According to new analysis From research firm Messari, the Decentralized Physical Infrastructure Network (DePIN) sector has returned to a market cap of $10 billion, although many of its coins are still well below their previous highs. The “State of DePIN 2025” report released by Masari this week shows that the sector is quietly maturing into a revenue-generating infrastructure business.
Last year, cross-chain revenue for the $10 billion DePIN sector reached $72 million, even as the overall market declined. “Although much of the $10 billion DePIN sector will decline in price in 2025, a small group of Income generating networks Onchain revenue growth has continued to be driven by utility rather than speculation.
Revenues and token prices have become uncorrelated
Facilitator He says DePIN’s best projects are currently trading at 10 to 25 times revenue, which is low compared to their growth rates. This is a big change compared to the multiples of more than 1,000 times in the 2021 cycle.
The paper discusses the shift from “DePIN 2021”, when pre-revenue networks were fueled by significant token inflation and retail speculation, to “DePIN 2025”, when leaders generate verifiable recurring revenue with little or no supply inflation.
There are several examples. For example, Helium’s on-chain revenue increased about 8 times from December 2024 to December 2025, even as its HNT token declined by 77%. In the same way, GEODNET’s revenues increased by 1.7 times, while the value of its token decreased by 41%.
“Revenues matter more than the market price of the token,” Marcus Levin, one of the founders of XYO, told reporters. Deben SectorHe also said that as the market has matured, “valuations have begun to reflect real economic activity that holds up even when token prices are flat.”
Levin stressed how unique DePIN was: “The DePIN sector was “fundamentally different” from the larger cryptocurrency industry because it provided “real-world utility to end users.” “First in utilization and cash flow, not speculative price action,” is what success looks like.
Flexibility outperforms DeFi and Layer-1s
Massari says DePIN’s revenue growth has held up better than that of decentralized finance (DeFi) or… Layer 1 blockchains During the current bad market. The “big difference” between DePIN’s segments is “whether the network is able to make money from real customers without always relying on incentives,” Levin says.
Real-world usage occurs across bandwidth data, computing, power, and sensors. New hybrid cars called “InfraFi” also look promising. These combine DePIN and DeFi to enable stablecoin holders to fund infrastructure and earn rewards. Funding remains high compared to last year; DePIN startups have raised nearly $1 billion, up from $698 million in 2024.
Looking to the future: untapped potential
Masari says that Best DePIN Codes They now look like institutions building the infrastructure of the future, but they trade at prices that “imply little chance of survival, let alone success.”
Networks that can reliably meet business- and AI-driven demand will “benefit the most,” Levin said.The steady growth in sector revenues suggests DePIN could be one of the most underrated stories in the cryptocurrency space as we head into 2026, one expert said.
