Solana’s DePIN Sector Shows Potential for Continued Growth with 100x Revenue Surge in 2024

• DePIN revenue increased over 100x in 2024, with AI-driven projects leading the charge and offchain developments gaining significant traction.

• Over 13 million devices support DePINs daily, with 20 projects boasting over 100,000 nodes and five surpassing 1 million active nodes.

• Solana continues to dominate infrastructure innovation, while Base leads in consumer applications, attracting key DePIN projects.

DePIN revenue skyrocketed to over $500 million in 2024, marking a monumental shift in decentralized infrastructure funding.

DePIN Growth Trajectory Mirrors Early DeFi and NFT Boom

The remarkable growth of Decentralized Physical Infrastructure Networks (DePIN) is detailed in a comprehensive report by blockchain intelligence firm Messari. The study indicates that the number of active DePIN projects nearly doubled last year, highlighting an exciting evolution in the cryptocurrency sector.

Currently, DePIN tokens make up approximately 5% of the total cryptocurrency market cap. Each day, more than 13 million devices worldwide are engaged in DePIN operations, underscoring the robust adoption of this technology.

In 2024, a significant milestone was reached with 20 DePIN projects exceeding 100,000 active nodes, while five projects reported over 1 million nodes.

Source: Messari – State of DePIN in 2024

Investment levels in DePIN projects surged, particularly at the seed stage. Notably, private markets witnessed a larger capital influx at the pre-seed and seed stages compared to Series A funding. In liquid markets, low listing fully diluted valuations (FDVs) drove significant returns.

Among the top 22 DePIN tokens, only four experienced value declines since their token generation events (TGEs). Remarkably, Virtuals Protocol experienced phenomenal growth, soaring over 30,000% since its TGE, while projects like NEURAL and NodeAI also marked gains exceeding 2,000%.

Source: Messari – DePIN Crypto Projects Returns since TGE

Late-stage funding has primarily concentrated on standout DePIN projects, with leading venture capital firms backing them. Tokens from these projects launched with values often reaching 50-100x their initial book values, achieving multi-billion-dollar FDVs swiftly.

Community contributions have been instrumental to this industry’s growth, with nearly $230 million raised in 2024 through node sales, crowdfunding initiatives, and protocol-owned liquidity pools.

Solana and Base have emerged as front-runners in this space—Solana is recognized for its innovative network infrastructure, while Base leverages Coinbase’s established presence to gain traction in consumer-focused applications.

As DePIN momentum continues into 2025, Sui DePIN, the first layer on the SUI blockchain, announces its upcoming Initial DEX Offering (IDO). Moreover, Chirp unveiled Kage in December, the first play-to-earn (P2E) game on the Sui blockchain, which integrates gaming and IoT utility, reminiscent of the popular “Pokémon Go” concept, rewarding players through blockchain incentives.

Conclusion

The remarkable rise of DePIN projects signifies a transformative period in decentralized infrastructure. As revenue and adoption rates expand, the emphasis on innovation and community engagement drives the sector’s forward momentum. With decentralized networking becoming increasingly pivotal, the future of DePIN looks promising as we head into 2025 and beyond.