What Is DePIN in Crypto: Blockchain Narrative, Tech, DePIN Coins

DePIN, short for Decentralized Physical Infrastructure Networks, have emerged as a red-hot segment of the cryptocurrency sphere in 2024. While the idea behind DePIN is not new and some major projects have been around for a long time, DePIN cryptos are in the spotlight today.

What is DePIN in blockchain: Highlights

DePIN or Decentralized Physical Infrastructure Networks represent a class of distributed applications that attempt to solve the issues of real-world economy with the power of blockchain.

• DePIN stands for Decentralized Physical Infrastructure Network, a class of platforms required for decentralized control over physical resources or infrastructure;
• DePIN projects can employ blockchain technology to operate computational resources such as data storage systems, video rendering tooling, IoT devices and so on;
• DePIN crypto protocols unlock various opportunities for income generation, allowing contributors to share their resources for crypto payouts;
• Solana (SOL) is a dominant blockchain in the thriving segment of DePIN as of 2025;
• The net capitalization of the DePIN cryptocurrencies segment exceeds $32 billion, with Bittensor (TAO), Render Network (RENDER), Filecoin (FIL), Internet Computer (ICP) and The Graph (GRT) being the largest cryptos by market cap;
• With proper government principles and a balanced tokenomical design, DePIN networks can make access to resources more inclusive and democratic than ever before.

Together with AI cryptos, meme coins, real-world asset tokenization tools and liquid staking protocols, DePIN tokens are among the hottest cryptocurrency narratives of this cycle.

What is blockchain?

Blockchains or decentralized (distributed) networks should be referred to as a class of databases that records transactions across multiple computers in a secure, transparent and tamper-proof manner. The majority of computers in blockchain networks should agree between each other to include this or that chunk of data (“block”) to the database (“blockchain”).

Blockchain systems rely on various consensus mechanisms to achieve this goal. However, all of them leverage decentralized computational infrastructure (multiple servers turned into blockchain nodes) and blockchain clients (software installed on these computers) to reach synchronization.

Launched in 2009, Bitcoin (BTC) is the first viable implementation of the blockchain concept. Ethereum (ETH), running since 2015, is the first blockchain that supports its own software programs called smart contracts.

What is AI?

Artificial intelligence, often abbreviated as AI, is a class of technologies designed to simulate human intelligence for solving tasks that normally require human cognitive abilities, such as learning, problem-solving, reasoning and decision-making. Some implementations of AI might include trading, content generation, resource management and so on.

The term “artificial intelligence” was introduced by John McCarthy back in 1955. The ongoing trend of interest in this concept was triggered by the releases of ChatGPT, an AI-powered chatbot by OpenAI, an American corporation.

Also, X made headlines by integrating its own AI instrument Grok for browsing content.

What are AI cryptocurrencies?

AI cryptocurrencies are altcoins that somehow use artificial intelligence in their tech and marketing strategies. For the vast majority of them, AI is only part of their promotional narrative. However, some cryptocurrency projects really leverage AI and machine learning as the tech basis for their development.

Some AI cryptocurrencies are integrated as monetization tools in technology mechanisms based on AI and ML. For instance, these tokens can be part of the tokenomical design of a system that is backing a distributed GPU ecosystem for large language models.

AI teams might also use cryptocurrency tokens as a convenient, transparent and inclusive way of raising funds from the retail audience.

Why are AI cryptos popular?

Starting from 2023-2024, AI cryptocurrencies have been the strongest narrative in crypto. A number of AI altcoins managed to log over 1,000% upsurges in a few weeks. Largely, they became popular thanks to two catalysts: aggressive marketing and community management, as well as eccentric tech designs focused on solving major real-world problems.

However, the majority of retail investors were attracted to the segment of AI cryptocurrencies by the promises of enormous gains amid the hype around generative AI protocols.

DePIN in crypto explained: Comprehensive guide

DePIN or Decentralized Physical Infrastructure Network represents a class of distributed systems designed for the control and management of infrastructure resources. DePIN cryptocurrencies are integrated into these systems as a way of incentivization and monetization for resource owners and managers.

What is DePIN: Basics

Decentralized Physical Infrastructure Network (DePIN) is a type of peer-to-peer (P2P) resource network managed and governed by distributed instruments. It might rely on blockchains and permissioned distributed systems for more resource-optimized, transparent and inclusive governance.

Every DePIN is based on physically accessible resources (computational capacity, IoT devices network and so on). Simply put, there is a group of network actors interested in leasing resources, while the other group is sharing them for rewards in cryptocurrency.

