DePIN's Maturation and High-Growth Opportunities in 2025–2026: A Deep Dive into Sustainable Revenue Models and Valuations

The DePIN (Decentralized Physical Infrastructure Networks) sector has transitioned from speculative hype to a maturing industry with tangible revenue generation and infrastructure utility. By 2025, the market is valued between $30–50 billion, with projections of a staggering $3.5 trillion by 2028, driven by the convergence of blockchain, AI, and decentralized infrastructure adoption. This evolution is marked by a shift from supply-driven growth to demand-driven models, where real-world applications and enterprise contracts now anchor value creation. For investors, the focus has shifted to identifying sub-sectors and projects with sustainable revenue models, compelling valuations, and clear utility in redefining global infrastructure.

Sub-Sector Analysis: AI-Infra, DeWi, and Sensor Networks

1. AI-Infra DePIN: Decentralized Compute for the AI Era

The integration of DePIN with AI has created a new sub-sector focused on decentralized GPU/compute resources. Projects like Bittensor (TAO) and Render (RENDER) are leading this charge, offering decentralized networks for machine learning and 3D rendering. Bittensor, for instance, incentivizes participants to contribute computational power, positioning itself as a critical infrastructure layer for AI development. Render's decentralized GPU rendering network has become a go-to solution for creative industries, leveraging blockchain to distribute workloads efficiently.

Financially, AI-Infra DePIN projects dominate capital allocations in H2 2025, with Grayscale naming the sector a Q2 2025 focus area. The sector's growth is further supported by enterprise demand, as traditional cloud providers face outages and bottlenecks. For example, Aethir reported $166 million in ARR from 150+ enterprise clients, demonstrating the viability of decentralized compute for AI workloads.

2. DeWi (Decentralized Wireless): Bridging Connectivity Gaps

Decentralized Wireless (DeWi) projects are redefining how connectivity is provisioned, leveraging crowdsourced infrastructure to deliver affordable, scalable networks. Helium Mobile stands out as a flagship project, achieving a 30-day ARR of nearly $21 million in late 2025 by offering low-cost mobile plans and hybrid IoT/cellular networks. The Solana DeWi ecosystem has also emerged as a key player, with projects like Helium transitioning to Solana to handle large-scale operations.

DeWi's business model is inherently sustainable: contributors deploy hardware (e.g., hotspots) and earn tokens for maintaining network coverage. This eliminates the need for traditional telecoms to bear the full cost of spectrum acquisition and infrastructure deployment, reducing operational costs and increasing accessibility. The sector's growth is further fueled by its integration with AI and IoT, enabling applications in smart cities, logistics, and autonomous systems.

3. Sensor Networks: Mapping the Real World

Sensor network DePIN projects are gaining traction by leveraging decentralized infrastructure for geospatial data and real-world services. Hivemapper, a decentralized alternative to Google Maps, saw its ARR grow from $500,000 to $3 million between August and November 2025. The project incentivizes users to install dashcams that contribute to a crowdsourced map, demonstrating the power of decentralized data collection.

Beyond Hivemapper, projects like SubQuery Network are expanding into enterprise data indexing and computational power, generating revenue through service fees and token-based incentives. These projects are also integrating AI to enhance data processing and analytics, with Immunefi's Magnus tool using AI for security threat prevention. The sector's valuation metrics are equally compelling: newer DePIN projects achieved average FDV of $760 million in 2025, nearly double the valuations of projects launched two years earlier.

Valuation Trends and Growth Drivers

The DePIN sector's valuation multiples have normalized compared to the speculative 2021 cycle. Leading projects now trade at 10–25x revenue, a stark contrast to the over 1,000x valuations seen previously. This shift reflects a market prioritizing utility over hype, with on-chain revenue becoming a key metric. For example, the total on-chain revenue generated by leading DePINs in FY25 is estimated at $72 million, with networks like Filecoin (FIL) and Render (RENDER) demonstrating strong utility-driven performance.

Investor confidence is further bolstered by venture capital inflows. DePIN startups raised $1 billion in 2025, with major institutional commitments like Borderless Capital's $100M DePIN Fund III and Entrée Capital's $300M Fund targeting AI and DePIN infrastructure. Regulatory clarity is also emerging, with the SEC issuing a no-action letter for the 2Z token in September 2025, recognizing DePIN utility tokens as distinct from securities under certain conditions.

Conclusion: A Maturing Sector with High-Growth Potential

DePIN's maturation into a $10 billion market cap industry by 2025 underscores its potential to redefine global infrastructure. The sector's focus on sustainable revenue models, enterprise contracts, and AI integration positions it as a critical player in the next phase of decentralized innovation. For investors, the most compelling opportunities lie in AI-Infra DePIN, DeWi, and sensor networks-sub-sectors with clear utility, strong growth drivers, and valuations that reflect their infrastructure value rather than speculative premiums.

As the sector moves toward 2026, the emphasis will remain on projects that demonstrate real-world impact, scalable infrastructure, and alignment with AI-driven demand. With the World Economic Forum projecting a $3.5 trillion market by 2028, DePIN is no longer a niche experiment but a foundational layer of the digital economy.