Crypto: Depin Grows Into A $10b Sector Despite Token Slump, Messari Says
DePIN’s “death” narrative hides a market that’s quietly compounding revenues, as Messari’s new report pegs the sector at $10 billion with growing real‑world usage and cash flow.
Decentralized physical infrastructure networks (DePINs) have been written off as dead by many investors, but a new “State of DePIN 2025” report from Messari and Escape Velocity argues the sector has steadily grown into a $10 billion market generating $72 million in onchain revenue last year alone.
According to the report, the “class of 2018-2022” DePIN tokens are down a massive 94%-99% from all‑time highs. Still, leading projects now post verifiable recurring revenue and trade at 10 to 25 times revenue multiples, levels Messari characterizes as undervalued relative to growth.
Messari said the shift marks a transition from subsidy-driven growth toward networks that generate revenue through real-world usage, particularly in areas such as bandwidth, compute, energy and sensor data.
Markus Levin, co-founder of XYO, a data and DePIN established in 2018, told Cointelegraph that revenue mattered more than token price in the DePIN sector and that, as the market matures, “valuations are starting to reflect real economic activity that holds up even when token prices are flat.”
Related: Solana-based Natix brings DePIN data into self-driving AI with Valeo
The authors contrast “DePIN 2021” with “DePIN 2025,” saying that early cycles were dominated by pre‑revenue networks with high token inflation, demand constraints and valuations driven by retail speculation.
Today’s leaders, in contrast, are generating onchain revenue, have little or no supply inflation and see growth driven by utility and cost advantages rather than subsidies.
Levin said the DePIN sector was “fundamentally different” from the broader crypto industry because it provides “real-world utility to end users.”
Success shows up “first in usage and cash flow, not in speculative price action,” he said.
Source: CoinTelegraph
