In-Depth Analysis of DePIN Projects for 2025-2026: Investment Opportunities During Market Adjustment Period

Decentralized Physical Infrastructure Networks (DePIN) are transitioning from an early boom phase into a rational adjustment stage. As one of the most innovative sectors in the crypto industry, DePIN projects combine blockchain technology with real-world infrastructure to bring new decentralized solutions to fields such as energy, communications, and data storage. As of February 2026, the DePIN ecosystem market cap remains in the hundreds of billions of dollars. Despite a noticeable market correction, this actually reflects the sector’s move toward maturity.

Current DePIN Market Status: From Boom to Rational Reversion

In 2024, the DePIN industry peaked. According to CoinGecko data, the total market cap of the DePIN sector briefly exceeded $32 billion, with 24-hour trading volume approaching $3 billion. Well-known investment firms like VanEck have listed DePIN as a key theme for 2024, and Pantera Capital launched a $1 billion DePIN fund to support global project expansion.

By 2026, the market has entered a correction phase. While specific investment figures have fluctuated, the fundamentals of DePIN remain solid. This cycle of adjustment is a natural process of the market shifting from speculation-driven to value-driven growth. High-quality DePIN projects are consolidating their market positions through technological innovation and ecosystem expansion.

Core Operating Mechanisms of Decentralized Infrastructure Networks

DePIN incentivizes physical resource contributors through tokenization, linking tangible assets with digital value. Participants can earn crypto tokens by providing computing power, storage, bandwidth, or other physical resources. This model breaks the limitations of traditional centralized infrastructure, creating an open, transparent, and self-regulating ecosystem.

From energy to wireless networks and data storage, DePIN demonstrates transformative potential across multiple industries. Smart contracts automate transactions, ensuring fair compensation for contributors. Blockchain’s immutable records guarantee transparency and security.

Technical Advantages and Application Prospects of DePIN

Decentralized Hardware Power

Decentralized hardware configurations eliminate single points of failure. For example, Helium Network’s distributed hotspot deployment has attracted over 335,000 subscribers, showcasing the scalability of decentralized wireless infrastructure. Meson Network leverages over 59,000 global nodes to establish an efficient idle bandwidth marketplace.

Supporting Diverse Use Cases

From U2U Network’s development of EVM-compatible blockchain solutions to Streamr’s innovations in real-time data exchange, DePIN is building infrastructure ecosystems across industries. This diversification is driving DePIN from concept to large-scale practical application.

Market Performance Analysis of 12 Major DePIN Crypto Projects

1. Internet Computer (ICP)

In 2024, Internet Computer launched major updates like Tokamak, Beryllium, and Stellarator, enhancing network performance. As of February 2026, ICP’s market performance shows a correction, with current price at $2.19, a 1-year change of -68.00%, and a circulating market cap of $1.20 billion. The focus for 2025 includes integrating AI capabilities and expanding cross-chain interoperability, including plans to connect with Solana.

2. Bittensor (TAO)

Bittensor combines blockchain with AI to create a decentralized machine learning network. In 2024, it integrated advanced features like proof of intelligence and decentralized expert models. Currently, TAO’s price is $181.30, with a 1-year change of -56.82%, and a market cap of $1.74 billion. Despite market downturns, Bittensor remains focused on refining its decentralized machine learning protocols and exploring new industry applications in 2025.

3. Render Network (RENDER)

Render Network completed its migration from Ethereum to Solana in 2024, renaming its token from RNDR to RENDER on a 1:1 basis. The platform connects creators needing rendering services with idle GPU providers. RENDER’s current price is $1.50, with a 1-year change of -64.59%. Despite market adjustments, the project continues to improve infrastructure quality, aiming to promote applications in film, gaming, and virtual reality.

4. Filecoin (FIL)

Filecoin offers decentralized storage solutions, enabling peer-to-peer data storage and retrieval. The launch of Filecoin Virtual Machine (FVM) has introduced new use cases, with total locked value surpassing $200 million at times. The current FIL price is $0.96, significantly down from its March 2024 high. In 2025, Filecoin plans to support deployment of Ethereum-compatible smart contracts, further strengthening its role as a decentralized storage layer.

