What are DePIN projects? List of DePIN projects that investors should consider in 2024
Discover the best DePIN crypto projects of 2024 at the Token Metrics Moon Awards. Discover the promising tokens shaping the future of the DePIN sector.
List of the best Crypto DePIN projects in 2024
1. Helium Network
2. Hive folders
3. Filecoin
4. Helium Mobile
5. GOD
6. Akash Network
7. Peak
1-Helium Network
Helium Network is emerging as a leading force in decentralized wireless networking, primarily serving IoT and cellular devices across a global scale. It runs on the powerful Solana blockchain network, which is known for its fast transaction capabilities and tight security measures. This strategic choice supports the network's efficiency and reliability, ensuring fast execution of operations while maintaining a secure transaction environment
A notable feature of the Helium Network is the innovative Proof of Cover consensus mechanism. This protocol is designed to verify the existence and distribution of connection points, which are essential for network coverage.
Hotspot owners are incentivized through the network's native cryptocurrency, the HNT token, to deploy and maintain devices that extend and enhance network coverage. This incentive structure promotes widespread participation and ensures the strength and scalability of the network.
The Helium Foundation, a major player behind the network, is a US-based non-profit organization committed to developing this technology. The organization focuses on several important areas: protocol governance, support for network builders, public education, and technical operations of the Helium Network.
Their efforts are complemented by the Helium Foundation Membership Program, which unites various stakeholders from device manufacturers to application developers, fostering collaboration and innovation within the ecosystem.
With plans to expand membership to include individual enthusiasts, the organization aims to foster community engagement and drive further adoption of decentralized wireless solutions.
2. Hive folders
In the Moon Awards poll, Hivemapper took second place with 21.9% of the total votes.
Hivemapper differentiates itself in the decentralized cryptocurrency space by leveraging its unique “Drive to Earn” model, which incentivizes users to collect and update geospatial data.
Running on efficient Solana blockchain technology, this innovative platform enables users to earn HONEY tokens by providing street-level imagery, which is crucial to enhancing the accuracy and comprehensiveness of maps.
This model stimulates community engagement and ensures the freshness and relevance of map data provided to users and customers.
Hivemapper's economic structure is designed to support both the network and its contributors. Upon launch, the network began minting 4 billion HONEY tokens, with 90% of these tokens distributed weekly as rewards to active contributors.
This significant allocation to shareholders supports the project's commitment to strongly rewarding community engagement. Additionally, the remaining 10% is allocated as an operational bonus, to support ongoing functionality and development of the Hivemapper ecosystem.
3. Filecoin
In the Moon Awards poll, Filecoin took third place with 12.3% of the total votes.
Filecoin is emerging as a leading decentralized data storage network, facilitating an open market where individuals can rent their own hardware storage. This system is based on the FIL token, which plays a crucial role in incentives, payments and governance.
As one of the oldest DePIN projects, Filecoin competes directly with centralized services such as Amazon S3, offering a decentralized alternative that enhances security and reliability through Proof of Replication (PoRep) and Proof of Space-Time (PoSt) mechanisms.
In 2024, Filecoin is poised for significant growth, driven by the increasing data storage requirements of AI companies. The network's storage capabilities were significantly enhanced by the introduction of the Filecoin Virtual Machine (FVM) in March 2023, which integrates Ethereum-style smart contracts. This progress has not only expanded the range of applications running on Filecoin;
4. Helium Mobile
In the Moon Awards poll, Helium Mobile came in fourth place with 7% of the total votes.
Helium Mobile represents a major advance in decentralized wireless technology, seamlessly integrating Helium's established network infrastructure with burgeoning 5G technology. Launched as part of Helium's network expansion, Helium Mobile uses CBRS radios and Wi-Fi access points to provide robust 5G network coverage.
This integration is supported by the innovative HIP-51, which facilitates the creation of mobile tokens. These tokens are essential to reward operators of 5G hotspots equipped with small cell radios, thus enhancing the utility and reach of the network.
Helium Mobile's economic model is designed to sustain growth and user engagement over the long term. With a circulating supply of over 82 billion mobile tokens and a market capitalization approaching $180 million, the platform guarantees a stable reward system for contributors.
This is also evidenced by a significant daily increase in the number of subscribers and active nodes, indicating growing trust and reliance on the network. The strategic partnership with T-Mobile underscores Helium Mobile's commitment to expanding its network services and enhancing user experiences, promising a solid foundation for future scalability.
5. GOD
In the Moon Awards poll, DIMO took fifth place with 6.7% of the total votes.
DIMO is a transformative force in the Decentralized Physical Infrastructure Network (DePIN) landscape, with a focus on the mobility sector. It revolutionizes how vehicle data is used, providing a platform through which users can monitor and monetize their connected vehicles.
