The simplest way to value a DePIN project:

Does it earn when the token doesn’t move?

@helium checks that box.

Its network incentives bootstrapped adoption; now revenue sustains it.

+ 366K active nodes
+ 90% of income from Helium Mobile
+ Emissions declining as real usage grows

That’s the signal of a mature protocol, not a subsidy scheme.

Helium’s model flipped the DePIN script: build hardware first, extract cash flow later.
Most projects start with tokenomics; Helium started with coverage.

In the next rotation toward productive networks, this is the standard others will be measured against.