Messari has dropped its State of DePIN 2025 report, and it draws attention to the maturation of the sector as it has shifted from speculative experiments towards infrastructure businesses that generate real revenues.
According to the report, by the end of fiscal year 2025, the entire DePIN sector, worth $10 billion, generated an estimated $72 million in on-chain revenue.
According to Massari, these revenues recorded at the protocol level come from real network usage, fees and incentives, all factors that indicate that the sector is providing real benefit and is no longer stuck in a speculative or experimental phase.
How will the DePIN sector perform in 2025?
the a report It shows that in 2025, Deben Sector It has raised nearly $1 billion in capital across a total of 91 rounds, short of the number needed to raise the nearly $700 million it achieved in 2024. The most popular venture has raised $140 million in funding, nearly double what the next best venture attracted.
Also, the data showed that a small but growing group of DePIN networks saw continued on-chain revenue growth even during times when the market was not performing well overall. As far as my approach is concerned, this is evidence that DePIN projects fare better in bear markets than regular alternative projects and L1s.
Top-rated networks experiencing more meaningful traffic were evidence of the sector’s resilience, as their revenues grew independently of the movement of broader market prices.
In 2025, the report also claims that Deepin Networks Revenue generated currently trades at multiples of 10 to 25 times revenue, a far cry from the state of things in 2021, when similar networks exceed 1,000 times revenue multiples during the speculative peak.
The flexibility of these pioneering projects has not gone unnoticed, and according to Al-Masari, it indicates that these projects are entering a stage of maturity. However, the report also noted that only a narrow set of expansion paths remain viable for long-term global sustainability.
Some DePIN networks are considered pioneers of InfraFi technology
According to Masari, there are only three viable paths left when it comes to this Sizing Any DePIN project. These paths include adopting InfraFi models, pursuing capex-light designs with fast startups, or simply timing bull markets and taking advantage of speculative capital and low interest rates at that time.
On the more optimistic side, the report also mentioned that some DePIN projects are pioneering InfraFi, which is essentially a hybrid of DePIN and DeFi.
InfraFi gives stablecoin holders the ability to generate returns by financing physical infrastructure. All they have to do is deposit and/or stake stablecoins in a vault. The funds in the vault will be used to finance the purchase and/or deployment of infrastructure assets, and the resulting revenues or debts accumulated by infrastructure will be repaid/paid into the treasury.
At the end of the day, depositors get their stablecoins back plus a share of the proceeds. The largest pilot projects include USDai, Daylight, and Dawn, with USDai being the largest growth engine supporting this initiative.
Massari claims that InfraFi is already a major growth driver for both DeFi and stablecoin players. USDai contributes 17% to Pendle’s TVL, with three times more liquidity than No. 2 Ethena. It also accounts for 77% of M0’s TVL, with a distribution 10 times larger than the usual No. 2 position.
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