DePIN Ecosystem: Which Networks Are Leading the Decentralized Infrastructure Revolution in 2025

The decentralized physical infrastructure, known as DePIN, has established itself as one of the most dynamic segments within the cryptocurrency market. Unlike fleeting hype, DePIN represents a genuine transformation in how we build and operate fundamental networks. With prospects of capturing the next billion users for decentralized web, the DePIN segment has attracted attention not only from venture investors but also from traditional institutions and wealth managers like VanEck.

The Size of the DePIN Market Today

The DePIN sector exceeds $32 billion in total market capitalization, with daily trading volumes fluctuating around $3 billion. This level reflects not only speculation but tangible adoption across various verticals: renewable energy, wireless connectivity, distributed storage, and cloud computing. Specialized funds like Borderless Capital’s DePIN III, which invested $100 million in mid-2024, signal confidence in the long-term potential of these networks.

How DePIN Works in Practice

DePIN operates fundamentally differently from centralized infrastructure. Instead of relying on corporate-owned data centers, these networks distribute responsibility among thousands of participants incentivized by tokens. A practical example: in a shared solar system powered by DePIN, solar panel owners can sell excess energy directly to neighbors via smart contracts, eliminating intermediaries and reducing costs.

Three pillars support any DePIN architecture:

• Blockchain as a trust layer: Records all transactions immutably and automates procedures via smart contracts
• Tokenization: Rewards participants for contributing resources (computational power, storage, bandwidth)
• Interoperability: Enables seamless integration with other blockchains and legacy systems

Competitive Advantages of the Decentralized Model

Compared to traditional infrastructures, DePIN offers multiple advantages explaining its rapid growth. First: high resilience. Without single points of failure, these networks continue functioning even when individual components go offline. Second: reduction in operational costs. Projects like Filecoin and Arweave can offer storage 70-80% cheaper than conventional corporate solutions. Third: democratization of access. Any individual with idle resources (GPU, broadband, disk space) can monetize them and earn passive income.

Overview of Leading DePIN Projects in Operation

Internet Computer (ICP): Globalized Computing

Internet Computer reimagines the concept of cloud computing. Developed by DFINITY, ICP allows hosting complete web applications directly on the blockchain, without centralized servers. Imagine applications running on a global virtual machine powered by hundreds of independent data centers.

In 2024, ICP launched updates Tokamak, Beryllium, and Stellarator, significantly improving performance and throughput. The protocol now integrates AI capabilities, with plans for interoperability with ecosystems like Solana in 2025.

Current data (December 2025):

• Price: $2.99 per token
• Market cap: $1.63 billion
• 12-month change: -73.22%

Bittensor (TAO): Distributed Artificial Intelligence

Bittensor was the first to combine blockchain and machine learning at a productive scale. The network functions as a peer-to-peer marketplace where collaborative AI models train each other, and contributors earn TAO tokens proportionally to the informational value provided. It’s like a decentralized Wikipedia, but for artificial intelligence.

The implementation of Proof of Intelligence and Decentralized Mixture of Experts in 2024 enabled sophisticated composition of AI services. For 2025, the roadmap includes continuous refinement and expansion into new application domains.

Current data (December 2025):

• Price: $216.50 per token
• Market cap: $2.08 billion
• 12-month change: -56.67%

Render Network (RENDER): Decentralized Rendering

Render enables creators to access distributed GPU processing power worldwide for intensive tasks (3D animation, visual effects, VR content). In 2024, the project migrated from Ethereum to Solana, rebranded its token from RNDR to RENDER, maintaining a 1:1 parity. This change optimized latency and transaction costs, aligning with artists’ and producers’ demands.

Current data (December 2025):

• Price: $1.26 per token
• Market cap: $654.97 million
• 12-month change: -83.25%

( Filecoin )FIL###: Decentralized Permanent Storage

Filecoin embodies the concept of peer-to-peer cloud storage. Disk space owners rent out idle capacity, and users pay in FIL to store data verifiably. The launch of the Filecoin Virtual Machine (FVM) in 2024 expanded use cases beyond mere storage: it now supports Ethereum-compatible smart contracts, with total value locked (TVL) exceeding ( million.

Current data )December 2025$200 :

• Price: $1.23 per token
• Market cap: $898.97 million
• 24h high: $1.28

( The Graph )GRT###: On-Chain Data Indexing and Querying

The Graph solves a fundamental Web3 problem: how to efficiently query blockchain data? The protocol allows developers to create and share (subgraphs) that index public data, facilitating the building of sophisticated dApps. GRT, its utility token, incentivizes Indexers, Curators, and Delegators who maintain data quality and availability.

