DePIN for TradFi: A GEODNET Valuation and Breakdown

Key Insights

• GEODNET is a DePIN for RTK data services, correcting satellite positioning errors for GPS locations on Earth from 10-20 ft to 1 cm level precision. Use cases include agriculture, AR (Pokemon Go), drones, robotics, autonomous vehicles, and construction, and more.
• GEODNET leverages DePIN to decrease the cost of deploying a global RTK network by over 90%.
• We project GEODNET expanding to 20,000 nodes by 2026, providing comprehensive coverage for most of the demand side, and 80,000-100,000 nodes by 2029, providing global coverage.
• We forecast GEODNET’s FDV at $2.2 billion in our base case for 2030 due to its buy-and-burn mechanism of the GEOD token with 80% of data sales and a sizable addressable market, compared to a current FDV of $242 million.

Introduction

GEODNET cuts the cost of building a global RTK correction network by 90%, operates the largest RTK station network in the world with over 10,000 nodes deployed in less than two years, and partners with the US Department of Agriculture to enable tractor auto-steering throughout the US.