Tom Kushner DePIN market hits $10 billion despite token slump as Messari’s new report shows strong revenue growth and expanding real world usage across compute, bandwidth, and energy networks.
DePIN Market Surges Despite Bearish Tokens
The decentralized physical infrastructure networks, known collectively as DePIN, have reached a new milestone as Messari’s latest “State of DePIN 2025” report values the sector at nearly $10 billion. Despite the collapse in token prices since their 2021 peaks, the report reveals that the DePIN market is quietly thriving beneath the surface, posting real world revenue and sustained network growth.
While most tokens within the DePIN market have plunged by more than 90 percent from their highs, underlying infrastructure networks continue to deliver solid results. According to Messari, the sector generated approximately $72 million in onchain revenue last year, showing that the focus has shifted from speculative mania to actual business fundamentals.
This evolution marks a critical transformation in the DePIN market, which has moved from subsidy-based expansion to revenue models tied to bandwidth, compute power, energy distribution, and sensor data. These new applications are building what analysts now describe as the foundation for the next phase of decentralized infrastructure.
From Speculation to Sustainable Growth
Messari’s research highlights that DePIN projects from the earlier 2018 to 2022 class suffered the steepest market corrections, but those still active have demonstrated robust recovery through verifiable recurring revenues. Rather than chasing token pumps, these networks now focus on building lasting economic ecosystems.
Markus Levin, co-founder of XYO, one of the early pioneers in the DePIN market, told researchers that real revenue now defines the success of a project. He emphasized that valuations are gradually reflecting genuine economic activity rather than speculative hype. This sentiment reflects a broader trend across decentralized infrastructure, where real world usage is starting to drive valuations more than token volatility.
The report contrasts the exuberant “DePIN 2021” phase with the current “DePIN 2025” landscape. Earlier models were built on token incentives and unsustainable emissions, while today’s projects focus on delivering measurable services. Many of the new leaders within the DePIN market exhibit minimal supply inflation and have transitioned to cost-efficient, utility-driven networks.
Messari Identifies Key Leaders in the DePIN Market
Messari’s DePIN Leaders Index spotlights 15 top-performing networks operating across various infrastructure categories including compute, bandwidth, energy, and sensor data. To qualify, projects must show at least $500,000 in annual recurring revenue and a minimum of $30 million in raised capital.
Interestingly, despite overall declines in token valuations, the DePIN market has displayed far greater resilience than both decentralized finance protocols and layer-one blockchains. Helium and GEODNET, two major DePIN players, saw their token prices fall 77 percent and 41 percent respectively over the past year, yet their onchain revenues grew multiple times within the same period. This divergence underscores the increasing strength of real world utility in the DePIN market.
Messari notes that this emerging category is not constrained by a single market dynamic. Each vertical within the DePIN ecosystem shows unique patterns of adoption. Some sectors such as mapping, positioning, and robotics are seeing steady repeat usage, while others like energy and telecommunications face tougher regulatory and competitive challenges.
InfraFi: The DePIN Market’s New Frontier
Another key insight from the Messari report is the rise of “InfraFi,” a concept combining decentralized infrastructure with decentralized finance. In this hybrid model, stablecoin holders fund tangible assets such as compute hardware, energy grids, or network nodes, and earn yield from the resulting real world revenue streams.
Examples like USDai, Daylight, and Dawn demonstrate this innovative approach, with USDai alone accumulating roughly $685 million in deposits to finance GPU clusters used for artificial intelligence workloads. This trend illustrates how DePIN networks are bridging the gap between blockchain finance and real world infrastructure deployment.
Messari’s analysts argue that many DePIN tokens are still undervalued when measured against their revenue potential. They believe these networks mirror next-generation infrastructure companies yet trade at prices implying minimal long-term viability. This disconnect, they say, presents a unique opportunity for investors who understand the underlying fundamentals.
Enterprise Adoption and AI Integration Could Drive the Next Wave
As the DePIN market matures, success will increasingly hinge on the ability of networks to serve enterprise-grade and AI-driven demand sectors. Levin believes that projects capable of meeting these technical and reliability requirements will be the biggest beneficiaries in the years ahead.
The intersection of decentralized computing and artificial intelligence represents one of the most promising growth avenues for DePIN. By providing distributed resources that power AI inference, data analysis, and sensor-driven automation, DePIN networks are positioning themselves at the core of the digital economy’s infrastructure layer.
Conclusion
Despite the severe decline in token prices, the DePIN market is thriving as an emerging $10 billion industry grounded in genuine usage and cash flow. Messari’s findings show that decentralized physical infrastructure networks are transitioning from hype to sustainable business models, with increasing adoption across sectors from bandwidth to compute.
As the decentralized infrastructure narrative gains traction, the DePIN market appears set to become one of blockchain’s most practical and resilient sectors, signaling that the future of crypto may be rooted not in speculation but in real world value creation.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
