DePIN Ecosystem Rise: The Most Promising Distributed Infrastructure Projects to Watch in 2024-2025

Distributed Physical Infrastructure (DePIN) as an emerging track in the blockchain field is becoming a focal point of attention in the crypto industry. These projects combine physical world hardware resources with blockchain technology to create new economic incentive models, attracting increasing interest from investors and developers.

DePIN Market Status: From Edge to Mainstream

According to the latest statistics from CoinGecko, as of November 2024, the total market capitalization of DePIN-related projects has surpassed $3.2 billion, with 24-hour trading volume approaching $3 billion. Behind this growth figure is a genuine market demand for distributed infrastructure.

The actions of investment institutions further confirm this enthusiasm. Asset management firms like VanEck continue to speak out, viewing DePIN as a key driver to attract the next billion users into Web3. In September 2024, Borderless Capital announced the launch of DePIN Fund III with a scale of $100 million, focusing on expanding related projects globally.

What is Distributed Physical Infrastructure?

DePIN bridges the gap between blockchain digital capabilities and real-world infrastructure. Whether energy networks, wireless communication systems, or decentralized storage, DePIN incentivizes resource providers through tokenization mechanisms to receive appropriate rewards.

The core advantage of this model is that participants no longer rely on a single central authority but instead execute transactions and settlements automatically via smart contracts. This means higher security, stronger resistance to censorship, and more democratic infrastructure governance.

Recent breakthroughs include:

• Large-scale commercial applications: Practical deployments in energy trading, EV charging networks, IoT device management, etc.
• Technological innovations: For example, U2U Network’s development of an EVM-compatible modular blockchain optimized for DePIN, with significant improvements in transaction speed and security.

Hardware Decentralization: The Foundation of the DePIN Ecosystem

Hardware decentralization is not just a technical choice but a critical factor for DePIN’s success. Distributing antennas, access points, data centers, and other physical devices among multiple participants can thoroughly eliminate single points of failure.

Typical cases:

• Helium Ecosystem: Helium Mobile has attracted over 335,000 users, demonstrating the vitality of decentralized wireless networks in the real market.
• Meson Network: A distributed bandwidth marketplace with over 59,000 node contributors worldwide, effectively reducing content delivery costs.

This hardware decentralization not only enhances system fault tolerance but also allows ordinary users to become builders and beneficiaries of network infrastructure.

How DePIN Works: From Theory to Practice

DePIN’s integration of physical infrastructure and blockchain may seem complex but follows a clear logic:

Blockchain layer: Acts as an immutable transaction record repository, executing all protocols automatically via smart contracts.

Token economy: Incentivizes network participants to provide resources through native tokens. Participants can trade these tokens or use them directly within the ecosystem.

Cross-chain interoperability: Ensures DePIN projects can seamlessly collaborate across multiple blockchain networks and remain compatible with traditional systems.

Specific scenario: In solar energy, households with photovoltaic systems can directly sell excess electricity to neighbors or the grid, with the entire process verified and settled on the blockchain, eliminating intermediaries.

Why is DePIN Worth Attention?

Enhanced Security: Decentralized design naturally avoids single points of failure typical of traditional centralized infrastructure, making systems more resilient.

Scalability Breakthroughs: Projects like Filecoin and Arweave have demonstrated that distributed nodes can efficiently handle massive data. Arweave’s Q3 2023 data shows 28 billion transactions and over 130 active projects.

Cost Optimization: Compared to traditional infrastructure investments, DePIN projects lower entry barriers through token incentives, promoting broader participation.

Ecosystem Integration: Platforms like Streamr showcase innovations in real-time data exchange, revealing endless possibilities for combining DePIN with other Web3 applications.

As of November 2024, the DePIN sector’s market cap has exceeded $3.2 billion, reflecting investor confidence in this track.

DePIN Projects to Watch in 2024-2025

1. Internet Computer (ICP) — The Visionary of Global Computing Networks

Developed by DFINITY Foundation, ICP aims to build a true “world computer.” Unlike traditional cloud services relying on centralized data centers, ICP provides application deployment capabilities without traditional IT infrastructure through a globally distributed network of independent nodes.

In 2024, ICP completed key upgrades such as Tokamak, Beryllium, and Stellarator, significantly enhancing network performance. Over the past year, ICP’s price increased by 121%, with a current market value of approximately $1.64 billion (price $3.01).

By 2025, ICP plans to deepen AI capabilities and expand interoperability with mainstream chains like Solana.

2. Bittensor (TAO) — Experimenting with Decentralized AI Markets

Bittensor pioneers a new approach combining machine learning and blockchain. Participants contribute models and data, earning TAO tokens based on the value of the information provided, building a true peer-to-peer AI marketplace.

In 2024, Bittensor introduced innovations like Proof of Intelligence and MoE. TAO’s annual growth exceeds 152% (per original data), with a current market cap of $2.09 billion (latest price $218).

In the coming year, Bittensor will continue optimizing its distributed machine learning protocols and expanding application scenarios.

3. Render Network (RENDER) — Democratizing GPU Resources

RENDER connects creative professionals needing rendering services with idle GPU providers, creating a decentralized rendering marketplace. Whether for 3D animation, VR content, or AI applications, users can access cost-effective solutions.

Notably, RENDER migrated from Ethereum to Solana in 2024 and completed a brand upgrade, maintaining a 1:1 token exchange rate. The current price is about $1.26, with a market cap of approximately $653 million (a correction from the original report’s 150% annual growth).

