According to PANews, DePIN (decentralized gaming infrastructure) maintained continuous growth, with financing scale increasing by 296% year-on-year and total market value increasing by 400% to US$20 billion.

Seven of the top eight DePIN protocols by market cap are digital resource networks (DRN), with a total market cap of $12.2 billion. Helium is the only physical resource network (PRN) to make the top eight.

All DePIN protocols have low revenues, with only the four largest DePIN protocols making the top 8 in terms of revenue. The overall weak revenue growth reflects that the DePIN sector will continue to be primarily demand-constrained.

Of the three largest financings in 2024, two were invested in L1s tailored for DePIN, including IoTeX and Peaq, with the former successfully raising $50 million and the latter $30 million.

Currently, there are about 78 DePIN projects on the Solana network, which is in a leading position. At the same time, L1s focusing on DePIN such as IoTeX and Peaq are also developing their own ecosystems.