In 2024, The Graph expanded multi-chain support (Ethereum, NEAR, Arbitrum, Polygon, Avalanche, Fantom, Moonbeam, and others), solidifying its position as a core infrastructure. The 2025 roadmap focuses on a data services marketplace, empowering developers, and optimizing indexer performance.

Current data (December 2025):

• Price: $0.04 per token
• Market cap: $385.80 million
• 12-month change: -83.77%

( Theta Network )THETA###: Decentralized Video Streaming

Theta redefines content delivery by enabling users to share bandwidth and computational resources in exchange for rewards. The network operates with two tokens: THETA for governance and TFUEL for transactions and incentives.

In 2024, Theta introduced EdgeCloud, a edge computing platform combining cloud and edge to support advanced video, media, and AI applications. Phase 3 planned for 2025 will include an open marketplace and smart coordinator to optimize task allocation.

Current data (December 2025):

• Price: $0.26 per token
• Market cap: $259.40 million
• 12-month change: -89.02%

( Arweave )AR###: Permanent and Immutable Storage

Arweave proposes an innovative economic model: pay once for perpetual storage. It uses a “blockweave” structure (instead of linear blockchain) and the Proof of Random Access Sucinto (SPoRA) mechanism to ensure historical data is constantly preserved.

In November 2024, Arweave launched protocol update 2.8 with a new packaging format, reducing miner costs and improving energy efficiency. The ecosystem has over 130 active projects and 1.28 billion historical transactions.

( JasmyCoin )JASMY###: IoT and Data Sovereignty

JasmyCoin, created by former Sony executives, integrates blockchain with Internet of Things to return data control to users. Instead of corporations centralizing IoT data, users can manage and monetize their own data via a decentralized marketplace.

Current data (December 2025):

• Price: $0.01 per token
• Market cap: $296.08 million
• 12-month change: -84.59%

( Helium )HNT###: Decentralized Wireless Connectivity

Helium offers long-range wireless coverage for IoT devices via community-operated hotspots. After migrating to Solana, it gained essential transaction speed. Introduction of sub-tokens (IOT and MOBILE), redeemable for HNT(, created specialized incentives for specific activities on the network.

Current data )December 2025(:

• Price: $1.49 per token
• Market cap: $276.69 million
• 12-month change: -79.91%

) Grass Network ###GRASS(: Bandwidth Monetization for AI

Grass enables users to sell idle bandwidth, which is collected and processed to generate structured datasets essential for training AI models. During beta, it accumulated over 2 million users. An airdrop in October 2024 distributed 100 million tokens to 1.5 million wallets, democratizing access.

Current data )December 2025(:

• Price: $0.30 per token
• Market cap: $130.19 million
• 12-month change: -87.55%

The 2025 roadmap includes staking mechanisms, governance models, and progressive decentralization of data acquisition.

) IoTeX ###IOTX(: Blockchain Platform for IoT

IoTeX combines blockchain and IoT with a Roll-DPoS mechanism for high throughput and low latency. The launch of IoTeX 2.0 in 2024 introduced modular infrastructure specific to DePINs, including DePIN Infrastructure Modules )DIMs( and Modular Security Pools. The ecosystem expanded to over 230 dApps and 50+ DePIN projects.

Current data )December 2025(:

• Price: $0.01 per token
• Market cap: $67.82 million
• 12-month change: -81.58%

2025 goal: integrate 100 million IoT devices and unlock trillions in real-world value on-chain.

Real Obstacles Facing DePIN

Despite its potential, the DePIN segment faces concrete challenges. Technical complexity is fundamental: integrating physical systems with blockchain requires expertise in cryptography, scalability, and fault tolerance. Uncertain regulation persists across multiple jurisdictions, complicating compliance for projects operating globally. Demonstrating competitive advantage remains critical: mainstream users still need clear proof that DePIN offers better cost-benefit than traditional centralized solutions.

DePIN Market Trajectory for the Coming Years

Analysts project that DePIN’s market cap could reach $3.5 trillion by 2028, a growth of approximately 100x from current levels. This scenario is driven by increasing demand for high-quality streaming, optimized content delivery, and scalable data storage. The shift from centralized to decentralized networks presents a structural opportunity to redirect trillions in global infrastructure investment.

Final Reflection

DePIN is not just a market narrative but an emerging infrastructure as a genuine alternative to centralized models. The projects highlighted here demonstrate technical viability and initial significant adoption. As regulations mature and user experience improves, DePIN is expected to capture an increasing share of the global infrastructure market, offering attractive returns for investors who deeply understand the sector.