DePIN Tokens Lag, Revenues Rise as Sector Is ‘Forced Into Fundamentals’
Decentralized physical infrastructure networks (DePIN) are experiencing continued declines or stagnation in token prices, with most projects launched from 2018–2022 trading 94–99% below all-time highs in 2025. Despite this, sector revenues show resilience, with leading networks reporting increased on-chain revenue, indicating a shift from speculative to fundamental, utility-driven valuation. DePIN, which uses crypto incentives to manage real-world infrastructure like storage and wireless networks, now has a circulating market cap of about $10 billion and generated roughly $72 million in on-chain revenue in 2025. Top networks trade at more reasonable revenue multiples (10–25x) compared to 2021’s excessive valuations. Sustainable scaling now relies on fundamentals, including selling services that generate real revenues and seeking alternative financing models, such as InfraFi, which leverages stablecoins for infrastructure funding but carries new financial risks. The sector is attracting AI company demand for real-world data and infrastructure. While public token markets are weak, private investment remains strong, with $1 billion raised in 2025, especially in early-stage funding, reflecting continued confidence in DePIN’s long-term prospects.
