Dylan Payne, Principal DePIN Research Analyst at Messari, and Salvador Gala, Co-Founder of Escape speed projectsco-authored The State of DePIN 2024. The 104-page report provides an in-depth analysis and review of the DePIN sector throughout 2024 and a forward-looking perspective on what lies ahead for DePIN in 2025.
This year’s report covers macro trends in DePIN, AI x DePIN, decentralized wireless (DeWi), decentralized generation energy (DeGEN), computing networks, sensor networks, identity networks, logistics networks, and more.
To read this report, download PDF version.
Key insights
- DePIN is in its first round with a market share of less than 0.1% and a value of over $1 in end markets.
- With $50 billion in market capitalization across 350 tokens, the DePIN sector trades at approximately 100x ARR.
- More than 13 million devices contribute to DePINs every day.
- DePIN’s “Chain Wars” will accelerate in 2024 with Solana and Base taking market share from other L1S. Solana is a leader in network infrastructure, Base is a leader in consumer and marketplaces, and custom DePIN L1 modules create their own on-premises ecosystems.
- Local governments look to DePIN to address infrastructure challenges.
- The DePIN segment has raised over $350 million across pre-seed, financing and Series A rounds.
To read this report, download PDF version.
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