For instance, a group of GPU owners might offer their computational resources for large language model (LLM) training. Other groups of actors are leveraging these GPUs for their purposes and paying rewards to the “providers.”

The way both groups are organized is what is special about DePIN and what makes it look different from regular infrastructure networks (centralized servers, databases, processors like AWS and so on).

What is DePIN: Tech

In DePIN, all participants of the interaction are typically represented by their on-chain accounts. Therefore, they can establish fair, cost-effective and transparent models of resource sharing that are beneficial for all parties involved.

For instance, “consumers” (the owners of LLMs to be trained) can utilize cryptocurrency from their accounts to top up the ones owned by “providers” (GPU ecosystem maintainers). This design of interaction eliminates any opportunity for cheating.

Despite the technology being in its infancy, DePIN already showcased its potential in a number of use cases:

1. Decentralized data storage
2. Data rendering
3. AI models training
4. Medical data processing
5. IoT networks management
6. Supply chain

In a nutshell, DePIN can be integrated into any physical system that needs a large volume of infrastructure and data, minimal trust and can be linked to on-chain accounts.

What is DePIN: Why it needs blockchain

Blockchain is the natural technical basis for DePIN and AI systems thanks to its unique features that can hardly be imagined in the Web2 sphere.

1. Transparency. In blockchains, all transactions can easily be verified with no special tools needed. Transfers of this or that account are visible via block explorers, which removes the need for additional verification and makes the process of interaction open and resource-effective.
2. Profit sharing. In DePIN systems, various classes of “providers” can take part in the system’s operations. As a wide range of potential tech designs are available, both large and small resource operators can contribute their capacity and enjoy rewards.
3. Censorship-resistance. With too many “providers” and “customers” on-boarded by DAO-governed DePIN systems, gaining control over either side becomes too challenging a task. As such, no element in the system is powerful enough to gain control over processes of its functioning.

With these features, DePIN systems become potentially more effective and reliable than their centralized analogs.

DePIN cryptocurrencies: What to know

In this chapter, we are going to review the largest and most popular cryptocurrency projects somehow associated with the DePIN narrative.

Bittensor (TAO)

Bittensor (TAO) was initially launched in 2021 as a Kusanagi parachain in the Polkadot (DOT) ecosystem. The project develops decentralized infrastructure for artificial intelligence and machine learning. Bittensor leverages Subtensor, its own L1 blockchain built on top of Polkadot’s SDK Substrate.

In 2023, Bittensor released its own large language models capable of solving most challenging tasks for AI, including generating content, browsing the internet, music production and so on.

Internet Computer (ICP)

Internet Computer or Internet Computer Protocol (ICP) is a veteran DePIN project tasked with the solution of smart contracts problems in its own way, but still interoperable with Ethereum Virtual Machine (EVM). The project was introduced back in 2016, but the current team incorporated it in 2021.

Internet Computer consists of Subnets, independent blockchains run by Node Machines deployed in data centers worldwide. These Subnets process transactions and power “canisters,” Internet Computer’s original implementation of smart contracts.

Filecoin (FIL)

Started in 2017 with a $200 million ICO raise, Filecoin (FIL) is the first mainstream attempt to replace centralized data storages with a peer-to-peer distributed solution. Technically, Filecoin is built as an incentive layer for InterPlanetary File System (IPFS), a peer-to-peer protocol that maintains a content address system for sharing, routing and storing data.

In 2023, the Filecoin (FIL) network launched smart contracts and kicked off its own virtual system. By press time, Filecoin (FIL) nodes operate over 15 exbibytes (EiB) of raw data storage volume (roughly equal to 17 million terabytes), including 500 TB of U.S. government data.

Render (RENDER)

Render Network or Render (RENDER) is a peer-to-peer GPU compute network connecting “consumers” needing GPU compute services (including the likes of video rendering and machine learning inferences) to idle GPU “providers” interested in earning profit on their resources.

That said, since 2021, the platform has been operating as an independent decentralized GPU capacity marketplace. After replacing RNDR with the RENDER token, the economic mechanism of the network migrated to the Solana (SOL) blockchain, which is a dominant smart contract platform in the DePIN segment.

The Graph (GRT)

Introduced by Yaniv Tal, Tegan Kline, Jannis Pohlmann and Brandon Ramirez in 2017, The Graph (GRT) is a querying protocol that indexes data from various blockchains to make the data logistics in dApps more streamlined and resource-effective.

