Has DePIN Lost Its Momentum?

Once heralded as the next big thing in Web3, decentralized physical infrastructure networks seemed poised to revolutionize how we think about resource sharing and incentive mechanisms. Yet lately, the conversation has quieted considerably.

DePIN projects promised to tokenize real-world infrastructure—from computing power to bandwidth to sensor networks. The vision was compelling: reward participants directly for contributing physical resources, bypassing traditional intermediaries.

But here's where things get fuzzy. Market sentiment has shifted. Many projects that launched with considerable hype now struggle to maintain traction. Token prices have cooled. User adoption hasn't matched early expectations. The infrastructure buildout moves slower than anticipated.

So is DePIN genuinely dead, or just maturing? Perhaps it's somewhere in between—the space is consolidating, separating serious projects from speculative ones. Real utility cases are emerging, but they're fewer and more niche than the hype cycle suggested.

The honest take: DePIN isn't dead. It's just entering a much harder phase where execution matters far more than narrative.