DePIN projects saw a significant increase in revenue in 2024, reaching more than $500 million – a 100-fold increase from 2022 – according to a report by Messari.
AI-powered DePIN projects dominated revenue streams, followed by off-chain projects. This represents a significant shift from the past two years when on-chain developments accounted for almost all of DePIN’s revenue.
DePIN’s growth reflects the early DeFi and NFT boom
Blockchain intelligence firm Messari has published its comprehensive update on Decentralized Physical Infrastructure Networks (DePIN) industry.
According to a reportthe number of active DePIN projects has nearly doubled in the past year. DePIN tokens now represent 5% of the total cryptocurrency market cap. More than 13 million devices around the world contribute to DePIN operations every day.
In 2024, the number of DePIN 20 projects exceeds 100,000 projects Active nodeswith five nodes exceeding one million.
Investment in such projects has also increased, especially in the establishment stage. Private markets saw an increase in capital raised at pre-seed and seed levels compared to Series A. In liquid markets, low listing fully diluted valuations (FDVs) have been the main driver of higher returns.
Of the top 22 DePIN tokens, only four have lost their value since the token generation event (TGE). Virtuals Protocol has recorded exceptional growthgaining over 30,000% since the advent of TGE. Other projects like NEURAL and NodeAI have achieved over 2000% growth.

Late-stage funding flowed primarily to a few high-profile companies DEBIN PROJECTSBacked by leading venture capital firms. These projects often launch tokens worth 50-100 times their book value, often achieving FDVs in the billions of dollars.
Community contributions have played a major role in the growth of the industry. Nearly $230 million has been raised in 2024 as of node Sales, crowdfunding, and proprietary liquidity pools of the protocol.
Meanwhile, Solana Base has emerged as a leader in networking infrastructure and consumer-centric applications, respectively. Solana low latency design continues to attract infrastructure innovators, instead The base leverages Coinbase’s well-established brand and access to retail.
Overall, DePIN’s momentum remains strong through 2025. but DePIN, the first DePIN layer on the SUI blockchain, was recently released Announced upcoming Initial DEX Offering (IDO).
In December, Kage chirpedthe first Playing for profit Game (P2E) on Sui Blockchain. Combining gaming with an IoT tool, Kage features a “Pokémon Go”-inspired treasure hunt that rewards players through blockchain incentives.
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