DePIN Sector Surges with 25 Projects Generating Revenue, Market Value to Reach $3.5 Trillion by 2028

The Decentralized Physical Infrastructure Networks (DePIN) sector is experiencing a significant phase of growth, with over 25 projects now generating revenue. This milestone indicates a maturing market, as evidenced by its price-to-sales (P/S) ratio, which currently sits between that of base layer protocols and decentralized finance (DeFi) projects. This positioning suggests a market that is becoming more stable and profitable.

The DePIN sector is divided into two main categories: Digital Resource Networks (DRNs) and Physical Resource Networks (PRNs). A recent analysis of 80 DePIN projects revealed that 25 of these are generating revenue, with valuations based on Fully Diluted Valuations (FDVs). However, it is important to note that some revenue data may be influenced by inflationary token practices, as not all figures are verifiable on-chain.

DRNs are currently outperforming PRNs in terms of valuations and revenue. DRNs have an average FDV of $132 million, which is 3.5 times higher than the $36 million average for PRNs. This valuation gap could be attributed to differences in fundamentals such as revenue. For instance, the median revenue for DRNs was $1.5 million in the first quarter of this year, compared to $730,000 for PRNs.

The DePIN market surpassed $50 billion last year and is projected to reach $3.5 trillion by 2028. The market includes around 350 tokens, with over 13 million devices participating in DePIN operations globally on a daily basis. Solana leads in infrastructure, while Base dominates in consumption and market share.

The sector is also attracting significant venture and institutional capital. Last year, DePINs raised more than $350 million across Pre-Seed, Seed, and Series A rounds. As these projects continue to mature, their focus on real-world utility and revenue generation positions them as a compelling segment within the broader crypto ecosystem. This growth and increasing revenue generation highlight the sector's potential for further expansion and investment.