverage gaps, agriculture use cases
MobileMediumSpectrum licensing, carrier partnerships needed
Fixed wirelessHighRural broadband gaps

Resources​

Context​