PINGPONG recently launched a pretty good thing—a dedicated aggregation platform for DePIN projects. It sounds quite attractive, but upon closer thought, the DePIN track is ultimately just that.

Do you know why they pump the market? Simply put, it's about rushing to deliver while the concept is still hot. From the boom to the lull, DePIN hasn't really demonstrated any genuine application value. The entire ecosystem may seem prosperous, but in reality, it still revolves around the same old tricks—hype, fundraising, and cashing out. The PINGPONG aggregator can't change this big logic.

This doesn't mean that project teams necessarily have problems, but the entire track itself is in an awkward position. When the hype fades, what remains is often a mess. If you're talking about real technological breakthroughs and practical applications, we’ll have to wait and see.