Decentralized infrastructure networks are seeing rising fees and real adoption by users, but their tokens are losing value. This paradox highlights the disconnect between DePIN’s strong fundamentals and speculative market psychology. Experts expect a major shift by 2026.
The DePIN sector is an outcast from the cryptocurrency market
The cryptocurrency market has seen an amazing legacy recovery Symbols Driven by utility narratives in 2025, however The DePIN sector remains severely underdeveloped. This sector, despite being one of the most beneficial sectors in the blockchain ecosystem, shows a staggering 74% decline this year according to Artemis data, making it among the The ten worst performing sectors.
Firstly, DePIN, which is an abbreviation for Decentralized physical infrastructure networksrefers to blockchain Systems that coordinate, finance, and operate physical infrastructure through decentralized incentive mechanisms. Unlike traditional centralized models, these networks Distributed infrastructure deployment such as wireless coverage, storage, IoT sensors, or power grids Between multiple individual contributors who are compensated with tokens. This approach significantly reduces upfront costs while expanding the geographic scope of services.
A fundamental paradox: usage rises, and valuation is in free fall
The DePIN sector is currently witnessing a startling paradox. While valuations are collapsing, real usage metrics are at historic highs. In October 2025, fees generated by DePIN networks arrived Record $2.5 millionwith Helium Leading in $1.7 million. Hivemapper and Lifebear Recorded monthly growth of 111% and 74% respectively, while offering total fees 273% Year after year.
This divergence between price action and fundamentals reveals a huge gap between speculative perception and real reliance. Sami Kassabmanaging partner at Unsupervised Capital, explains that General weakness Alternative currencies It naturally affected DePIN, but the problem is deeper.
“There has not been a revolutionary DePIN yet that has been able to capture the market’s attention. DePIN is building real infrastructure and real companies, which takes time in a market accustomed to quick narratives and overnight gains,” he asserts.
Liu FanThe Cysic co-founder identifies a structural mismatch between infrastructure build cycles and the short attention span of the cryptocurrency market:
“NFTs, memecoins, and major altcoins thrive on culture and enthusiasm. DePIN acts as an invisible infrastructure layer that investors struggle to connect with emotionally. Value grows quietly through the deployment of hardware and real computing power, an advance that is neither immediately visible nor profitable in the short term.”
Maria CarollaStealthEx’s CEO confirms this behavioral bias. Investors They greatly prefer quickly tradable assets Instead of sectors that require a deep understanding of complex symbolic mechanisms:
“The DePIN approach is very complex. Most investors never understand how token incentives incentivize data collection, storage or communication, and how that generates revenue. DePIN is a crypto-version of traditional infrastructure: unattractive but absolutely necessary,” she analyzes.
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Catalysts for the transformation expected in 2026
Many experts expect a Major upside momentum for DePIN in 2026driven by converging factors. Enterprise adoption is the strongest motivator according to Leo Fan.
“Once companies start integrating decentralized infrastructure into their existing systems, confidence in the model increases,” he explains. “DePIN’s credibility depends on measurable performance, and corporate participation provides exactly that validation.”
The rise in fees during a bear environment demonstrates that real users continue to find tangible value in these services, whether decentralized storage or distributed computing. Maria Carolla points out that this dynamic is typical of emerging infrastructure sectors Fundamentals are well consolidated before prices are recognized. “When revenue follows increasing usage, as was the case in the early days of the Internet, these metrics will be more important than token performance in the short term,” she predicts.
Vinayak Kurup, partner at Escape Velocity Crypto, sees tangible signs of change:
“Helium is now advertising its free phone plan in the New York subway. Compared to Web2 players, DePINs have only recently reached enough capital to penetrate major markets. 2026 will be the year of DePIN’s comeback,” he asserts.
Gradual shift in investor preferences towards projects with recurring cash flows and solid fundamentals Creates an enabling environment. Liu Fan confirms this Emergence of RWAs and increasing institutional adoption In 2025 it proves that the real economy actually values decentralized systems.
“DePIN is positioned to become the infrastructure layer that connects DeFi to enterprise use cases. As institutions seek profitable, verifiable infrastructure for secure settlements, DePIN will shift from niche experience to the foundational layer of digital finance.”
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