DePIN Revolution: A Guide to Distributed Infrastructure Projects Not to Be Missed in 2024-2025

From Centralization to Decentralization: The Rise of the DePIN Track

Decentralization of physical infrastructure (DePIN) is becoming a focal point in the crypto industry. According to CoinGecko data, the total market cap in this sector surpassed $32 billion by November 2024, with daily trading volume approaching $3 billion. Top institutions like VanEck and Borderless Capital are betting on the future of this track, with the latter launching a $100 million fund dedicated to DePIN projects.

The core logic of DePIN is simple: using blockchain and token incentives to encourage ordinary people to provide computing power, storage space, or network resources, thereby building a truly decentralized infrastructure network. This not only reduces costs but also creates more democratic and resilient systems.

How DePIN Works: From Theory to Practice

Blockchain is the foundation of DePIN, providing transparent, tamper-proof transaction records and the ability to automatically execute contracts. Tokenization is a key incentive layer—participants earn crypto rewards by providing resources, which can be traded or spent within the ecosystem.

For example, in the energy sector, households equipped with solar panels can securely sell excess electricity directly to neighbors via blockchain. This peer-to-peer model eliminates intermediaries and improves efficiency. Hardware decentralization is also crucial—distributing servers, antennas, and storage devices helps avoid single points of failure.

Performance Comparison of Top DePIN Projects

Power and AI Leaders

Internet Computer (ICP) has built a “world computer” using a global network of data centers. Key upgrades like Tokamak, Beryllium, and Stellarator launched in 2024 have enhanced network performance. As of December 26, ICP’s price is $2.99, with a market cap of $16.3 billion. The project plans to integrate more AI capabilities and cross-chain interoperability by 2025, especially with Solana.

Bittensor (TAO) focuses on AI model training. It incentivizes participants to contribute machine learning models through innovative mechanisms like Proof of Intelligence, forming a decentralized AI marketplace. TAO is currently priced at $216.30, with a market cap of $2.08 billion, making it one of the most robust performers in the DePIN space.

Storage and Rendering Solutions

Filecoin (FIL) and Arweave (AR) represent two different storage philosophies. FIL established an open storage market where users can directly trade with providers. The launch of Filecoin Virtual Machine (FVM) has opened the door for ecosystem expansion, with TVL surpassing $200 million. Currently, FIL is priced at $1.24, with a market cap of $900 million.

Arweave employs a “blockweave” structure for permanent storage. Its newly released protocol version 2.8 improves efficiency and energy consumption. AR is priced at $3.43, with a market cap of $225 million, attracting increasing attention from users interested in permanent data preservation.

Render (RENDER) focuses on GPU rendering services, connecting creative professionals with computing power providers. Its migration from Ethereum to Solana significantly increased transaction speed. RENDER is currently priced at $1.26, with a market cap of $655 million.

Data Indexing and Transmission

The Graph (GRT) acts as a “Google” for blockchain data, supporting decentralized indexing protocols across multiple chains like Ethereum, Polygon, and Arbitrum. GRT is priced at $0.04, with a market cap of $387 million. The 2025 roadmap includes expanding data service markets and upgrading developer tools.

Network and IoT Infrastructure

Helium (HNT) has attracted over 335,000 Helium Mobile users through hotspot mining, demonstrating the feasibility of decentralized wireless networks. HNT is priced at $1.49, with a market cap of $277 million. Meson Network has built a bandwidth trading marketplace with 59,000 global nodes.

IoTeX (IOTX) uses Roll-DPoS consensus to provide high throughput and low latency for IoT applications. Its IoTeX 2.0 upgrade introduced DePIN infrastructure modules (DIM) and modular security pools (MSP), now supporting over 230 dApps and more than 50 DePIN projects. IOTX is priced at $0.01, with a market cap of $68 million.

Video Streaming and Edge Computing

Theta Network (THETA)’s EdgeCloud solution integrates cloud and edge computing, supporting video, multimedia, and AI applications. THETA is priced at $0.26, with a market cap of $260 million. The project plans to launch its third-phase EdgeCloud in 2025, establishing intelligent task allocation mechanisms.

Emerging Projects and Innovation Directions

Grass Network (GRASS) collects public network data via nodes for AI training, attracting over 2 million users in testing phases. A large airdrop at the end of October distributed 100 million GRASS tokens to 1.5 million wallets. GRASS is priced at $0.30, with a market cap of $130 million.

JasmyCoin (JASMY) was founded by a former Sony executive, focusing on blockchain and IoT integration, giving users full control over personal data. JASMY is priced at $0.01, with a market cap of $296 million. Rumored collaborations with NVIDIA and Ripple have boosted its popularity.

Shieldeum (SDM) pioneers in Web3 security, combining DePIN and AI defense technologies, with $2 million USDT test funding secured.

Challenges Facing the DePIN Track

Technical complexity is the primary barrier. Seamlessly integrating blockchain with physical infrastructure involves expertise across multiple disciplines. Regulatory uncertainty further complicates matters—DePIN projects must comply with both digital and physical infrastructure regulations. Additionally, convincing traditional industries to adopt decentralized solutions takes time—these solutions must genuinely outperform existing systems in cost, efficiency, and usability.

Market Outlook: From $32 Billion to $3.5 Trillion

The market cap of the DePIN track has grown 28% over the past year, reaching $32 billion. Even more exciting, market research predicts that by 2028, this sector could reach $3.5 trillion. This explosive growth is driven mainly by the increasing demand for decentralized solutions in core areas like computing, storage, and AI.

From video streaming, content distribution, and data storage to edge computing and AI training, DePIN projects are gradually penetrating every key aspect of internet infrastructure. This is not only a technological revolution but also a redistribution of power and efficiency.

What Investors Need to Know

DePIN combines security, scalability, and a genuine commitment to decentralization. These projects are attracting more institutional capital and retail attention. Now is the time to observe and build positions—the market is still in its early stages, with risks and opportunities intertwined.

For traders and investors, tracking the progress of these 12 projects, paying attention to technological iterations in each track, and understanding the underlying economic models are essential to seize opportunities in the long-term narrative of DePIN. As seen in our $100 million fund from Borderless Capital, institutions have already placed their bets—this track is far from over.