DePIN Projects Gaining Traction: 2025 Market Snapshot

The decentralized physical infrastructure (DePIN) sector has emerged as one of crypto’s most compelling narratives. Once a niche concept, it’s now commanding serious attention from venture capitalists and institutional investors alike. Here’s what you need to know about the landscape and the projects leading the charge.

Understanding DePIN: Where Blockchain Meets Real-World Infrastructure

At its core, DePIN leverages blockchain technology to reward individuals for contributing physical resources—whether that’s computing power, storage capacity, or bandwidth. Instead of relying on centralized corporations to manage infrastructure, these networks distribute control and economic incentives across thousands of participants.

Think of it this way: rather than paying Amazon Web Services or Cloudflare for infrastructure, you’re compensating distributed node operators directly. The blockchain handles the ledger, smart contracts automate payments, and tokens incentivize network participation. It’s a fundamentally different model from traditional cloud services.

Market Size and Growth Trajectory

The sector has exploded in scale. As of early 2025, DePIN projects command a combined market valuation surpassing $32 billion, reflecting explosive investor interest. Major players include investment giants like VanEck and funds such as Borderless Capital, which poured $100 million into dedicated DePIN strategies.

Forecasters are bullish on the sector’s trajectory. Analysts project the DePIN market could reach $3.5 trillion by 2028—a 100x expansion from current levels. Growth is concentrated in computing, storage, and AI-driven infrastructure, sectors where decentralization offers the most practical advantages.

The 12 DePIN Projects Worth Watching

Computing & AI Infrastructure

Internet Computer (ICP) operates as a decentralized computing platform, enabling web applications to run directly on-chain without centralized servers. The network positions itself as a “world computer.” Currently trading at $3.21 with a $1.75B market cap (down 73.92% over the year), ICP has faced headwinds but remains fundamentally important to the DePIN thesis.

Bittensor (TAO) takes a different approach, creating a peer-to-peer AI marketplace where machine learning models train collaboratively. Participants earn TAO tokens based on their contribution value. Despite a 53.23% annual decline, TAO maintains a $2.51B market cap and continues developing its Proof of Intelligence protocol.

Rendering & Computing Power

Render Network (RENDER) connects GPU owners with creators needing rendering power. The platform enables cost-effective 3D animation, graphics, and VR content creation by tapping idle computational resources globally. RENDER trades at $2.08 with a $1.08B market cap, down 74.16% annually—but the underlying network continues expanding its user base.

Storage Solutions

Filecoin (FIL) remains the leading decentralized storage network, where storage providers earn FIL tokens by reliably storing and proving data integrity. The platform’s Filecoin Virtual Machine has opened new use cases, pushing Total Value Locked past $200 million. FIL currently trades at $1.49.

Arweave (AR) pursues permanent data storage through a novel “blockweave” structure and Succinct Proof of Random Access consensus. The network’s 2.8 protocol upgrade improved efficiency and scalability. AR trades at $3.88 with a $254.29M market cap (down 80.04% annually).

Data Indexing & Processing

The Graph (GRT) decentralizes blockchain data indexing, enabling developers to query blockchain data efficiently through subgraphs. The protocol supports multiple chains including Ethereum, Arbitrum, and Polygon. GRT’s market cap stands at $427.79M (down 83.31% over the year), but the network’s multi-chain expansion continues.

Grass Network (GRASS) monetizes unused bandwidth by aggregating web data for AI training. Since launching in October 2024, GRASS amassed two million users and gained significant traction. However, the token has declined 89.20%, now with a $151.29M market cap.

Wireless & IoT Networks

Helium (HNT) pioneered decentralized wireless infrastructure, incentivizing individuals to deploy hotspots offering IoT connectivity. Now operating on Solana for enhanced scalability, HNT has introduced subnetwork tokens (IOT, MOBILE) to diversify incentives. The token is down 76.61% annually, with a $293.64M market cap.

Theta Network (THETA) addresses video streaming challenges through decentralized bandwidth sharing. The platform introduced EdgeCloud, combining edge and cloud computing for advanced media and AI applications. THETA has declined 87.89% over the year, with a $298.70M market cap.

IoTeX (IOTX) integrates blockchain with IoT devices through its Roll-DPoS consensus mechanism. The platform launched IoTeX 2.0, introducing Modular Infrastructure for verifiable DePINs. IOTX supports over 230 dApps with 50+ DePIN projects but trades at a $74.53M market cap (down 81.10% annually).

Cybersecurity & Enterprise Infrastructure

JasmyCoin (JASMY) enables secure IoT data exchange through blockchain, allowing individuals to control and monetize personal information. Founded by former Sony executives, the project emphasizes data sovereignty. JASMY is down 82.80% over the year, with a $338.10M market cap.

Shieldeum (SDM) provides Web3 cybersecurity through AI-powered DePIN infrastructure, offering data encryption, threat detection, and hosting services. The platform secured $2 million for node testing and plans to launch a BNB Layer-2 blockchain for node operations.

Why DePIN Matters for Your Portfolio

The sector addresses genuine inefficiencies in current infrastructure. Centralized providers (AWS, Google Cloud) command massive margins by leveraging economies of scale and network lock-in. DePIN projects introduce competition by enabling individuals to participate directly in infrastructure provisioning.

However, this market remains immature. Many projects face challenges: technical complexity in integrating blockchain with physical systems, regulatory uncertainty across jurisdictions, and the need to prove cost advantages over established players. Token performance has been brutal—even stellar projects are down 50-90% from their peaks.

The Real Opportunity

Rather than treating DePIN tokens as short-term trading vehicles, consider them long-term infrastructure plays. If the sector captures even 1-2% of the addressable market for cloud computing, storage, and data services (a multi-trillion-dollar market), current valuations offer asymmetric upside.

The question isn’t whether DePIN works technologically—many projects have proven operational networks. The question is whether decentralized infrastructure can compete economically with entrenched incumbents. 2025 will reveal whether market adoption translates into sustainable business models and token value accrual.

Watch this space.