XYO Network tops 10M DePIN nodes — Co-founder
XYO Network has onboarded over 10 million nodes to its decentralized physical infrastructure network (DePIN), primarily consisting of mobile users providing data for rewards through the COIN app. Approximately 80% of users are non-crypto natives, including truckers, rideshare drivers, and nurses, with a 95% conversion rate post-onboarding. Users earn points redeemable for XYO tokens, BTC, ETH, or gift cards. In October 2024, XYO bridged its token to Solana to expand its user base, with a market capitalization of around $180 million as of May 2. XYO generates revenue by validating data across various sectors and uses part of the income to buy back XYO tokens. The network's layer-1 blockchain launched in January, consolidating real-world data onto a public ledger. Validators stake XYO to earn rewards in XL1, the new gas token. DePINs aim to decentralize real-world infrastructure and are projected to significantly increase crypto user adoption, with the ecosystem comprising over 1,000 projects and a total market cap of approximately $50 billion.
