DePIN revenue surges 100x to $500M, tokens now 5% of market
DePIN projects lead in revenue and growth
According to Messari’s "State of DePIN 2024" report, decentralized physical infrastructure networks (DePIN) projects have emerged as leaders in the crypto ecosystem in terms of revenue growth and investment dynamics.
Compared to 2022, the revenue of DePIN projects has increased 100-fold, surpassing $500 million. Messari’s data also indicates that the number of active projects has doubled, with tokens in this emerging sector now accounting for 5% of the total crypto market capitalization.
Virtuals Protocol demonstrated exceptional growth, with its valuation surging over 30,000%, while NEURAL and NodeA tokens saw price increases of nearly 2,000%. Overall, since their token generation events (TGE), only four out of the top 22 DePIN tokens have shown negative performance.
Collaboration between the crypto community and venture capital
Over the past year, DePIN startups have attracted growing investment, particularly at early stages. The community contributed nearly $230 million through node sales, crowdfunding, and liquidity pools, playing a key role in driving the sector’s expansion.
Late-stage funding was primarily driven by major venture capital firms, often valuing tokens 50–100 times higher than their book value. Fully diluted valuations (FDV) of projects frequently exceeded billions of dollars.
Currently, Solana and Base networks lead in infrastructure and consumer applications. Solana benefits from its low network latency, while Base leverages Coinbase’s strong brand and broad retail user base.
The momentum of the DePIN sector remains strong, enabling over 13 million devices worldwide to be involved in daily operations.
In the past 12 months, 20 DePIN projects have reached over 100,000 active nodes, with five surpassing or reaching the 1 million mark.
The second week of winter saw most altcoins in the top 100 by market capitalization end in the red. Only a select few, including Virtuals Protocol, Aave, and Chainlink, achieved significant gains.
