Seven Hot DePIN Projects Reviewed Solana Leads the Way, with an Average Return of Over 6x

Solana Excels as Seven High-Performing DePIN Projects are Evaluated, Delivering an Impressive Average Return of Over 6x

Author: Nancy, LianGuaiNews

In the thriving encrypted market, the recent strong rise of DePIN (decentralized physical infrastructure network) protocols has attracted more attention from the outside world.

DePIN is considered an important infrastructure for Web3’s mainstream adoption. According to cryptocurrency research firm Messari, the overall industry size of DePIN is currently about $2.2 trillion and is expected to grow to $3.5 trillion by 2028. As of the time of writing, DePINscan data shows that there are 159 DePIN projects in the market, of which 18.8% have a market value of over a billion.

Amidst the increasing market heat, this article by LianGuaiNews lists 7 highly regarded DePIN projects in recent times that have seen an average increase of 621.5% in the past year, mostly on Solana.

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BitTensor (TAO)

BitTensor is a distributed machine learning protocol that aims to change the access to various machine learning models by improving the proof-of-work (PoW) mechanism of Bitcoin to intelligent proof (PoI). The native currency TAO is not only the reward token of the Bittensor network but also the access token.

CoinGecko data shows that as of December 15th, TAO’s circulating market value exceeds $2.18 billion, with an increase of about 268.8% since its launch this year.

Related reading: In-depth explanation: How Bittensor network and token TAO revolutionize the AI industry

Render Network (RNDR)

Render Network is a decentralized GPU rendering network launched by the American cloud graphics company OTOY in 2017. Its aim is to allow artists and creators to access large-scale rendering capabilities in a more cost-effective and efficient manner. It has established collaborations with Apple, Microsoft, Google, Nvidia, and Disney. In November of this year, Render Network announced its launch on Solana and introduced the new SPL token RENDER.

CoinGecko data shows that as of December 15th, RNDR’s circulating market value exceeds $1.69 billion, with an increase of 802.1% in the past year.

Related reading: Why did Render Network migrate to Solana and build a minting and burning model?

Helium Mobile (MOBILE/HNT)

Helium is a decentralized wireless network developed by Nova Labs. It allows users to earn cryptographic tokens by using the network. It migrated to the Solana network in April of this year and completed a $200 million Series D financing led by Tiger Global with a pre-investment valuation of $1 billion last year.

Helium adopts two token models, IOT and MOBILE, which serve as the protocol tokens for the Helium IoT network and Helium Mobile network, respectively. Helium Mobile was announced after Helium and telecommunications giant T-Mobile signed a five-year agreement in September last year. It allows users to earn MOBILE token rewards using the network, initially targeted at the Solana Labs’ new Saga smartphone for free trials.

In August of this year, Helium Mobile launched its encrypted wireless network in Miami, where for just $5 per month, users can unlock unlimited calls, texts, and data without any contract commitment. Recently, the developer of Helium, Nova Labs, expanded this service nationwide, but with a price increase to $20.

It’s worth mentioning that Austin Federa, the strategic director of the Solana Foundation, recently revealed that all employees of Solana Foundation, Labs, and Eco are now using the eSIM and network services provided by MOBILE.

According to CoinGecko data, as of December 15th, the market capitalization of HNT is $1.05 billion, with an increase of approximately 276.8% in the past year. Meanwhile, MOBILE has a market capitalization of over $190 million, with a growth rate of 913.6% since its launch this year.

Fetch.ai (FET)

Fetch.ai is Binance’s IE0 project and was established in 2017 as an artificial intelligence lab. It has now integrated Cosmos’ IBC protocol and aims to build a decentralized machine learning network with a cryptographic economy. FET is the token used within the Fetch.ai network and serves various purposes such as payment, validation, collateralization, and incentive networks. In March of this year, Fetch.ai announced a funding of $40 million from market makers and investment company DWF Labs.

According to CoinGecko data, as of December 15th, the market capitalization of FET exceeds $750 million, with a growth rate of 618.4% in the past year.

IoTeX (IOTX)

IoTeX is a decentralized Internet of Things network established in 2017. It aims to become a trusted computing and application platform for smart everything, collaboration, and value exchange between developers and people. IoTeX combines blockchain, trusted hardware, and edge computing to achieve trusted interconnection of everything and connect the world through blockchain. IOTX is the multi-utility token within the IoTeX ecosystem, used for transfer, device registration, staking, and protocol governance.

In October of this year, IoTeX announced a partnership with Solana to provide real-time analytics on Solana-connected hardware devices. Recently, the IoTeX Foundation also announced a collaboration with venture capital firm Future Money Group to launch the $5 million DePIN Accelerator program, aiming to foster innovative Web3 startups in the areas of DePIN, artificial intelligence, and unlocking real-world value. Each selected project will receive an initial investment of $50,000 and potentially additional funding.

According to CoinGecko data, as of December 15th, the market capitalization of IOTX exceeds $330 million, with a growth rate of 58.4% since its launch this year.

Hivemapper (HONEY)

Hivemapper is a map network built on the Solana blockchain and was inspired by Helium. It was founded in 2015 and raised $18 million in funding from investors such as Multicoin Capital and the founder of Solana. HONEY, the native token of Hivemapper, was launched in November 2022 to reward users of dashcams who provide driving data and road images.

According to CoinGecko data, as of December 15th, the market capitalization of HONEY exceeds $63.45 million, with a growth rate of 1201.8% in the past year.

DIMO (DIMO)

DIMO is a car IoT platform that allows drivers to collect and share their vehicle data to earn DIMO tokens. It raised $9 million in funding in 2022 with investments from CoinFund and others. According to the official website, DIMO is currently connected to over 28,000 cars.

According to CoinGecko data, as of December 15th, DIMO’s circulating market cap is over $45.8 million, with a growth of over 487.5% in the past year.

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