DePIN revenue surged over 100x in 2024, surpassing $500 million, with AI-powered projects leading the growth and off-chain developments gaining momentum. This marks a major shift from previous years when most revenue came from on-chain projects. More than 13 million devices now support DePIN networks daily , and 20 projects have exceeded 100,000 active nodes, with five crossing the 1 million mark. Blockchain research firm Messari highlighted the rapid rise of Decentralized Physical Infrastructure Networks (DePIN) in its latest report. The number of active DePIN projects nearly doubled in 2024, and their tokens now make up 5% of the total cryptocurrency market capitalization. Investment in DePIN projects also grew significantly, with early-stage funding dominating both private and public markets. Low listing fully diluted valuations (FDVs) were the key driver behind high returns in liquid markets. Out of the top 22 DePIN tokens, only four recorded losses since their Token Generation Event ( TGE ). Virtuals Protocol emerged as a standout performer, skyrocketing by over 30,000% since its TGE , while NEURAL and NodeAI saw gains exceeding 2,000%. Late-stage funding was concentrated in a select group of standout projects, often backed by top-tier venture capital firms. These projects launched tokens valued at 50-100x their book value, frequently reaching multi-billion-dollar FDVs. Community participation played a crucial role in DePIN’s success. In 2024 alone, nearly $230 million was raised through node sales, crowdfunding initiatives, and protocol-owned liquidity pools. These funds have fueled further innovation and scalability across the ecosystem. When it comes to platforms, Solana emerged as the dominant force for infrastructure projects , thanks to its low-latency network design, while Base led the way in consumer-focused applications, benefiting from Coinbase’s strong brand and extensive retail audience. Looking ahead, the DePIN sector maintains strong momentum entering 2025. Sui DePIN, the first layer dedicated to DePIN on the SUI blockchain, is set to launch its Initial DEX Offering (IDO). Additionally, December saw the launch of Kage by Chirp, a play-to-earn (P2E) game on the Sui blockchain. Inspired by “Pokémon Go,” Kage integrates IoT technology with gaming, offering players blockchain-based rewards through treasure hunts. The DePIN industry is positioned for continued growth, with increasing investment, widespread adoption, and groundbreaking innovation driving its upward trajectory.
