Author: Messari
Translation: Golden Finance xiaozou
DePIN (decentralized gaming infrastructure) continues to grow. Financing increased by 296% year-on-year, and total market value increased by 400% to $20 billion. Let's take a closer look at the current status of the DePIN field.
Based on the previous DePIN subfield map, we have added four more subfields:
âą Decentralized Gaming Infrastructure (DeGIN) â Computational Network
âąAI Data Layer â Bandwidth Network
âą Robotics â Mobile Network
âą Manufacturing â Mobile Networks
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.
However, the growth in market capitalization has little correlation with the growth in revenue. All DePIN protocols have low revenue, and only the four largest DePIN protocols are among the top eight in terms of revenue.
The overall weak revenue growth reflects that the DePIN field will continue to be mainly demand-constrained. Centralized platforms will continue to provide more integrated solutions, combining raw resources with customized services.
Studying very early-stage financings may tell us where investors see the greatest potential.
Two of the three largest financings in 2024 went to L1s tailored for DePIN, including IoTeX, which raised $50 million, and Peaq, which raised $30 million.
So, which chains are the DePIN projects based on? At present, 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.