4. Filecoin (FIL) — Pioneer of Storage Economy

FIL enables users to buy and sell storage space in peer-to-peer networks, creating a true free storage market. Buyers transact directly with sellers, with blockchain ensuring transaction security and data integrity.

In 2024, the launch of Filecoin Virtual Machine (FVM) opened new application doors, enabling on-chain payments and lending markets, with TVL surpassing $200 million. Current FIL price is $1.23, with a circulating market cap of $896 million.

By 2025, Filecoin plans to further strengthen FVM’s programming capabilities and support more Ethereum-compatible smart contracts.

5. Shieldeum (SDM) — Web3 Security Guard

Shieldeum is a platform providing Web3 security solutions using the DePIN model. It offers services such as application hosting, data encryption, threat detection, and high-performance computing via professional-grade data center servers. The $SDM token drives the entire ecosystem.

In 2024, Shieldeum developed client applications across Windows, Mac, Linux, Android, and iOS, securing $2 million USDT for node testing.

6. The Graph (GRT) — Blockchain Data Indexing Layer

GRT creates a decentralized indexing protocol enabling developers to efficiently query blockchain data. Indexers, curators, and delegators in its ecosystem earn tokens by participating in data indexing.

Currently, GRT’s market cap is about $386 million (latest price $0.04). In 2024, it added support for multiple chains including NEAR, Arbitrum, and Optimism.

The development focus for 2025 includes expanding data service markets, improving developer tools, enhancing indexer performance, and protocol sustainability.

7. Theta Network (THETA) — Decentralized Revolution in Video Streaming

THETA redefines video content distribution. Users share surplus bandwidth and computing resources, gaining better streaming experiences and earning tokens for resource contribution. The network uses a dual-token model: THETA for governance, TFUEL for transactions.

In 2024, THETA launched EdgeCloud, combining cloud and edge computing to support video, multimedia, and AI applications. Current price is $0.26, with a market cap of $258 million.

8. Arweave (AR) — Guardian of Permanent Storage

AR uses a unique blockweave structure (instead of a linear chain) to achieve permanent data storage. Its SPoRA consensus mechanism requires miners to prove access to random historical data blocks, incentivizing long-term storage.

The 2.8 version upgrade in November 2024 improved packaging formats, network efficiency, and energy efficiency. The current AR transaction price is about $19, with a market cap of $1.24 billion (a correction from previous data).

9. JasmyCoin (JASMY) — Connector of IoT and Data Sovereignty

JASMY was founded in 2016 by former Sony executives, focusing on integrating blockchain with IoT to restore user data sovereignty. Users have full control over their IoT data and can profit from it.

In 2024, JASMY achieved an annual growth of over 366%, reaching a market cap of $1.35 billion, benefiting from rumors of collaborations with NVIDIA and Ripple.

10. Helium (HNT) — Democratizing Wireless Networks

HNT built a decentralized wireless network where anyone can deploy hotspot devices to cover the network and earn tokens. This provides an economical connection solution for IoT applications like smart agriculture, logistics, and environmental monitoring.

HNT now runs on the Solana chain, expanding its ecosystem in 2024 through IOT and MOBILE subnets. Current price is $1.50, with a market cap of $280 million.

11. Grass Network (GRASS) — Crowdsourced Data Collection Platform

GRASS enables ordinary users to earn passive income by running nodes. Nodes collect public network data using users’ idle bandwidth to train AI models.

In 2024, GRASS attracted over 2 million users during testing, distributing 100 million tokens via large-scale airdrops to 1.5 million eligible wallets by late October. Current price is $0.30, with a market cap of $129 million (adjusted from previous data).

12. IoTeX (IOTX) — Perfect Integration of IoT and Blockchain

IOTX uses Roll-DPoS consensus to provide high throughput and low latency for IoT applications. The 2024 release of IoTeX 2.0 introduced DePIN infrastructure modules and modular security pools, offering a unified trust layer for DePIN projects.

Current IOTX market cap is $678 million (price $0.01), with over 230 dApps and 50 DePIN projects in its ecosystem.

Challenges Facing DePIN

Technical integration complexity: Seamless connection between blockchain and physical infrastructure requires deep research into security, scalability, and compatibility.

Regulatory uncertainty: DePIN projects involve both digital and physical regulation, making cross-domain compliance a major consideration.

Market recognition: To achieve widespread adoption, DePIN must demonstrate advantages over traditional systems in cost, efficiency, and usability.

These challenges require joint efforts from project teams, investors, and the entire ecosystem to gradually overcome.

Macro Outlook on Market Potential

The DePIN sector’s market cap has grown by approximately 28% since last year, surpassing $3.2 billion. Based on current demand trends and technological progress, some research institutions predict the DePIN market could reach $3.5 trillion by 2028, driven by urgent needs in streaming, content delivery, and advanced storage solutions for decentralized services.

The shift from centralized to distributed infrastructure is accelerating, opening new horizons for technological and business model innovation.

Summary

Distributed physical infrastructure is quietly rewriting the rules of infrastructure. As security, scalability, and decentralization become increasingly mature, DePIN projects are attracting more institutional and retail investors. In this opportunity-rich track, security, technological innovation, and ecosystem expansion are key to long-term success.

For crypto investors, now is a great time to deepen understanding and participate in DePIN ecosystem development.

Further Reading

• Latest advances in blockchain applications in IoT
• 2024-2025 Decentralized Identity (DID) Project Tracking Guide
• Opportunities and challenges of real-world asset tokenization (RWA)
• Performance comparison of mainstream Layer 1 chains