DePIN

State of DePIN 2024

Dylan Bane, Messari's lead DePIN Research Analyst, and Salvador Gala, Co-Founder of Escape Velocity Ventures, have co-authored the 2024 State of DePIN. The 104-page report provides an in-depth analysis and review of the DePIN sector throughout 2024 and a forward-looking perspective on what lies ahead for DePIN in 2025.

This year's report covers macro trends in DePIN, AI x DePIN, Decentralized Wireless (DeWi), Decentralized Generative Energy (DeGEN), compute networks, sensor networks, identity networks, logistics networks, and more.

To read this report, download the PDF version.

Key Insights

  • DePIN is in its earliest innings with <0.1% market share of $1+ end-markets.
  • With $50B of market cap across 350 tokens, the DePIN sector trades at ~100x ARR.
  • More than 13 million devices contribute to DePINs every single day.
  • DePIN "Chain Wars" accelerated in 2024 with Solana and Base taking market share from other L1S. Solana leads in network infrastructure, Base leads in consumer & marketplaces, and dedicated DePIN L1s carve out their own native onchain ecosystems.
  • Local governments are looking to DePIN to address infrastructure challenges.
  • The DePIN sector raised over $350 million across Pre-Seed, Seed, and Series A rounds.

To read this report, download the PDF version.

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All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this report is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This report should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this report. Please see our Terms of Service for more information.


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Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.

Sal is the co-founder of Escape Velocity (EV3) and co-hosts the Proof of Coverage podcast. Before EV3, Sal was an investor at Ribbit Capital and an investment banker at Goldman Sachs.

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Outline
  • Key Insights
Authors
Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.
Sal is the co-founder of Escape Velocity (EV3) and co-hosts the Proof of Coverage podcast. Before EV3, Sal was an investor at Ribbit Capital and an investment banker at Goldman Sachs.
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