On this tour, the Depin concept appeared and once again called the climax of the narrative in the Web3 circle. However, when we took a closer look at actual implementation and economic models of these projects, we found: in the current DePin market, more than 60 % of the equipment suppliers are from Huaqiangbei, Shenzhen. The selling price of these devices is often 30-50 times the wholesale price in Huaqiangbei, and almost all of the devices are lost all their money.
Since the Felicoin mining machine began in a wave of “mining machines” in the last market, the world of Web3 was repeating the old routine of “economic incentives + scenario packaging”. In the last round, Gamefi Lype was dominant, “obtaining symbols by playing games” and “obtaining symbols through running” as soon as it became the main line. However, although these projects were common for a while, they failed to find a really sustainable marketing path. Gamefi eventually failed to become a long -term path, as distinctive symbols, landing, user loss, and environmental collapse increased.
In this tour, the concept of DePin (decentralized physical infrastructure networks) appeared, which again led to the peak of the narrative in the Web3 circle. Not only “you can use it with”, but also “everything can be DePin”: you can get codes through charging, make calls, install plugs, driving, watch ads, and even “drinking water”.
This seems more creative than Gamefi – after all, compared to games in the virtual world, it seems that electricity, communications, transportation and energy in its true life “real value”. But when we look deeper into the actual implementation and economic models of these projects, we find that: In the current DePin market, more than 60 % of the equipment suppliers are from Huaqiangbei, Shenzhen. The price of these devices is often 30-50 times the wholesale price for Huaqiangbei, and almost all devices investors lose all their money. The Depin Tokens, which has been almost purchased, does not have a power of apostasy, and she can only see its portfolios that shrink and wait for the “environmental landing” and “the next round of air drops” indefinitely. This is not an innovation of infrastructure, but it is like a “resurrection” for the process of devices.
Project inventory: blood and tear lessons for those who entered the hole
Helium: It is so difficult to get a machine that no one is interested in today
Hallium was once a star project in the Debine field. The main Heleium Heleium Hostspot built the unitary Lorawan network. Later, I collaborated with T-Mobile and Telefónica to launch mobile telecommunications services, focusing on low-price packages-for example, attracted a monthly package worth $ 203,000 subscribers in just 5 months.
At first glance, it seems that it was a great success, but the story of helium equipment is a classic example of “Harvesting of the Kurds”: The hot mining machine that was speaking after the cost of dollars was reaching $ 2,500 per unit (claiming to pay the investment in three days), but the reality is: because the local contract was banned by the official blacklist, the Chinese region was completely coming out. The currency retreated, and miners lost all their money. The dream of “mining means freedom of wealth” has now shattered.
HIVEMAPPER: Purchase of mining cameras? The recovery period is long
Hivemapper sells $ 549 to Dashcam that allows users to download geodata while driving and earn symbols. At first glance, it appears that the “drive drive to earn codes” look easier to start mining. But the problem is:
- There is no strong symbolic support behind the high price of devices. The price of the honey symbol was slow for a long time, and the recovery period is long.
- The quality and frequency of map data is worrying, and it has not yet been verified whether it is really possible to create a comparable network with Google Maps.
- Its map network mainly covers the developed countries in Europe and the United States, and there are almost no landing scenarios of Huaqiangbei sellers and the Asian market.
In addition, HIVEMAPPER has achieved more than $ 60 million of revenue from device sales, but this was more than “hardware sales” income instead of healthy performance of the DePin economic model.
Jumbo: The African legend of mobile phones, another attempt by Huaqiangbei to remove memory
Jambo launched a group of “DePin + Web3 Wallet” and was well sold in the African market. JAMBO, which is only 99 USD, sold more than 400,000 units and activated more than 1.23 million portfolio addresses. This is definitely not because investors have confidence in this phone and the project, but it is a stark “fraud” that benefits from the increase in the appropriate symbols and the rapid development of the ecosystem to pre -install DAPS on mobile phones. Users can earn Jambo codes, but liquidity and the value of symbols are still a mystery. Can’t be achieved closed data sales episode? Without paying real adult data providers, the ecosystem of mobile phones cannot support the long -term use needs of the Web3 user.
