DePIN Rebounds Into a $10B Overlooked Sector: Messari Report Highlights Resilience and Growth

The DePIN sector, often overlooked during crypto downturns, has rebounded with robust revenue growth in 2025. According to Messari's State of DePIN 2025 report, the sector generated $72 million in onchain revenue despite token prices falling significantly. This shift marks a transition from speculative growth to networks that generate revenue through real-world usage in bandwidth, compute, energy, and sensor data.

DePIN projects like Helium (HNT) and GEODNET (GEOD) saw onchain revenue increases of 8x and 1.7x, respectively, between December 2024 and December 2025. This outperformed revenue declines in leading DeFi protocols and smart contract chains. Markus Levin, co-founder of XYO, emphasized that real-world utility is becoming a stronger driver of success than speculative price action.

Investor confidence is also evident in private capital flows. DePIN startups raised nearly $1 billion in 2025, with some projects securing over $140 million in funding. This capital injection reflects a maturing sector that is moving beyond speculative experiments.

Why Did This Happen?

The DePIN sector is evolving from high-inflation, pre-revenue models into infrastructure businesses generating real economic activity. Leading DePIN networks now trade at 10–25x revenue multiples, a far cry from the over 1,000x multiples seen in 2021. This valuation shift suggests a market that values utility and operational metrics over hype.

Another key development is the rise of InfraFi, a hybrid model combining DePIN with DeFi. In this model, stablecoin holders finance physical infrastructure and earn yield from those assets. USDai, Daylight, and Dawn are cited as early adopters, with USDai alone growing to $685 million in user deposits. This model provides a new source of capital for DePIN networks while offering yield to stablecoin holders.

How Did Markets React?

The resilience of DePIN networks is evident in their ability to grow revenue during a bear market. While token prices for HNT and GEOD dropped by 77% and 41%, respectively, their onchain revenues increased significantly. This decoupling of price and revenue indicates a more mature and utility-driven market.

Investor sentiment is also reflected in the performance of DePIN-related projects. Escape Velocity, a crypto venture capital firm, raised $62 million to fund DePIN infrastructure projects, signaling strong institutional support. This capital will be used to invest in early-stage projects in energy, wireless, and computing.

What Are Analysts Watching Next?

Despite the positive developments, analysts caution that only a narrow set of paths remains viable for scaling DePINs globally. These include adopting InfraFi models, focusing on capex-light designs with rapid paybacks, or capitalizing on bull market speculation.

Markus Levin highlighted that the "big divider" across DePIN verticals is whether the network can earn money from real customers without relying on incentives. This focus on sustainable business models is critical for long-term success.

Looking ahead, the DePIN sector is expected to continue growing, but it will need to navigate regulatory challenges and demonstrate clear cost advantages over traditional infrastructure providers. As the sector matures, it will likely attract more institutional capital and broader market adoption.