At the heart of DIMO's innovation is a user-owned IoT platform, which allows vehicle owners to broadcast data and earn tokens by connecting their vehicles to the open web3 IoT platform. The system is supported by the DIMO app, currently available on the Apple App Store and soon on Android, enhancing user access and engagement.
Key Features of Helium Mobile Network
* Users earn tokens by sharing their vehicle data.
*The data affects transactions such as maintenance and insurance, which could save or earn large sums of money for drivers.
* Partnering with NATIX to enhance vehicle data collection and capitalization.
* Official sponsor of EthDenver 2024, increasing its visibility and network within the DePIN community.
* Introduction to the Glove Box app feature, allowing users to manage vehicle documents digitally.
* Developing fleet interfaces to manage larger numbers of vehicles, as many companies have built interfaces for this purpose.
The DIMO approach not only democratizes data collection, but also aligns developers with users to ensure data privacy and maximize the utility of the collected data. This alignment is critical in fostering trust and engagement in the DIMO network.
The project has successfully raised $9 million in funding, highlighting strong support from more than 50 individuals, funds, and core team members, underscoring its potential and stakeholder confidence in its vision and implementation.
6. Akash Network
In the Moon Awards poll, Akash Network came in sixth place with 6.3% of the total votes.
Akash Network differentiates itself as a decentralized cloud computing platform fundamentally designed to transform the traditional cloud services market. Built on robust and secure Kubernetes, it provides a reliable platform for hosting applications, ensuring high performance and lower costs. It uses the Cosmos SDK and runs on the Cosmos blockchain, enhancing interoperability and scalability.
Key Features of Akash Network
* Infrastructure as Code and Persistent Storage: Provides users with advanced deployment capabilities and persistent storage options, ensuring data integrity and ease of application management.
* Dedicated IP rental and permissionless access: This service provides users with dedicated IP rental and permissionless access to a wide range of computing resources, democratizing the availability of high-performance computing.
* Reverse Auction and Cost Efficiency: It uses a unique “reverse auction” system to price cloud resources, allowing users to enjoy services at prices up to 85% lower than traditional public clouds.
The economic and operational model of the Akash Network is based on its native token, AKT, which prioritizes user privacy and security. The token plays a multi-faceted role within the network, where it is used to rent compute, storage, and governance resources.
The token utility integration enhances the overall security and efficiency of the network. The AKT token market dynamics are also noteworthy. After being listed on major stock exchanges, its value rose significantly, reflecting the market's strong confidence in its usefulness and future potential.
In the broader DePIN ecosystem, the Akash Network is classified as a physical resource network. It addresses critical GPU access deficiencies by providing unauthorized access to computing resources, which is essential for various applications, including artificial intelligence and computationally heavy tasks.
Akash Supercloud is particularly innovative, offering scalable and decentralized cloud services that are becoming increasingly important in the digital economy. With a significant portion of its traffic coming from partnerships like the Spheron Network, Akash Network is poised for further growth and is being recognized as one of the top DePIN projects gaining momentum in 2024.
7. Peak
In the Moon Awards poll, Peaq came in seventh place with 5.5% of the total votes.
Peaq has quickly become the second largest DePIN ecosystem in Web3, hosting an impressive portfolio of over 25 projects. This platform is distinguished by its diverse applications and strategic partnerships.
For example, Aydo is developing a smart home platform on Peaq, which is set to be compatible with more than 3,000 devices. This platform will enhance the smart home experience through seamless integration of a wide range of IoT devices.
Staex, which provides a decentralized communication layer that allows the community to efficiently monitor networked devices, leverages the strength of the ecosystem.
Likewise, Wayro is leveraging Peaq to bridge the digital divide, with a particular focus on the Latin America region by facilitating enhanced web access. Another notable project, PowerPod, offers a peer-to-peer charging model for electric vehicles, allowing anyone to open their charger to the public and earn rewards, thus promoting green energy initiatives.
Peaq's commitment to security and efficiency is demonstrated by its collaboration with Hashlock, which offers a 50% discount on smart contract audits to DePINs built on Peaq, ensuring strong security measures are in place.
Integration with Wormhole, a leading blockchain interoperability protocol, connects Peaq to over 30 other chains, greatly enhancing scalability and access. This strategic move not only expands Peaq's utility, but also strengthens its position as a major player in the DePIN sector.
This article summarizes as follows:
The importance of DePIN crypto projects extends beyond their direct applications, signaling a broader shift toward a world in which decentralized peer-to-peer models are redefining how services and resources are consumed and provided.
With challenges such as regulatory hurdles and technical limitations overcome, the way has been paved for greater innovation and adoption. Thanks to continued support from the community, investors, and developers, the DePIN scene is poised for significant growth, and promises to shape the future of decentralized infrastructure and blockchain technology in the coming years.
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