Top DePIN Projects to Watch in 2024-2025: From Concept to Investment Opportunities

Decentralized Physical Infrastructure (DePIN) is becoming one of the most promising hot tracks in the crypto industry. From a market cap of $3.2 billion in November to an estimated $3.5 trillion by 2028, the growth potential in this field is remarkable. If you want to learn about the top DePIN projects, this guide will help you find the answers quickly.

What exactly is DePIN? Why is it so popular now?

The core logic of DePIN is simple: decentralize physical world infrastructure using blockchain. Imagine traditional cloud services, data storage, and wireless networks controlled by a few large companies, while DePIN aims to distribute this power to millions of participants worldwide.

Several key elements support this model:

• Blockchain ledger ensures transparency and immutability
• Token incentives allow ordinary people to participate and profit
• Smart contracts automate transactions and settlements

VanEck and Borderless Capital are optimistic about this direction, even establishing a $10 billion investment fund specifically for DePIN projects. The market consensus is clear—this is a crucial channel for Web3 to reach mass adoption.

From hardware decentralization to network effects: How DePIN works

In the past, a node failure could cause entire services to collapse. Now, DePIN has completely changed this situation through distributed hardware. Helium Mobile has over 335,000 users, and Meson Network has gathered 59,000 global nodes—these numbers alone demonstrate the scalability of decentralized networks.

More importantly, this architecture lowers the entry barrier. Building infrastructure used to require billions of dollars in investment; now, an ordinary person can participate with just a device. This embodies DePIN’s philosophy of “democratized infrastructure.”

Core track overview: classification map of top DePIN projects

Computing and Rendering: Seizing GPU resources in the AI era

Internet Computer (ICP) - $3.02 (down 72.89% in 1 year)

ICP has big ambitions: to build a “world computer” using a global data center network. The three major upgrades in 2024—Tokamak, Beryllium, Stellarator—significantly boost network performance. Circulating market cap has reached $1.65B, though recent adjustments are evident, its long-term strategy focusing on AI and cross-chain integration is worth watching.

Render Network (RENDER) - $1.27 (down 83.12% in 1 year)

Migrated from Ethereum to Solana, RENDER completed key infrastructure upgrades. Professional GPU providers and 3D artists trade directly on this platform, cutting out middlemen. Despite its price correction, RENDER’s application scenarios in creative industries continue to expand.

Bittensor (TAO) - $222.50 (circulating market cap $2.14B)

An innovative attempt combining AI and DePIN. TAO’s unique concept revolves around “information value”—the more valuable your data and models, the higher your rewards. Machine learning is shifting from monopolized by tech giants to a truly peer-to-peer market.

Storage Revolution: Permanent Storage and Data Sovereignty

Filecoin (FIL) - $1.26 (circulating market cap $916.47M)

The launch of Filecoin Virtual Machine turns FIL from just a storage token into a programming platform. Developers can build applications on FIL, with TVL surpassing $200M. Although its price has fallen significantly from its high, its position in Web3 infrastructure remains solid.

Arweave (AR) - $3.48 (circulating market cap $227.65M)

Different from Filecoin, Arweave pursues “permanent storage.” Its unique blockweave structure and SPoRA consensus mechanism ensure data is never lost. The protocol update 2.8 in 2024 improved network efficiency, and AR’s $227.65M market cap reflects market recognition of permanent storage.

The Graph (GRT) - $0.04 (circulating market cap $390.60M)

Don’t be fooled by the low price; GRT is the “neuron” of the entire Web3 data network. Its $390.60M market cap supports thousands of dApps’ data query needs. The 2025 roadmap includes data marketplaces, developer tools upgrades, cross-chain data interoperability—these are essential for Web3’s scaling.

IoT and Device Networks: The DePIN version of the Internet of Everything

Helium (HNT)

After migrating to Solana, Helium restructured its incentive system with IoT and MOBILE tokens. This means IoT coverage and mobile communication can operate separately, making the system more flexible and efficient. Although the real-time price of HNT is not updated, its 190% growth in 1 year indicates strong investor confidence in this direction.