5. The Graph (GRT)

The Graph is a decentralized indexing protocol that helps developers query blockchain data. GRT tokens incentivize indexers, curators, and other ecosystem participants. Currently, GRT is priced at $0.03, with a 1-year change of -79.67%, and a market cap of $291.44 million. Despite market corrections, The Graph continues expanding multi-chain support, including Ethereum, Arbitrum, Optimism, and Polygon, with plans for a richer data services marketplace and enhanced developer tools in 2025.

6. Theta Network (THETA)

Theta Network optimizes video streaming via decentralized methods, allowing users to share idle bandwidth for rewards. In 2024, the EdgeCloud feature was launched, combining edge computing with cloud capabilities. THETA’s current price is $0.20, with a 1-year change of -84.23%, and a market cap of $200.70 million. The project plans to launch the third phase of EdgeCloud in 2025, establishing an open marketplace routing tasks to community edge nodes.

7. Arweave (AR)

Arweave provides permanent data storage using a unique “blockwave” structure and SPoRA consensus, incentivizing miners to preserve historical data. The 2.8 protocol upgrade in November 2024 improved network efficiency and energy consumption. AR’s current price is $2.03, with a 1-year change of -77.81%, and a market cap of $132.61 million. The project continues expanding its ecosystem and developer tools to promote widespread adoption of permanent data storage.

8. JasmyCoin (JASMY)

Developed by Tokyo-based Jasmy Inc., JasmyCoin combines blockchain with IoT technology, giving users full control over their personal data. Originating from a concept by ex-Sony executives in 2016, JASMY’s current price is $0.01, with a 1-year change of -72.84%, and a market cap of $285.15 million. Despite market adjustments, Jasmy plans to establish strategic alliances with leading IoT device companies to democratize data and empower users.

9. Helium (HNT)

Helium is a decentralized wireless network providing long-range connectivity for IoT devices. Users deploy hotspots to earn HNT tokens. Operating on the Solana blockchain, Helium introduced IOT and MOBILE sub-network tokens in 2024. The project continues expanding 5G capabilities and global coverage, maintaining its position as a leading decentralized wireless network provider.

10. Grass Network (GRASS)

Grass Network enables users to earn income by contributing unused internet bandwidth, which is used to generate structured datasets for AI training. GRASS tokens were issued on October 28, 2024, distributing 100 million tokens to about 1.5 million eligible wallets. The current price is $0.19, with a 1-year change of -89.06%, and a market cap of $90.22 million. The project plans to expand infrastructure and develop staking and governance mechanisms in 2025 to further decentralize AI data acquisition.

11. IoTeX (IOTX)

IoTeX combines blockchain with IoT, using Roll-DPoS consensus to ensure high throughput and low latency. In 2024, IoTeX 2.0 introduced DePIN infrastructure modules (DIMs) and modular security pools (MSP). IOTX’s current price is $0.01, with a 1-year change of -70.96%, and a market cap of $50.96 million. The ecosystem hosts over 230 decentralized applications, including 50 DePIN projects. IoTeX aims to connect 100 million devices on-chain by 2025, unlocking trillions of dollars in real-world value.

Market Observation of DePIN Ecosystem Development During the Adjustment Period

Technical Challenges and Opportunities

Current challenges include complex integration of blockchain with physical infrastructure, regulatory differences across regions, and industry acceptance of decentralized solutions. However, these challenges are driving deeper technological innovation and new business models within DePIN.

The shift from centralized to decentralized systems promises more efficient and inclusive infrastructure solutions. The correction phase is a natural process of ecological selection, where the strongest projects prevail.

Investment Outlook and Strategic Recommendations for DePIN

The DePIN sector is shifting from speculation-driven to value-driven growth. Although most tokens have declined 50-80% over the past year, this reflects market cycle adjustments rather than industry decline. Such corrections create better entry points for long-term investors.

Market analysis suggests that as technology matures, regulations clarify, and applications expand, DePIN still has significant growth potential. Projects with real-world use cases, active developer communities, and genuine user bases are likely to be future winners.

Conclusion

As a vital component of Web3 infrastructure, DePIN is experiencing a market cycle from exuberance to rationality. The 2025-2026 correction reflects industry maturation and natural淘汰. Projects with real applications, strong technical teams, and active ecosystems are poised to stand out in the next growth cycle.

For investors, the current correction offers an opportunity to reassess and select high-quality DePIN projects. Focusing on practical application progress, ecosystem development, and technological innovation—rather than short-term price fluctuations—is the right strategy for sustained gains in the DePIN space.