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Top 4 DePIN Projects To Watch Out For In 2024

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

5 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

5 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

5 mins
Last update

DePIN

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Decentralized Physical Infrastructure Networks (DePIN) has been one of the most talked-about narratives this cycle for the crypto markets, but what exactly is it? More importantly, what are some of the newer projects coming out in this sector right now?

Let’s delve into this new niche by understanding the concept of DePIN projects, then we’ll explore some of the projects in this sector. Who knows, maybe one of these projects is the one we have been looking for.

What Is DePIN?

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Just to refresh your memory and get you up to date, DePIN stands for Decentralized Physical Infrastructure Networks. Basically, you are using Web3 incentive mechanisms to encourage communities to build decentralized real-world infrastructure networks or things that people can actually tacitly use.

DePIN could be applied to AI, wireless networks, energy networks, or basically anything in the real world that can be adapted in some kind of Web3 way.

How Big Can This Sector Get?

At the time of this writing, the DePIN sector has a market cap of around $35 billion. If you think that is big, the projections are even bigger and crazier. 

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According to a report by Messari, the DePIN sector could add $10 trillion to the global GDP in the next decade and another $100 trillion in the decade after that.

If you are looking for a narrative that has the potential to last for a long time, then look no further, here are some of the newer and older DePIN projects that you should be noticing on your radar:

Peaq Network

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The first project on our list, Peaq Network, has huge potential to dominate the sector. Peaq is a Layer-1 blockchain that was built specifically for DePIN.

Let’s try to come up with an analogy for what Peaq actually does. When you are sick, you go to your family doctor. But if you believe that you have a specific condition or something, you will naturally go straight to a specialist in that medical field instead of a general practitioner.

In the same way, Peaq was made to be DePIN’s specialist network as it can process up to 100,000 transactions per second, which is crucial for a network that wants to host a vast number of connected devices and process all kinds of real data points around the world. Best of all, the transaction fees can be as low as $0.00025.

Decentralization

If you are concerned about decentralization, the project has a Nakamoto Coefficient of 90+. The Nakamoto coefficient is often used to check just how decentralized a network actually is; the higher the number, the better.

Partnerships

If you still do not see any potential, maybe this will change your mind. Mastercard has selected it to be part of its Start Path program, which connects promising startups with industry experts and resources to help them scale up their fintech solutions.

NATIX Network

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Does your work require you to drive a lot? Or do you just like going out for that Sunday drive or whatever it might be? What if you could monetize your travel every time you get in the car and drive around for work all day? Thanks to DePIN networks like NATIX, you could be making extra money.

NATIX is an AI camera network and anybody with a smartphone can join; you do not need to buy specialized equipment. Download the NATIX app on your smartphone, then place your phone on your dashboard using your phone camera.

The app will then scan the road to get important information about what’s happening such as traffic congestion, surface, damage, and free parking spots. This data is then used to help improve maps in real-time, so think of this as some decentralized version of Google Maps, except that you get to get paid for it.

Investors & Backers

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Investors and backers in this project include Crypto.com, the Digital Currency Group, Nvidia, Google, Solana, and as well as Peaq Network.

Render Network

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We have covered Render Network in our previous DePIN article, but it is not just a DePIN project, but also a top project in the AI space.

Render Network is a multi-narrative project with a market cap of more or less than $4 billion at the time of this writing. The network connects owners of idle GPU computing power with users who need it. The GPU power is used in a wide array of tasks such as basic artist rendering to AI applications, and contributors are then compensated with the $RNDR token.

The Render Network is an alternative decentralized solution to those of more expensive and centralized options like Amazon Web Services and Google Cloud.

Cloud Computing Market Size

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According to market research firm Mordor Intelligence, the cloud computing market is expected to reach $1.44 trillion by 2029.

Therefore, decentralized platforms like Render Network are going to take a piece of that pie, and perhaps one of the projects you should pay attention to.

WiFi Map

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We are now living in a world where connectivity is as important as breathing clean and fresh air. The founders of this project believe that everyone in this world should have access to free and secure internet, which is pretty cool.

WiFi Map is a project built on the Polygon Network that lets users connect to free Wi-Fi in over 200 countries. This project basically acts as a giant search engine for Wi-Fi hotspots. It crawls the web and gathers information about public Wi-Fi locations from various sources, including user contributions.

Individuals who contribute that knowledge to the network by adding different hotspots, verifying information, or actually running speed tests are rewarded with $WIFI tokens.

Tokenomics

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As for tokenomics, the project has a billion token supply and currently has a market cap of about $20 million.

Final Thoughts

DePIN as a narrative is something to watch out for as it bridges the gap between the physical and Web3 worlds. It encourages the creation of decentralized networks that can actually improve people’s daily lives beyond just speculating on meme coins.

This could also be the answer to the naysayers who claim that the crypto industry has no utility and does not do anything. Someday, we might see a future where everything is connected to the blockchain.