DePIN networks provide real-world infrastructure in a permissionless environment, supporting both Web3 and traditional use cases. Top projects include Render, Helium, Bittensor, Theta, Filecoin, Arweave, and Akash.
Written by: Anatol Antonovici | Updated August 19, 2024
Fact checked by: Ryan Grace
Table of Contents
🍒 tasty takeaways
- DePIN is one of the fastest-growing crypto sectors, often overlapping with the crypto AI sector.
- Bittensor and Filecoin are currently the two largest DePIN projects by market cap.
- Most top DePIN coins have outperformed Bitcoin over the last 12 months.
Summary
| DePIN Coin | Details |
|---|---|
| Filecoin | A decentralized data storage network with 22.754 EiB capacity, powered by the FIL token with a $2 billion market cap, competing with Bittensor as the largest DePIN project. |
| Helium | A decentralized wireless network for IoT devices with over 1 million global hotspots, powered by its native token HNT, which has a $1.3 billion market cap after migrating to Solana in 2023. |
| Bittensor | A decentralized AI network that enables the creation, training, and trade of ML models, with its TAO token reaching a $2.1 billion valuation as one of the most promising AI crypto projects. |
| Theta | A decentralized, blockchain-based network for video streaming, content delivery, and AI computation, offering an alternative to YouTube and rewarding users with THETA tokens for sharing bandwidth, with a market cap of $1.15 billion. |
| Arweave | a decentralized blockchain network offering permanent, low-cost data storage for Web3 apps, where users pay a one-time fee in AR tokens to store data forever on the permaweb, with a market cap of $1.4 billion |
| Render | provides a distributed GPU network for rendering, AI computing, and streaming, with a marketplace connecting GPU providers and creators, and has a market cap of $1.8 billion. |
| Akash | A decentralized cloud computing platform offering a marketplace for computing resources, emphasizing DeFi and AI, with its native token AKT. |
What Are DePIN Crypto Projects?
DePIN (from decentralized physical infrastructure network) projects are decentralized networks providing real-world physical infrastructure for Web3 and traditional use cases.
These projects leverage blockchain technology and crypto incentives to create trustless environments for engaging with their resources.
The DePIN ecosystem can be divided into two broad categories: physical resource networks (sensors and wireless networks) and digital resource networks (such as data storage and computing). The latter is currently much larger in terms of total valuation, and most of the top crypto projects discussed here provide digital resources.
Source: DefiLlama
DePIN coins have a total market cap of $19 billion as of mid-August 2024, according to Coinmarketcap.
We’ve compiled the top 7 DePIN cryptos by analyzing key criteria, including their market cap, liquidity, security, and adoption. Here they are:
Filecoin
- Name: Filecoin
- Token: FIL
- Blockchain: Filecoin
Filecoin is a decentralized network hosting a data storage marketplace. It enables users to store data in a distributed cloud system, providing a peer-to-peer marketplace for data storage and retrieval.
As of mid-August 2024, the network’s total storage capacity is 22.754 EiB. It is enough to store over 6.5 billion movies of 4 GB.
The ecosystem is fueled by FIL, the native utility token used to incentivize storage providers and pay for data operations.
As of this writing, FIL has a market cap of $2 billion, competing with Bittensor (TAO) for the leading position as the largest DePIN project by market cap.
Helium
- Name: Helium
- Token: HNT
- Blockchain: Solana
Helium is the only project in this list falling under the category of physical resource networks.
It represents a decentralized wireless ecosystem for Internet of Things (IoT) devices. It used to rely on a proprietary Proof of Coverage consensus mechanism but it migrated to Solana in 2023. Helium uses its native token, HNT, to incentivize network coverage and data transfer.
The ecosystem hosts a network of over 1 million hotspots dispersed all over the world.
Source: DefiLlama
HNT has a market cap of $1.3 billion, being one of the fastest-growing DePIN projects at the moment.
