DePIN Sector Grows to $10 Billion Amid Market Challenges
- The decentralized physical infrastructure networks (DePINs) sector has expanded into a $10 billion market, generating $72 million in onchain revenue last year.
- Tokens from the “class of 2018-2022” have seen declines of up to 99% from their all-time highs, yet leading projects are trading at revenue multiples of up to 25 times.
- DePIN’s revenue growth has outperformed decentralized finance (DeFi) and layer-1 protocols during the current bear market.
- In the past year, DePIN funding reached an all-time high of approximately $1 billion, significantly up from $698 million in the previous year.
- Emerging models like InfraFi are financing real-world infrastructure with stablecoin holders earning yields from these assets.
The shift towards revenue-generating networks highlights a transition in DePINs away from reliance on subsidies towards real-world utility, particularly in sectors like bandwidth and energy.
With DePIN tokens such as Helium (HNT) and GEODNET (GEOD) experiencing price declines while their onchain revenues increased significantly, this sector’s resilience is evident amidst broader market challenges.
