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Summary: Decentralized Physical Infrastructure Networks (DePIN) combine blockchain with physical assets, allowing users to co-create and own real-world networks. Tokens power DePIN, incentivizing contributions to resources like computing and storage, connecting the blockchain with tangible assets. 🌐✨
After thorough analysis, our team has identified the top five DePIN projects for 2024 with the best infrastructure and tokenomics models:
Render (RENDER) - Best DePIN Project in 2024 🏆
Grass (GRASS) - Best DePIN Token Airdrop 🎁
Bittensor (TAO) - Top AI and DePIN Protocol 🤖
Helium (HNT) - Leading DePIN on Solana 🌉
Akash Network (AKT) - Excellent Cloud Marketplace ☁️
Top DePIN Projects in 2025
To find the best DePIN projects, we personally downloaded and tested over 20 decentralized physical infrastructure networks. Our analysts focused on recent price performance, technological innovations, geographic distribution, revenue generation, and incentives for token holders and stakers.
Here's a table with the ranking of the top 5 DePIN projects in 2024:
| Project | Market Cap | Type of DePIN | Main Feature | Funding |
|---|---|---|---|---|
| Render (RENDER) | $3.21 billion | Decentralized GPU Computing | Proof of Render System | $47.24 million |
| Grass (GRASS) | $0.85 billion | Internet Bandwidth Sharing | ZK Rollup Data Processor | $4.50 million |
| Bittensor (TAO) | $4.35 billion | Decentralized AI Computing | Task-Specific Subnets | $0 |
| Helium (HNT) | $1.13 billion | Decentralized Wireless Network | Proof of Coverage (PoC) | $360 million |
| Akash Network (AKT) | $0.67 billion | Decentralized Cloud Marketplace | Reverse Auction Model | $2.80 million |
1. Render (RENDER)
Render Network tops the DePIN projects for 2024, providing decentralized GPU computing for digital creators and AI developers. It features the Proof of Render system, ensuring secure and verifiable power for 3D and AI rendering tasks. The market cap of Render Network stands at $3.21 billion with over 170,000 holders. 80.1% of RENDER tokens have migrated to Solana from Ethereum.
This platform supports VR, AR, and generative AI projects, creating immersive digital art experiences. Creators can leverage customizable GPU Render resources to eliminate traditional rendering bottlenecks. As a pioneer in decentralized computing, Render Network empowers artists to create large-scale projects. 🎨🖥️
ROI in 2024: 29.49%
Type of DePIN: Decentralized GPU Computing
Key Feature: Proof of Render System
Funding: $47.24 million in a $30 million funding round
2. Grass (GRASS)
Grass is the most anticipated DePIN project for 2024, with nearly two million users receiving over 67 million GRASS tokens during its airdrop. Grass allows users to earn rewards by sharing unused internet bandwidth, which is utilized by enterprises and research institutions for data collection and AI training. Grass redefines the internet user reward system, helping users monetize their network connections.
The key feature is the ZK rollup data processor, providing data authenticity and privacy, addressing transparency issues in AI. With over 2.5 million users, Grass sets high-security standards, partnering with companies like Avast and McAfee. The token recently hit an all-time high of $3.89 and is among the most traded cryptocurrencies on exchanges like Bybit. 🌾🔒
ROI in 2024: 316.71%
Type of DePIN: Internet Bandwidth Sharing
Key Feature: ZK Rollup Data Processor
Funding: $4.50 million in Series A (led by Hack VC)
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3. Bittensor (TAO)
Bittensor is leading the DePIN and AI projects in 2024, with a market cap of $4.3 billion after a 121% growth this year. It enables users to create and compete for valuable digital goods like machine intelligence and computing power. The platform operates through specialized subnets where miners create high-performance digital products, and validators assess their quality.
The native token of Bittensor, TAO, rewards miners, validators, and stakers for their contributions and supports staking through the Opentensor Foundation's validation pool. This framework fosters innovation in decentralized infrastructure networks and other data-driven applications while maintaining transparency and quality standards. 🌟
ROI in 2024: 121.29%
Type of DePIN: Decentralized AI Computing
Key Feature: Task-Specific Subnets
Funding: $0, fully community-owned
4. Helium (HNT)
Helium is a leading DePIN project on Solana, creating a decentralized wireless network for IoT (Internet of Things) and mobile communication. The project has been funded with over $360 million by investors like Andreessen Horowitz and Pantera Capital. Helium's primary token is HNT, but the network also uses specialized tokens like IOT for IoT connectivity and MOBILE for 5G services.