Bittensor
- Name: Bittensor
- Token: TAO
- Blockchain: Bittensor
Bittensor is a decentralized artificial intelligence (AI) network that facilitates the creation, training, and trade of AI and machine learning (ML) models.
Although it is primarily seen as an AI project, Bittensor is also part of the DePIN sector due to its decentralized network of ML models, which are shared by ‘miners’ who are rewarded in TAO.
The Bittensor protocol is laying the foundation of a global virtual hub where AI models come together to form a borderless neural network.
TAO has a total valuation of $2.1 billion, becoming one of the most promising AI crypto coins after receiving support from Ethereum’s Vitalik Buterin himself.
Theta
- Name: Theta
- Token: THETA
- Blockchain: Theta
Theta leverages blockchain technology to provide a decentralized and censorship-resistant network for video streaming, content delivery, and AI computation.
It acts as an alternative to YouTube. Users can rent their excess bandwidth with the Theta network and earn rewards in the native token, THETA.
Theta shares many similarities with AIOZ, another fast-growing DePIN network for AI computation and video streaming. However, it stands out thanks to its multiple patents for its technology.
THETA has a market cap of $1.15 billion.
Arweave
- Name: Arweave
- Token: AR
- Blockchain: Arweave
Arweave is an independent blockchain powering a low-cost data storage network that can host Web3 apps and other online services requiring data.
Acting as a global hard drive, the protocol uses a unique business model where users pay a one-time fee in its native token, AR, to ensure that their data is stored forever on a permissionless and immutable network.
Data can be accessed through the permaweb, a decentralized web developed on top of Arweave.
AR has a market cap of $1.4 billion.
Render
- Name: Render
- Token: RNDR
- Blockchain: Ethereum
Render offers a distributed GPU network for rendering, AI computing, and streaming content. It can be used by animators, graphic designers, video editors, and AI projects.
In 2023, the network implemented an upgrade after community voting to let its computation power be used for AI and ML tasks.
Render’s flagship product is a marketplace that connects GPU providers with creators, incentivizing the former with RNDR.
Render has a market cap of $1.8 billion, being the third-largest DePIN project as of today.
Akash
- Name: Akash
- Token: AKT
- Blockchain: Akash
Akash is a decentralized cloud computing platform. Like Render, it offers a decentralized marketplace where users buy and sell computing resources. While Akash’s computing power can be leveraged for various tasks, it puts great emphasis on decentralized finance (DeFi) and AI.
The main goal of Akash is to provide a cost-effective, more secure, and decentralized solution compared to cloud services offered by tech giants like Google, Amazon, and Microsoft.
The Akash network is built on its native chain using the Cosmos SDK, with AKT serving as its utility and governance token.
DePIN Crypto Performance
These leading DePIN crypto coins have surged in the first quarter of 2024, but most of them have corrected in 2024 amid a general bearish pressure on the broader crypto space.
Of these, only THETA and FIL have failed to outperform Bitcoin over the last 12 months, during which the largest cryptocurrency by market cap has doubled in price.
Source: DefiLlama
FAQs
What is a DePIN in crypto?
A DePIN (Decentralized Physical Infrastructure Network) in crypto refers to a decentralized network that provides physical or digital real-world infrastructure, leveraging blockchain technology and crypto incentives.
How big is the DePIN market?
As of mid-August 2024, the DePIN market has a total market cap of $19 billion, per Coinmarketcap.
What are some use cases of DePIN networks?
DePIN networks are mostly used for decentralized data storage, AI model sharing, video streaming, cloud computing, and providing wireless networks for IoT devices.
What are the top DePIN projects?
The top DePIN projects include Filecoin (FIL), Helium (HNT), Bittensor (TAO), Theta (THETA), Arweave (AR), Render (RNDR), and Akash (AKT).
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Anatol Antonovici
6+ years of experience writing for crypto brands and blockchain firms, including Coindesk, Cointelegraph, Bitcoinist, CryptoPotato, Algorand, and OTCTrade.com