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DePIN Sector 2025: Tokens Down, On-Chain Revenues Up | Fundamentals Shift – News and Statistics

DePIN Sector 2025: Tokens Down, On-Chain Revenues Up | Fundamentals Shift - News and Statistics

Table of Contents

January 30, 2026

Decentralized physical infrastructure networks DePIN is still facing pressure from falling token prices, but sector revenues are showing resilience, according to a report by Facilitator.

Most DePIN tokens stagnated or declined in 2025, with tokens launched between 2018 and 2022 lagging their all-time highs by 94-99%. However, a subset of networks reported growing on-chain revenue, indicating a shift away from speculative valuation towards fundamental economic activity. This sector represents approximately $10 billion in circulating market capitalization and generated an estimated $72 million in on-chain revenue in 2025.

Leading revenue-generating DePIN networks are now trading at roughly 10 to 25 times revenue, in contrast to valuation multiples exceeding 1,000 times revenue during the 2021 market cycle. “DePIN was forced to follow the fundamentals,” Marcus Levin, co-founder of the DePIN XYO project, told Decrypt. “When token prices are fixed, the only thing that matters is whether someone is actually paying for the service, and whether the network can sustain itself without subsidies. This shift is healthy.”

Massari’s report notes that only a limited set of strategies remain viable to scale DePIN projects sustainably, including alternative financing models such as InfraFi. InfraFi seeks to finance physical infrastructure using crypto-native capital such as stablecoins, with over $175 billion in stablecoins outstanding. Early deployments suggest that DePIN assets could attract yield-seeking capital, although the model introduces new credit, duration and regulatory risks and is still in its early stages.

Dylan Payne, senior research analyst at Messari and author of the report, told Decrypt that DePIN can increase its reputation by generating sustainable revenue from selling valuable resources to the market. “In favorable market conditions such scams [partnerships, ecosystems and community] “It can actually help accelerate the process of building supply-side growth, but the newly added supply must generate corresponding revenue for DePIN to be viable,” he said. [product-market fit] On the demand side.”

source: IndexBox market intelligence platform

  1. 1. Introduction

    Make data-driven decisions to grow your business

    1. Report description
    2. Research methodology and artificial intelligence platform
    3. Data-driven decisions for your business
    4. Glossary and defined terms

  2. 2. Executive summary

    A quick overview of market performance

    1. Key findings
    2. Market trends This chapter is only available for the Pro versionFor professionals

  3. 3. Market overview

    Understand the current market situation and its prospects

    1. Market Size: Historical Data (2012-2025) and Forecast (2026-2035)
    2. Consumption by country: historical data (2012-2025) and forecasts (2026-2035)
    3. Market forecast until 2035

  4. 4. Promising products for diversification

    Find new products to diversify your business

    1. The best products to diversify your business
    2. Best selling products
    3. Most consumed products
    4. Most popular products
    5. The most profitable products for export

  5. 5. Promising countries in the field of supply

    Choose the best countries to create your sustainable supply chain

    1. The most important countries exporting your product
    2. Top producing countries
    3. Top exporting countries
    4. Low cost exporting countries

  6. 6. Promising foreign markets

    Choose the best countries to boost your exports

    1. The most important foreign markets to export your product
    2. The most important consumer markets
    3. Unsaturated markets
    4. The most important importing markets
    5. The most profitable markets

  7. 7. Production

    Latest industry trends and insights

    1. Production volume and value: historical data (2012-2025) and forecasts (2026-2035)
    2. Production by country: historical data (2012-2025) and forecasts (2026-2035)

  8. 8. Imports

    The largest import exporting country

    1. Imports: historical data (2012-2025) and forecasts (2026-2035)
    2. Imports by country: historical data (2012-2025) and forecasts (2026-2035)
    3. Import prices by country: historical data (2012-2025) and forecasts (2026-2035)

  9. 9. Exports

    The largest destinations for exports

    1. Exports: historical data (2012-2025) and forecasts (2026-2035)
    2. Exports by country: historical data (2012-2025) and forecasts (2026-2035)
    3. Export prices by country: historical data (2012-2025) and forecasts (2026-2035)