The network operates through Helium Hotspots, where users are incentivized with HNT tokens for providing wireless coverage, using the unique Proof-of-Coverage (PoC) consensus to verify service reliability. Currently, the project has around 376,546 hotspots globally, with 356,052 in IOT and 20,494 in MOBILE. 📡🌐
ROI in 2024: -4.61%
Type of DePIN: Decentralized Wireless Network
Key Feature: Proof-of-Coverage Consensus
Funding: $360 million in six funding rounds (led by a16z)
5. Akash Network (AKT)
Akash Network is a decentralized cloud marketplace that connects users needing computing resources with providers, offering a cost-effective alternative to traditional cloud services. Acting as an "Airbnb for cloud computing," Akash allows users to rent computing power from underutilized resources in data centers worldwide.
It operates on a reverse auction model where renters specify their deployment needs, and providers bid to offer the best price, forming a lease agreement upon winner selection. Despite a recent price drop, Akash's native token, AKT, grew by 166% last year, although its market cap decreased from $1.42 billion to $658 million, indicating future growth potential. 🚀
ROI in 2024: 12.04%
Type of DePIN: Decentralized Cloud Marketplace
Key Feature: Reverse Auction Model
Funding: $2.80 million
What is DePIN?
DePIN, or Decentralized Physical Infrastructure Network, refers to crypto projects that enable individuals and organizations to collectively create and own physical networks like wireless communication or cloud storage using blockchain. These projects provide a decentralized approach to infrastructure, attracting participants through on-chain token rewards, such as airdrops. 🌍🔗
Types of DePIN Projects
DePIN projects are divided into two main types: Physical Resource Networks (PRNs) and Digital Resource Networks (DRNs). PRNs incentivize location-dependent resources like energy production and network connectivity, rewarding users for deploying equipment in specific locations. DRNs, on the other hand, offer global, location-independent services like cloud storage and computing power, making these resources available to users regardless of their physical location. 🛰️💻
What are DePIN Tokens?
DePIN tokens are cryptocurrency incentives that stimulate participation and resource sharing in DePIN projects. By distributing tokens, these projects encourage users to provide infrastructure and services, creating community-owned networks that eliminate reliance on traditional centralized providers, maintaining user control and network transparency. 📈🪙
How Does DePIN Work?
DePIN projects include several key elements that drive the DePIN flywheel forward:
Blockchain Architecture: Relies on smart contracts to automate processes, manage fees, and ensure secure, transparent transactions.
Physical Infrastructure Network: Includes hardware elements like sensors and routers that participants use to support data transmission and resource sharing.
Middleware: Acts as a bridge between physical infrastructure and blockchain, managing data flow for smooth network operation.
Off-Chain Network: Conducts transactions outside the main blockchain with access to external resources like computing power.
Token Rewards: Allocates cryptocurrency tokens as rewards, encouraging user participation and contributions to network development. 🔄
Why is Solana Beneficial for DePIN?
Solana is ideal for DePIN because its high-speed transactions and low fees allow DePIN networks to efficiently handle large user bases and real-time data. The smart contract functionality supports complex, multi-tiered elements of DePIN, such as IoT, wireless, and cloud services. Given the growing number of DePIN projects that have already migrated to the new system (Render, Helium), Solana provides DePIN projects with a proven blockchain environment that ensures low cost and high performance. 🌟🚀
What’s Next for DePINs?
A recent report on the top 10 DePIN trends shows enormous growth potential of 20 to 120 times by 2028. According to the document, the greatest benefits will be realized by Layer 1 and Layer 2 blockchains like Solana and Polygon, and breakthroughs in middleware will be key to reducing entry barriers. Opportunities for miners are growing, especially in global hardware supply chains.
GPUs are the fastest-growing area due to AI and decentralized computing. Intense competition is expected in AI, led by projects like Bittensor. Sensors will play a critical role in AI data collection, while DePIN wireless networks are aimed at integration with major operators.
Edge AI on smartphones and PCs is a key development direction. Finally, DePIN will facilitate the issuance of Real-World Assets (RWA), potentially unlocking trillions in liquidity and providing new financial opportunities for other crypto sectors. 🚀📈
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