Ordz game: A certified version of the WEB3 of the portable reactionary game unit
The main product of the Ordz Game is “Play to Conner” + hardware handheld Game Console Bitboy. The pre -sale device was sold at 0.01 BTC as soon as it arrives online, and more than 2000 regular copies have been sold.
But basically:
- Almost experience games at ROM reactionary ROM level, which is not very innovative;
- After converting the distinctive symbol into the gaming code, it still lacks liquidity and true value;
- The essence is the repetition of the Gamefi mining model, but this time it uses the skin of a “portable game console”.
The possibility of achieving players in the long term and its revenues is small. The Airdrops that it promises is fake, but the large pie that you get from it is real!
Ton Mobile Phone: Buy an Android?
During the period when Telegram and Ton were common, Ton Mobile Phone was also launched, at a price of approximately $ 500 and high sales volume. However, it was evaluated by users as “a geo -age texture” and “not good like Xiaomi”. It only has a 6G memory, 128G storage, and Android 14 system. Although it comes with a mobile phone condition and claims to have “AirDrop expectations”, ::
- Airdrop quality is much lower than the Solana phone;
- There is no distinction in the user interface/UX, and the phone itself has no innovation;
- The recovery period is long and environmental construction is still on paper.
What you buy is “Hope in Future Air Drops”, but you cannot see a fullet point of hope for landing.
Starpower: $ 100 plugs, incomprehensible fraud
Starpower claims that it is a Power DePin smart project under the Solana ICTO, selling smart sockets, car charger, batteries and other devices. The project is supported by Alliancy, IOTA, etc. The distinctive symbol is said to be released in the second quarter. The components cost $ 100, while the same model on Pinduodeo costs only 91
In addition, the project company is recently established, technology is not transparent, and environmental incentives are not yet clear, so it only depends on “narrating stories” to sell equipment.
If we look back in the history of Filecoin and Helium “the future fraud of the mining machine”, and then looking at the StarPower road, we cannot say that there is no connection, we can only say it is completely similar.
Glow, PowerLedger and other “DePins” away from the logic of the market, and investors will eventually pay for its price
These projects focus on very ideal models such as carbon credit trading and distributed for P2P. Glow is equivalent to green power generation behavior for solar power plants through a double symbolic mechanism (GLW + GCC), but in the actual process:
- Who will buy carbon credits?
- How to check the actual power generation of the power plant?
- Which symbol can help the equipment recover its investments?
PowerLedger tries to be the P2P trading platform in the electricity market, but the platform currency has almost returned to scratch, and there is no verified case for the basic business model. Although the ideal is beautiful, the gap between supervision and commercial implementation has not yet been blocked.
DePin is mainly an attempt to expand the “Web3 Economic Incentive Model” in the real material world. In theory, it has unlimited capabilities:
The decentralization of infrastructure in the real world can weaken (communications, electricity, maps and equipment), building wide user network effects, achieving fair incentives and transparent governance through the design of the distinctive symbol.
However, at the current stage, 99 % of the DePin projects that have already fell to “selling devices” to reap retail investors: symbolic models with features of devices are generally a mixture of “Air + Bubble”, and often the so -called “ecological empowerment” in KOL packages, narration drawing, and Airdrop expectations to deceive. Most of the project parties are from Huaqiangbei, relying on the “supply + pricing chain” to gain equipment income instead of building a network already.
A successful Depin really requires a strong design for supply and demand, a mechanism of transparent and continuous incentives, and a deep understanding of the devices/infrastructure. The largest bubble in the current DePin market is that most projects do not solve real problems at all, but packaging concepts for harvesting users. When devices become a tool for noise in the form of “futures”, when the device icons become “digital coupons” of value, and when all accounts revolve around Airdrop’s expectations, DePin is nothing more than another Ponzi cycle of Web3. I hope that in the near future, we can see some of the DePin projects that are still alive by selling devices or telling stories, but by real use and real income.
