DePIN Revenue Surpasses $500 Million with 100x Growth in 2024
DePIN revenue increased over 100x in 2024, exceeding $500 million, driven primarily by AI-powered projects and off-chain developments. Over 13 million devices support DePIN networks daily, with 20 projects having more than 100,000 active nodes and five surpassing 1 million.
According to blockchain research firm Messari, the number of active DePIN projects nearly doubled in 2024, and their tokens represent 5% of the total cryptocurrency market capitalization. Investment in DePIN projects saw significant growth, particularly in early-stage funding across private and public markets. Low listing fully diluted valuations (FDVs) contributed to high returns in liquid markets.
Among the top 22 DePIN tokens, only four experienced losses since their Token Generation Event (TGE). Virtuals Protocol was a notable performer, increasing over 30,000% since its TGE, while NEURAL and NodeAI gained more than 2,000%. Late-stage funding concentrated on select standout projects backed by leading venture capital firms, launching tokens valued at 50-100x their book value and often achieving multi-billion-dollar FDVs.
Community involvement significantly impacted DePIN’s success, raising nearly $230 million in 2024 through node sales, crowdfunding initiatives, and protocol-owned liquidity pools. These funds supported further innovation and scalability within the ecosystem.
In terms of platforms, Solana emerged as a leader for infrastructure projects due to its low-latency network design, while Base excelled in consumer-focused applications, leveraging Coinbase’s strong brand and extensive retail audience.
The DePIN sector is poised for continued growth entering 2025, with Sui DePIN, the first dedicated layer for DePIN on the SUI blockchain, preparing for its Initial DEX Offering (IDO). Additionally, December saw the launch of Kage by Chirp, a play-to-earn (P2E) game on the Sui blockchain that integrates IoT technology with gaming, offering blockchain-based rewards through treasure hunts.
The DePIN industry is set for ongoing expansion, fueled by increasing investment, widespread adoption, and innovative advancements.