  10. 10. Profiles of top producers

    The largest producers on the market and their features


  11. 11. Country profiles

    The largest markets and their features


    This chapter is only available for the Pro version
    For professionals

    • US

    • China

    • Japan

    • Germany

    • UK

    • France

    • Brazil

    • Italy

    • Russian Federation

    • India

    • Canada

    • Australia

    • Republic of Korea

    • Spain

    • Mexico

    • Indonesia

    • Holland

    • turkey

    • Kingdom of Saudi Arabia

    • Switzerland

    • Sweden

    • Nigeria

    • Poland

    • Belgium

    • Argentina

    • Norway

    • Austria

    • Thailand

    • United Arab Emirates

    • Colombia

    • Denmark

    • South Africa

    • Malaysia

    • Israel

    • Singapore

    • Egypt

    • Filipino

    • Finland

    • Chilean

    • Ireland

    • Pakistan

    • Greece

    • Portugal

    • Kazakhstan

    • Algeria

    • Czech Republic

    • Qatar

    • Peru

    • Romania

    • Vietnam

  12. List of tables

    1. Key results in 2025
    2. Market size in physical terms: historical data (2012-2025) and forecast (2026-2035)
    3. Market capitalization: historical data (2012-2025) and forecast (2026-2035)
    4. Per capita consumption, by country, 2022-2025
    5. Production, in physical terms, by country: historical data (2012-2025) and forecasts (2026-2035)
    6. Imports, in physical terms, by country: historical data (2012-2025) and forecasts (2026-2035)
    7. Imports, by value, by country: historical data (2012-2025) and forecasts (2026-2035)
    8. Import prices, by country: historical data (2012-2025) and forecasts (2026-2035)
    9. Exports, in physical terms, by country: historical data (2012-2025) and forecasts (2026-2035)
    10. Exports, by value, by country: historical data (2012-2025) and forecasts (2026-2035)
    11. Export prices by country: historical data (2012-2025) and forecasts (2026-2035)

  13. List of numbers

    1. Market size in physical terms: historical data (2012-2025) and forecast (2026-2035)
    2. Market capitalization: historical data (2012-2025) and forecast (2026-2035)
    3. Consumption, by country, 2025
    4. Market size forecast until 2035
    5. Market value forecasts until 2035
    6. Market size and growth, by product
    7. Average per capita consumption by product
    8. Exports and growth, by product
    9. Export prices and growth, by product
    10. Production volume and growth
    11. Exports and growth
    12. Export prices and growth
    13. Market size and growth
    14. Per capita consumption
    15. Imports and growth
    16. Import prices
    17. Production in physical terms: historical data (2012-2025) and forecasts (2026-2035)
    18. Production by value: historical data (2012-2025) and forecasts (2026-2035)
    19. Production, by country, 2025
    20. Production in physical terms by country: historical data (2012-2025) and forecasts (2026-2035)
    21. Imports in physical terms: historical data (2012-2025) and forecasts (2026-2035)
    22. Imports by value: historical data (2012-2025) and forecasts (2026-2035)
    23. Imports in physical terms by country 2025
    24. Imports, in physical terms, by country: historical data (2012-2025) and forecasts (2026-2035)
    25. Imports, by value, by country: historical data (2012-2025) and forecasts (2026-2035)
    26. Import prices, by country: historical data (2012-2025) and forecasts (2026-2035)
    27. Exports in physical terms: historical data (2012-2025) and forecasts (2026-2035)
    28. Exports by value: historical data (2012-2025) and forecasts (2026-2035)
    29. Exports in physical terms by country 2025
    30. Exports, in physical terms, by country: historical data (2012-2025) and forecasts (2026-2035)
    31. Exports, in value, by country: historical data (2012-2025) and forecasts (2026-2035)
    32. Export prices by country: historical data (2012-2025) and forecasts (2026-2035)

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