tl;dr
In 2024, revenue for AI-powered DePIN projects surged to over $500 million, a 100x increase from 2022, with off-chain projects also seeing significant growth. The number of active DePIN projects nearly doubled, with tokens now representing 5% of the total cryptocurrency market cap. Over 13 million d...
DePIN projects saw a remarkable surge in revenue in 2024, reaching over $500 million—a striking 100x increase from 2022, with AI-powered projects leading the growth.
The number of active DePIN projects nearly doubled in 2024, and over 13 million devices worldwide contribute to DePIN operations daily, representing 5% of the total cryptocurrency market cap.
Investment in DePIN projects soared, especially at the seed stage, with standout projects achieving multi-billion-dollar fully diluted valuations (FDVs) and significant growth in token value.
Community contributions played a key role in the industry’s growth, with nearly $230 million raised in 2024 through node sales, crowdfunding, and protocol-owned liquidity pools.
Solana and Base emerged as leaders in network infrastructure and consumer-focused applications, with DePIN momentum remaining strong heading into 2025. Sui DePIN and Chirp launched innovative initiatives on the SUI blockchain, combining gaming with IoT utility.
In 2024, revenue for AI-powered DePIN projects surged to over $500 million, a 100x increase from 2022, with off-chain projects also seeing significant growth. The number of active DePIN projects nearly doubled, with tokens now representing 5% of the total cryptocurrency market cap. Over 13 million devices globally contribute to DePIN operations daily. Investment in these projects soared, with standout tokens achieving exceptional growth and late-stage funding flowing into select projects. Community contributions played a significant role, raising nearly $230 million in 2024. Solana and Base emerged as leaders in network infrastructure and consumer-focused applications. The DePIN momentum remained strong heading into 2025, with the launch of new initiatives such as Sui DePIN and the play-to-earn game Kage on the Sui blockchain.
DePIN projects saw revenue explode in 2024, reaching over $500 million—a 100x increase from 2022—according to a report from Messari. AI-powered DePIN projects dominated revenue streams, followed by off-chain projects. This marks a major shift from the past two years when on-chain developments accounted for nearly all DePIN revenue. DEPIN GROWTH TRAJECTORY MIRRORS EARLY DEFI AND NFT BOOM Blockchain intelligence firm Messari published its comprehensive update on the Decentralized Physical Infrastructure Networks (DePIN) industry. According to the report, the number of active DePIN projects nearly doubled last year. DePIN tokens now represent 5% of the total cryptocurrency market cap. Over 13 million devices worldwide contribute to DePIN operations daily.
In 2024, 20 DePIN projects exceeded 100,000 active nodes, with five surpassing 1 million nodes. Investment in such projects also surged, especially at the seed stage. Private markets saw more capital raised at the pre-seed and seed levels than at Series A. In liquid markets, low listing fully diluted valuations (FDVs) were the key driver of high returns. Among the top 22 DePIN tokens, only four lost value since their token generation event (TGE). Virtuals Protocol posted exceptional growth, gaining over 30,000% since its TGE. Other projects like NEURAL and NodeAI both grew by more than 2,000%.
Late-stage funding primarily flowed into a few standout DePIN projects, backed by leading venture capital firms. These projects often launched tokens valued at 50-100x their book value, frequently achieving multi-billion-dollar FDVs. Community contributions played a key role in the industry’s growth. Nearly $230 million was raised in 2024 through node sales, crowdfunding, and protocol-owned liquidity pools. Meanwhile, Solana and Base emerged as leaders in network infrastructure and consumer-focused applications, respectively. Solana’s low-latency design continues to attract infrastructure innovators, while Base benefits from Coinbase’s established brand and retail reach. Overall, the DePIN momentum remained strong heading into 2025. Sui DePIN, the first DePIN layer on the SUI blockchain, recently announced its upcoming Initial DEX Offering (IDO). In December, Chirp launched Kage, the first play-to-earn (P2E) game on the Sui blockchain. Kage combines gaming with IoT utility, featuring a treasure hunt inspired by “Pokémon Go” that rewards players through blockchain incentives.
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