DePIN coin overview: Who are the real winners in this wave?

By the end of 2024, DePIN (Decentralized Physical Infrastructure Networks) was hailed by investors as the next big trend. However, entering 2025, the market delivered a “wake-up call”—most depin coins experienced a 50% or more decline. During this turbulence, which DePIN projects are worth paying attention to?

From Myth to Reality: The Market’s Cooling Period for DePIN

Remember the frenzy in the DePIN market at the end of last year? With a total market cap exceeding $32 billion, giants like VanEck and a16z aggressively investing, DePIN became a hot topic overnight. But the reality proved that good technological prospects do not guarantee token appreciation.

As of December this year, the DePIN sector has undergone significant adjustments. These sharp declines reflect the market’s shift from speculation back to rationality. But from another perspective, this is also the moment for truly capable projects to shine—those that can persist in technological iteration during a bear market are the ones worth watching.

Top DePIN Projects Overview

Computing Layer: ICP, TAO, RENDER Triangle Competition

Internet Computer (ICP) current price $3.03, down 72.88% over the past year, market cap $1.65B. Once hailed as the “ultimate blockchain solution,” this project now faces an awkward situation. But don’t jump to conclusions—major upgrades like Tokamak and Beryllium are still underway, with plans in 2025 to integrate AI capabilities and collaborate deeply with Solana. These could serve as potential catalysts.

Bittensor (TAO) current price $222.30, down 55.41% in a year, market cap $2.13B. As a representative of AI + blockchain, TAO surged 152% last year. Its retracement indicates market confidence in its AI + DePIN narrative. The project continues to advance decentralized machine learning networks, with expansion plans in 2025 to cover more industry applications.

Render Network (RENDER) current price $1.28, down 83.06% over the year. This decentralized GPU rendering network experienced the harshest decline, performing poorly after migrating from Ethereum to Solana. However, its business model connecting creators and GPU providers still holds potential—especially as AI video generation tools explode, increasing demand for computing power could revive this sector.

Storage Sector: FIL, AR, IOTX Three Stories

Filecoin (FIL) current price $1.25, down 76.51% in a year, market cap $907.72M. The flagship decentralized storage project is experiencing winter. After the launch of FVM (Filecoin Virtual Machine), TVL once exceeded $200 million, but growth has since stagnated. The key focus for 2025 is whether FVM’s Ethereum compatibility upgrade can attract developers.

Arweave (AR) no real-time data available, but based on original info, its market cap is $1.24 billion, up 171% over the past year. Compared to other storage projects, AR has performed relatively well during downturns, reflecting the unique value of permanent storage in this niche. Its 2.8 protocol upgrade improved network efficiency, a tangible technical progress.

IoTeX (IOTX) current price $0.01, down 81.44% in a year, market cap $68.42M. This IoT DePIN platform’s valuation has been halved repeatedly. But its IoTeX 2.0 upgrade, introducing modular infrastructure and an ecosystem of 230 dApps, shows the project is quietly progressing. The plan to connect 100 million IoT devices by 2025 would be a major milestone if achieved.

Data Layer: GRT’s Unique Position

The Graph (GRT) current price $0.04, down 83.52% over a year, market cap $392.83M. Despite a staggering decline, its infrastructure role is becoming increasingly important. As dApp ecosystems expand across multiple blockchains, GRT’s irreplaceability as a data query layer is emerging. The 2025 roadmap focusing on “data service world” could bring new narratives.

Streaming Media and Wireless: THETA, HNT, GRASS Diversified Applications

Theta Network (THETA) current price $0.27, down 88.72% in a year, market cap $267.40M. Video streaming DePIN experienced the harshest correction. But its EdgeCloud (edge computing solution) opens new possibilities, and the third phase launch in 2025 could be a turning point.

Helium (HNT) current price $1.51, down 79.63% over a year, market cap $280.79M. The decentralized wireless network continues to expand, with over 335,000 subscribers, operating on Solana to ensure transaction speed. Despite the large decline, its practical utility (users can actually receive mobile services) provides stronger support than purely technical projects.

Grass Network (GRASS) current price $0.30, down 87.60% in a year, market cap $129.71M. As the youngest project collecting data for AI training, it rapidly attracted over 2 million users after airdropping 1.5 million wallets in October. Although the token has retraced after a 200% rise, its innovative model and the upcoming staking and governance upgrades in 2025 could generate new enthusiasm.

IoT and Data Sovereignty: JASMY’s Eastern Story

JasmyCoin (JASMY) no latest real-time data, but originally surged 366%, with a market cap of $1.35 billion, driven by rumors of collaborations with NVIDIA and Ripple. As a Japan-based IoT + blockchain project, JASMY represents Asia’s exploration in DePIN.

Investment Logic in a Bear Market

From this correction, we can observe some patterns:

1. Practicality > Narrative Projects that can complete the “issue tokens → actual user usage → token circulation” cycle (like HNT’s mobile services, Helium’s IoT connectivity) tend to be more resilient. Purely technical projects (like GRT, ICP) experienced the largest declines.

2. Ecosystem Depth Matters IoTeX’s 230+dApps, Arweave’s $1.28 billion transaction volume, Helium’s 2 million users—all these form a moat that won’t disappear in the short term.

3. New Narratives Are Crucial EdgeCloud, AI integration, multi-chain support, staking upgrades—if these new narratives materialize in 2025, they could trigger a market reversal.

Conclusion: DePIN Is Still a Long-Term Story

Yes, depin coins have experienced sharp declines. But the core logic of DePIN remains unchanged—decentralizing physical infrastructure is still a major challenge, with market size projected to reach $3.5 trillion by 2028.

Current lows might be the opportunity to get on board. The key is to identify projects with real applications, ecosystem support, and technological progress. ICP’s AI integration, TAO’s machine learning network, IoTeX’s device connectivity goals, Arweave’s permanent storage—these are all worth continued attention in 2025.

In a bear market, the air gets eliminated; what remains are the genuine DePIN projects with real value.