DePIN Revenue Hits $500 Million in 2024, AI Projects Lead Growth
According to Messari’s report, the DePIN project’s revenue will explode in 2024, reaching more than $500 million, a 100-fold increase from 2022.
AI-powered DePIN projects dominate the revenue stream, followed by off-chain projects. This marks a major shift from on-chain development accounting for nearly all of DePIN’s revenue over the past two years.
DePIN’s growth trend mirrors early DeFi and NFT boom
Blockchain intelligence firm Messari releases comprehensive update on blockchain Decentralized Physical Infrastructure Network (DePIN) industry.
according to ReportLast year, the number of active DePIN projects nearly doubled. The DePIN token currently accounts for 5% of the total cryptocurrency market capitalization. More than 13 million devices around the world contribute to DePIN operations every day.
20 DePIN projects will exceed 100,000 in 2024 active node5 of which have more than 1 million nodes.
Investment in such projects has also surged, especially at the seed stage. Private markets raise more money in the pre-seed and seed stages than Series A rounds. In liquid markets, lower listed fully diluted valuations (FDV) are a key driver of high returns.
Of the top 22 DePIN tokens, only 4 lost value following a token generation event (TGE). Virtuals Protocol achieves incredible growthSince TGE, the increase is more than 30,000%. Other projects such as NEURAL and NodeAI have seen growth of over 2,000%.
Later funds mainly flowed to some outstanding companies Virtue Projectbacked by leading venture capital firms. These projects typically launch tokens worth 50-100 times their book value, often achieving billions of dollars in FDV.
Community contributions play a key role in the growth of the industry. Nearly $230 million raised in 2024 through: node Sales, crowdfunding, and protocol-owned liquidity pools.
at the same time, Solana and Base have emerged as leaders in network infrastructure and consumer-focused applications, respectively. Solana’s low-latency design Continue to attract infrastructure innovators while Base benefits from Coinbase’s well-known brand and retail range.
Overall, DePIN remains strong heading into 2025. Sui DePIN, the first DePIN layer on the SUI blockchain, recently Announcing the upcoming launch of DEX Initial Offering (IDO).
December, Chirp launches Kagethe first Make money while playing (P2E) Games Sui Blockchain. Combining gaming with IoT utility, Kage features a “Pokémon Go”-inspired scavenger hunt that rewards players with blockchain incentives.
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