Overview of DePIN: panoramic view, Market Cap top eight protocols and potential projects

Author: Messari

Translation: Jinse Finance Xiaozou

DePIN (Decentralization Gaming Infrastructure) maintains continuous rise. The financing scale rose by 296% year-on-year, with a total Market Cap rise of 400% to $20 billion. Now let’s take a deeper look at the current situation of the DePIN field.

Based on the previous sub-domain graph of DEP, we have added four more sub-domains:

• Decentralized Gaming Infrastructure (DeGIN) - Computing Network

•AIData Layer - Bandwidth Network

•Robot - Mobile Network

• Manufacturing - Mobile Network

The top eight DePIN protocols in Market Cap include seven digital resource networks (DRNs) with a total Market Cap of $12.2 billion. Helium is the only physical resource network (PRN) to enter the top 8.

However, the rise of Market Cap has no correlation with the rise of revenue. All DePIN protocol revenues are very low, with only the top four DePIN protocols making it into the top 8 in terms of revenue.

The overall weakness in revenue rise reflects that the DePIN field will continue to be primarily constrained by demand. Centralized platforms will continue to provide more integrated solutions, combining original resources with customized services.

Studying the financing of very early stages may tell us where investors see the most potential.

Of the three largest financings in 2024, two were tailored to DePIN L1, including IoTeX and Peaq, with the former successfully raising $50 million and the latter $30 million.

So, on which chains are DePIN projects based? As of now, there are about 78 DePIN projects on the Solana network, which is in a leading position. At the same time, L1s such as IoTeX and Peaq, which focus on DePIN, are also developing their own ecosystems.