DePIN Special Report: Over 370 tokens launched, Helium users exceed 110,000
2024-09-19 16:30:20
Collection
Among more than 370 DePIN tokens, 75% focus on virtual services (such as AI and computing), while the remaining 25% provide physical services (such as wireless, energy, and sensors).Author: OurNetwork
Compiled by: Deep Tide TechFlow
DePIN
Helium | Glow | Livepeer | IoTeX | TADA
DePIN Accelerates Development, Over 370 Tokens Launched
- DePIN is a decentralized physical infrastructure network and one of the fastest-growing areas in the crypto space, aiming to replace capital-intensive industries such as cloud computing, telecommunications, and renewable energy. Among the over 370 DePIN tokens, 75% focus on virtual services (such as AI and computing), while the remaining 25% provide physical services (such as wireless, energy, and sensors); 75% of DePIN tokens are issued on EVM chains, with the majority of the rest issued on Solana, Cosmos, or their own native L1.
- At the annual DePIN summit held in New York in August, venture capital firm EV3 surveyed 117 DePIN founders and investors about their expectations for the next twelve months—most expect on-chain revenue in the DePIN space to grow from $20 million to an annual recurring revenue (ARR) of $50 million to $100 million or more, while market capitalization share among all altcoins is expected to increase from 8-10% to 10-15%.
EV3 Ventures
- DePINScan tracks over 3 million active DePIN nodes globally. Networks of significant scale are developing towards high-throughput blockchains: among the ten DePINs with over 100,000 active nodes, seven are built in the Solana ecosystem (Helium, Natix, Hivemapper, Grass, Dawn, Uprock, and Roam).
- Transaction Highlights: On September 3, users bridged XNET (the token of the namesake decentralized mobile network) from Polygon bridge to Solana, which was the last day for bridging at a 1:1 conversion rate. Starting September 4, bridging can only be done at a 1:10 ratio, a 90% reduction from before. XNET correspondingly reduced its maximum supply cap from 24 billion to 2.4 billion, meaning the current fully diluted value (FDV) is $450 million, while offloading over 150GB of traffic daily from telecom partners.
Helium
Helium Mobile Gains 114,000 Mobile Users
- Helium Mobile is a blockchain-based wireless service that allows users to create and manage their own mobile networks and earn tokens. The service operates on the Helium network, relying on community-owned hotspots to provide coverage and generate tokens, aiming to provide an affordable alternative to traditional mobile service providers. This decentralized mobile service gained 114,000 users in September—its highest user count since Helium Mobile launched in December 2023.
Dune Analytics - @helium-foundation
- These charts show Helium's growth, with daily offloading users increasing from 1,179 in June to 73,954 in September, averaging a weekly growth of 18,780. Offloaded data increased from 0.06 TB to 32.29 TB, indicating that users are increasingly relying on Helium for heavy data usage during peak times.
- Data Credits (DCs) are required for using network services such as data transmission. Organizations acquire DCs by burning HNT (the native token of the Helium network) to provide user connectivity. Helium Mobile is the top consumer, burning $2,939 in the past 24 hours, with the current burn rate allowing for a balance that can support 56.39 days.
Glow
Glow's Revenue Now Exceeds Helium, Akash, and Geodnet
- Glow is a decentralized infrastructure network (DePIN) designed to promote solar energy by incentivizing individuals to participate in solar farms. The project's annual recurring revenue is $1.6 million, ranking it behind the established DePIN pioneer Filecoin.
- Glow has currently onboarded over 50 solar farms in a controlled launch phase.
- Glow now averages over 15,000 kilowatt-hours of electricity output per month.
- Transaction Highlights: Glow has been attracting institutional investment, and in August, the first commercial farm equipped with 200 solar panels paid $130,000 in protocol fees.
Livepeer
Livepeer | Website | Dashboard
Livepeer AI Node Operators Experience Over 1000% Growth in Network Fees Due to Increased AI Computing Power
- Livepeer is a video infrastructure platform for live and on-demand streaming. It launched AI video computing capabilities called Livepeer AI by leveraging its vast GPU network and plans to become a key infrastructure player in the AI computing space related to video. Consequently, fees paid to Livepeer AI node operators have surged in recent months. From July 1 to September 16, Ethereum (ETH) fees increased by 1005% (10 times), reflecting the increased use of network AI computing capabilities.
- Despite several investment activities in growth and infrastructure projects (grants, hackathons, recruitment), the treasury LPT balance has steadily increased, reaching a historical high of 382,232 LPT tokens, enabling the community to fund future public goods for the expansion of the Livepeer network.
- Network participation has steadily increased (from 41.1% in March to 47.8% in September), thanks to corresponding incentive growth, such as inflation (which incentivizes participation by increasing token supply), aimed at encouraging more users to participate. Once participation exceeds 50%, the inflation rate will begin to decline.
- Transaction Highlights: This transaction showcases a bounty ticket paid by Flipguard Gateway to its AI competition winners. As more gateways like Flipguard utilize Livepeer for AI tasks instead of traditional transcoding, we are witnessing the rise of AI agents seamlessly requesting inference services and completing payments through efficient micropayments. This is a powerful example of how decentralized infrastructure drives innovation and unlocks new possibilities for AI-driven applications.
IoTeX
Aaron Basi | Website | Dashboard
IoTeX Reaches 330,000 Global Users
- IoTeX provides a complete set of tools for creating fully decentralized, composable, and interoperable DePIN projects. The project offers a range of flexible internal DePIN infrastructure modules (DIMs) and public services, as well as modules provided by third-party providers such as Filecoin, Risc0, NearDA, and Espresso. IoTeX has registered over 330,000 global users across 120 countries.
- DePINscan is a DePIN community map browser and dashboard built by IoTeX, with all device data processed by off-chain computing middleware provided by IoTeX. The number of connected devices increased from 1,160,495 on June 8 to 3,100,212 today, more than doubling.
- IoTeX now has the eighth-fastest blockchain network in the world, with a maximum transactions per second (TPS) of 830 transactions.
- Transaction Highlights: This is a transaction that adds 40,000 $WIFI (worth over $7,000) to a liquidity mining contract, with these funds returned to users providing liquidity for mimo (IoTeX's DePIN-oriented decentralized exchange). This means a 163% annual percentage rate (APR). By collaborating with DePIN projects like WiFi Map, IoTeX has stimulated trading volume of DePIN tokens while also boosting activity on the IoTeX network. Other DePIN projects like Geodnet, ATOR, and Drop Wireless also offer similar annual percentage rates.
TADA
MVL's TADA Attracts Over 100,000 Drivers
- TADA is a ride-hailing application primarily operating in Southeast Asia. The following image shows how MVL (the parent company of TADA) incentivized early TADA drivers with tokens to solve the cold start problem and establish network effects. Over approximately 18 months, despite a low number of passenger trips, the project successfully built and maintained a stable network of drivers.
Tada (internal)
- TADA mini, connected to the TADA network, is an application that allows users to seamlessly book ride-hailing services directly through Telegram, without the need for an additional app or complex verification processes. The token referral program applied to TADA Mini once again proves the efficiency of token economics in network launches.
Tada (internal)
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