Solana

Filecoin

The Graph

Helium

IoTeX

<p class="is-style-lead">The decentralized physical infrastructure network market continues to see significant growth, with funding for earliest-stage projects increasing 296% year-over-year.</p>
<p>According to details shared by crypto market intelligence platform Messari on X, early-stage DePIN projects had raised more than $246 million across 70 deals by Aug. 1, 2024. IoTeX (<a href="https://crypto.news/price/iotex/" rel="noopener noreferrer nofollow">IOTX</a>) is the platform that has so far registered one of the biggest funding rounds in this ecosystem.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">DePIN continues to grow 🌐<br><br>With fundraising volume up 296% year over year, the total market cap grew 400% to $20 billion.<br><br>It’s Time for a <a href="https://twitter.com/hashtag/DePIN?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DePIN</a> Sector Update 🧵⬇️</p>— Messari (@MessariCrypto) <a href="https://twitter.com/MessariCrypto/status/1821233561544093793?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In terms of volume, the figure represents a 296% year-over-year jump, Messari noted. Comparatively, the total market cap of the top DePIN projects grew 400% within the past year to currently put the sector at $20 billion.</p>
<h2 class="wp-block-heading" id="depin-sector-seeing-growth">DePIN sector seeing growth</h2>
<p>The growth in the decentralized physical infrastructure network market has seen a number of new projects attracting the most attention from venture capital firms and other investors.</p>
<p>These emerging projects are also likely to challenge top artificial intelligence and DePIN platforms such as Filecoin (<a href="https://crypto.news/price/filecoin/" rel="noopener noreferrer nofollow">FIL</a>), Helium (<a href="https://crypto.news/price/helium/" rel="noopener noreferrer nofollow">HNT</a>) and The Graph (<a href="https://crypto.news/price/the-graph/" rel="noopener noreferrer nofollow">GRT</a>). Some of the new players are in decentralized gaming infrastructure, AI data layer, and robotics.</p>
<p>You might also like: <a href="https://crypto.news/solana-depin-surge-render-helium/" rel="noopener noreferrer nofollow"> Solana sees DePIN surge with Render, Helium </a></p>
<h2 class="wp-block-heading" id="biggest-depin-funding-deals-so-far">Biggest DePIN funding deals so far</h2>
<p>According to Messari, two of the top three largest deals for DePIN in 2024 as of Aug. 1 are investments into L1 projects IoTeX and peaq.</p>
<p>IoTeX is a modular infrastructure platform that raised $50 million in a strategic funding round in April. Investors included Borderless Capital, Amber Group, and Foresight Ventures among other VC firms. Meanwhile, peaq is a DePIN and machine real-world assets platform that has raised $30 million in a strategic funding round led by Borderless Capital and Generative Ventures.</p>
<p>Read more: <a href="https://crypto.news/peaq-mastercard-start-path-depin-tradfi/" rel="noopener noreferrer nofollow"> Peaq joins Mastercard Start Path program, connects DePIN with tradfi </a></p>
<h2 class="wp-block-heading" id="revenue-still-low">Revenue still low</h2>
<p>Despite the significant spike in funding and overall market cap growth, the DePIN sector has not recorded a substantial increase in revenue.</p>
<p>Only four of the industry’s largest DePIN-focused projects rank in the top eight protocols by revenue.</p>
<p>“The overall lackluster revenue growth reflects the DePIN sector continuing to be primarily demand-constrained,” Messari analysts <a href="https://x.com/MessariCrypto/status/1821233683208269963" target="_blank" rel="noopener noreferrer nofollow">wrote</a>.</p>
<p>A lot of this is down to centralized platforms that have a bigger chunk of the market thanks to their widely integrated solutions.</p>

DePIN early-stage fundraising has grown 296% YoY: Messari

Table of Contents

crypto.news

Other articles published on Aug 7, 2024

Bitcoin Miner Core Scientific’s Stock Rallies 12%

Donald Trump Launches Bitcoin-Themed Sneakers, Quickly Sell Out

Iris Energy: Electricity Costs Surge in July

Semler Scientific Makes Strategic $3M Bitcoin Investment

Correlating JASMY with BTC and ETH: Insights on the Primary Wave Completion

Donald Trump Jr. And Eric Trump Tease DeFi Project With 'BeDeFiant' Hashtag

Join our free newsletter for daily crypto updates!