JasmyCoin (JASMY) - $0.01 (circulating market cap $299.64M)

Founded by former Sony executives, Jasmy focuses on data sovereignty for IoT devices. Rumors involving NVIDIA and Ripple have boosted trust among users and institutions. With a market cap of $299.64M, it’s not huge, but its B2B potential warrants ongoing attention.

IoTeX (IOTX) - $0.01 (circulating market cap $68.54M)

The release of IoTeX 2.0 marks the evolution of DePIN infrastructure. Its modular DePIN design (DIM+MSP) provides standard tools for projects building decentralized hardware networks. Over 230 dApps and 50 DePIN projects are running on its ecosystem, indicating healthy development.

Video and Bandwidth: A New Paradigm for P2P Streaming

Theta Network (THETA) - $0.27 (circulating market cap $265.30M)

The 2024 EdgeCloud solution transforms Theta from a simple video streaming platform into an edge computing platform. Edge nodes can handle video, AI inference, and more, opening new business possibilities. Its $265.30M market cap may still underestimate its potential.

Grass Network (GRASS)

With a market cap of $600M and a 200% increase, Grass has seized a key opportunity: the value of idle user bandwidth. 1.5 million wallets benefited from Grass’s initial airdrop, setting a new record for user acquisition in the DePIN space.

Cybersecurity: Web3’s Firewall

Shieldeum (SDM)

Although the circulating market cap data is not updated, Shieldeum’s performance in 2024 is impressive: full platform support for Windows/Mac/Linux/Android/iOS, raising $2 million for node testing. The company plans to launch a BNB Layer-2 solution in 2025, showing big ambitions.

Market overview: Is DePIN a reality or a bubble?

A market cap of $3.2 billion sounds substantial, but compared to traditional infrastructure giants like cloud computing, CDN, and data storage with trillions in scale, DePIN is still in early stages. But this also presents opportunities:

1. Computing sector—rising demand for AI training and inference, huge room for decentralized compute markets
2. Storage sector—stabilizing—Filecoin and Arweave are gaining real users
3. Device networks—exploding—IoT and 5G integration creating new applications
4. Data marketplaces—emerging—growing demand for Web3 data sovereignty

Three major challenges of DePIN (Investors must know)

High technical integration difficulty: Connecting blockchain with physical hardware is complex; security, reliability, and cross-system compatibility must be addressed.

Uncertain regulatory outlook: DePIN involves both digital and physical regulation, with rules varying greatly across countries, adding extra costs for global projects.

Network effect activation difficulty: Users need to see clear cost or performance advantages to migrate; convincing traditional industries to adopt decentralized solutions will take time.

Investment logic for DePIN from 2025 to 2028

Market forecasts suggest DePIN could reach $3.5 trillion by 2028, with a CAGR over 35%. Supporting reasons include:

• Enterprise demand rising: High cloud costs make decentralized alternatives more attractive
• AI wave—demand for high-end GPUs and storage surges
• Faster application deployment—next wave after DeFi focusing on infrastructure layer
• Token economy maturation—participants better understand incentives, projects become more rational

Practical tips for choosing top DePIN projects

1. Focus on ecosystems, not just tokens: Single project prices can be volatile, but the overall track is clear
2. Pay attention to actual users: 335,000 Helium users, 1.5 million Grass wallets—these numbers better reflect real progress than market cap
3. Evaluate teams and funding: Projects supported by big institutions (like Borderless Capital) tend to have stronger risk resistance
4. Diversify investments: Pick 1-2 projects in each of the four segments—computing, storage, device networks, data services
5. Hold long-term: The value of DePIN infrastructure grows over time; short-term fluctuations are noise

Conclusion

DePIN has moved from a hot topic in 2024 to a foundational infrastructure revolution in 2025. Although many projects have seen significant price adjustments from their highs, this is a prime opportunity for rational deployment.

Whether it’s ICP’s global computing, Filecoin’s data permanence, Helium’s Internet of Everything, or Bittensor’s AI democratization, these top DePIN projects are proving their value through real applications and user growth. In the next cycle, this track is likely to produce new industry giants.