XYO Network Onboards 10 Million Nodes, 95% User Conversion Rate
1min read XYO Network, a decentralized physical infrastructure network (DePIN), has achieved a significant milestone by onboarding over 10 million nodes. This achievement was highlighted by Markus Levin, the co-founder of XYO Network, in an interview. The nodes primarily consist of human users who contribute data in exchange for rewards through the network’s mobile application, COIN. Levin noted that the majority of these nodes are mobile users, with a smaller portion being Internet of Things (IoT) devices such as smart speakers.
Approximately 80% of XYO’s users are non-crypto natives, meaning they are participating in Web3 for the first time. These users include a diverse range of individuals such as truckers, rideshare drivers, delivery people, and nurses. Levin emphasized that 95% of these users convert after onboarding through the COIN app, indicating a high level of engagement and satisfaction with the platform.
In exchange for the data they provide, XYO awards its users points that can be redeemed for its native XYO token, as well as other rewards such as BTC, ETH, or even gift cards. This incentive structure encourages users to actively participate in the network and contribute valuable data. In October 2024, XYO bridged its native token to Solana (SOL) to expand its user base and reach more individuals interested in the crypto space.
XYO generates revenue by collecting and validating data across various sectors, including real-world assets (RWAs) and gaming. A portion of this income is used to buy back XYO tokens, which helps to maintain the value and stability of the token. In January, XYO launched its layer-1 blockchain, which collates real-world data from across its nodes onto a public ledger. This blockchain allows validators to stake XYO and earn rewards denominated in XL1, the network’s newly-launched gas token.
Ask Aime: "XYO Network Onboarding Over 10 Million Nodes"
DePINs, or decentralized physical infrastructure networks, are blockchain protocols designed to decentralize real-world infrastructure and systems. These include communications networks, data warehouses, energy markets, and more. DePINs are seen as one of the next big use cases for Web3, with the potential to onboard a significant number of new users to the crypto space. According to a report by MV Global, a Web3 investing firm, the DePIN ecosystem comprises over 1,000 projects and represents roughly $50 billion in total market capitalization. This highlights the growing importance and potential of DePINs in the broader crypto landscape.
