“The State of DePin” is out!

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Jump on altcoins – Bitcoin traded relatively unchanged on Wednesday despite a four-year low in the euro zone Dollar Index (DXY), which fell below 2011 Trend line.

treasury ripple – Ripple has been launched treasury ripple, A corporate treasury platform that integrates GTreasury’s enterprise software with Ripple’s blockchain infrastructure.

Markets under the eye of the Fed – the The US dollar index fell to around 95.5, its weakest level in nearly four years, which analysts noted supports Bitcoin’s recovery above $88,000.

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Key insights

DePIN has matured from speculative experiments into a real income-generating infrastructure business. The sector now represents nearly $10 billion in traded market capitalization while generating an estimated $72 million in onchain revenue for FY2025, with leading networks trading at 10-25x revenue versus over 1,000x in the 2021 cycle.
Among the leading DePIN numbers with meaningful use, revenue is starting to decouple from the token’s price action. While much of the $10 billion DePIN sector declined in price in 2025, a small group of revenue-generating networks continued to grow onchain revenues driven by utilities rather than speculation.
Only a narrow set of pathways remain viable to scale DePINs globally and sustainably. In practice, DePINs must either adopt InfraFi technology, focus on capital-light infrastructure with quick returns, or leverage speculative capital in emerging markets.
InfraFi is emerging as a potential alternative financing model to crypto-based physical infrastructure. With over $175 billion in stablecoins outstanding, InfraFi’s early deployments point to a new path to funding DePIN assets using yield-seeking capital, although the model is still early and introduces new credit, duration and regulatory risks.
Private capital continues to pile into DePIN despite low public valuations. DePIN startups have raised nearly $1 billion in 2025, primarily in Series A and Series A, indicating long-term private market conviction even as public token market prices remain limited.

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Thorschen Q4 25 Summary

TVL denominated in RUNE increased by 22.6% quarter-on-quarter to 81.6 million RUNE.even with the price of RUNE falling by 51.1%. This divergence indicates that existing liquidity providers have continued to add to or maintain their positions, despite adverse market conditions.
Total swap volume decreased 10.3% QoQ to $4.06 billion, Extending the correction after the Q1 spike resulting from the Bybit exploit, But the average daily unique swap rose by 23.6% to 1.6 thousand. This means that while trade volumes decreased, the number of users interacting with THORChain continued to grow.
Protocol revenue increased 39.0% QoQ to $5.0 million despite lower swap volumeThis reflects improved efficiency of fee collection. As a result, THORChain exited Q4 with a compressed P/E ratio of 9.8, down from 11.2, driven primarily by lower market cap rather than weak fundamentals.
Affiliate revenue decreased 35.1% QoQ to $2.7 million even as affiliate swap volume increased 12.2%Which suggests that integrators are likely to lower fee rates to remain competitive.
Beta version of THORChain’s swap interface It created a formal, direct, user-facing entry point to the protocol for the first time.
Rujira launched RUJI Lendinga cash market with CDP loans, allowing users to borrow against native BTC in a completely decentralized manner.

Livepeer: Real-time AI video production infrastructure

Livepeer is repositioning itself from decentralized video transcoding to enhanced real-time AI video infrastructure, Guided by the Cascade vision.
This transformation builds on Livepeer’s core strengths, low-latency video pipelines, distributed GPU drivers, and quota-coordinated execution. With expanded workloads supported for continuous AI inference on live video.
Daydream serves as lead producer and design partner, Translate real-time AI video thesis into developer-facing workflows and early production demand.
The economics of the network reflect this shift, with fees growing 3x year over year and over 70% of fees driven by AI inference. Instead of traditional conversion.
The roadmap focuses on producing real-time AI pipelines, improving tools and performance standards, And expanding use cases across avatars, agents and interactive video.

Liquids: Redesigning DeFi Liquidity

Fluid has evolved into a top-tier DeFi protocol, with a total market size of $5.10 billion across chains.including $1.6 billion via Jupiter Lend on Solana, making it among the largest on-chain lending platforms.
Fluid ranks third in active loans when accounting for Jupiter Lend, with $2.12 billion borrowed.Indicating strong product market fit and sustained demand for borrowing rather than negative incentive-driven deposits.
Fluid DEX ended 2025 as the second largest DEX on Ethereum by trading volumeprocessing $156.45 billion in volume during the year, validating its Smart Collateral and Smart Debt model as a scalable alternative to traditional asset management processes.
The introduction of fluid reserve in October 2025 marked a shift towards long-term sustainabilitywith protocol revenues funded on FLUID buybacks to support governance, alignment, and flexibility as the protocol matures.
The upcoming launch of Fluid DEX V2 represents a structural evolution from a single DEX platform to a general-purpose liquidity engineenabling multiple AMM designs, range-based strategies, and permissionless scaling without liquidity fragmentation.