The protocol allows users to read and retrieve data from decentralized networks as a regular JSON file called a Subgraph Manifest. Developers can then utilize an open API (called a “subgraph”) that maps smart contract event data to provide standard definitions and descriptions of the required data. Then, “consumers” can even more streamline working with the data thanks to the GraphQL programming language.

Theta Network (THETA)

Theta Network (THETA) is a blockchain-based network developed specifically for the video content storage and distribution industry. For video uploading, broadcasting and rendering, “providers” can share their computational resources like GPU power and SSD storage bandwidth.

Theta Network’s economy is powered by its own token THETA, which is used as a reward for node operators. Also, Theta Network (THETA) supports smart contracts, which makes it suitable for running some dApps.

Helium (HNT)

Helium is one of the first DePIN projects focused on wireless infrastructure for Internet of Things and associated use cases. It allows “providers” to run decentralized networks of wireless internet hotspots to get rewarded in crypto.

In 2022-2023, the project migrated from a native L1 blockchain to Solana (SOL) for better efficiency, faster performance and strong “ecosystem effects.” As of 2024, the protocol runs a mobile network with the MOBILE token and $20 per month unlimited connection packages.

Arweave (AR)

Arweave (AR) is a decentralized protocol for permanent data storage. It was started in 2018 with a set of 1,800 node operators. Its data processing protocol Permaweb is accessible through modern browsers like Chrome or Brave.

After a series of funding rounds and a successful ICO completion, the protocol started rewarding “providers” with AR token bonuses.

JasmyCoin (JASMY)

Launched in 2021 by Sony Corporation alums, JasmyCoin (JASMY) is a pioneering DePIN project for the Japanese Web3 scene. It is developed by Jasmy Corporation, a Tokyo-headquartered Internet of Things (IoT) heavyweight. Jasmy is focused on building incentives for data logistics and protection in various IoT designs.

Not unlike Filecoin (FIL), it relies on IPFS as a permanent data storage facility. JASMY, the project’s native cryptocurrency, is a reward instrument for “providers” on the network who are responsible for data integrity and security.

BitTorrent (BTT)

Launched in 2001 by Bram Cohen, BitTorrent (BTT), in some regards, can be treated as a predecessor of the DePIN segment as a whole. Also, some of its elements inspired the creation of Bitcoin (BTC) itself. BitTorrent (BTT) is a peer-to-peer protocol for data sharing that became popular thanks to making available a ton of licensed content for free.

However, its journey in Web3 only started in 2019 when TRON founder Justin Sun acquired BitTorrent and equipped it with BitTorrent Chain (BTTC) and native cryptocurrency BTT.

As such, there are plenty of projects in the DePIN segment. The majority of them are addressing data storage, rendering, LLM training and IoT-centric use cases.

DePIN cryptos: Quick facts

Now, let’s review the largest DePIN cryptocurrencies by market capitalization as of January 2025, per CoinGecko’s data.

Also, 20 DePIN cryptocurrencies, including Akash Network (AKT), io.net (IO), IoTeX (IOTEX) and Hivemapper (HONEY), achieved market caps over $100,000,000 in equivalent.

Bonus: Where to find and track DePIN crypto coins

To stay on the bleeding edge of the latest developments in the thriving DePIN segment, cryptocurrency enthusiasts can start with browsing through three sources: CoinGecko, CoinMarketCap and DePINScan.

Top DePIN coins by market cap: CoinGecko

The dashboard can be found in the “Categories” menu as well as by searching for “DePIN” in the general search on CoinGecko in the upper right corner. It demonstrates the market cap, price dynamics, trading volume, trending assets and the top gainers for 131 DePIN cryptocurrencies.

Top DePIN tokens by market capitalization: CoinMarketCap

The list of the largest DePIN cryptos by market capitalization can also be found in the “Categories” menu of CoinMarketCap, the most popular crypto tracking website. It demonstrates price performance statistics, daily/weekly/monthly dynamics and the circulating/net supply info about 154 cryptocurrencies.

DePINScan

Unlike veteran websites CoinMarketCap and CoinGecko, DePINScan is a relatively new website. It only tracks DePIN coins, which makes it of paramount importance for everyone diving deep into the sphere.

Wrapping up

DePIN or Decentralized Physical Infrastructure Network is an umbrella term for a class of decentralized solutions for control, management and usage of physical resources. With DePIN, providers and consumers of resources are close to an equilibrium in terms of benefits, cost-efficiency, transparency, security and censorship resistance.

Solana (SOL) is a dominant L1 blockchain for DePIN projects, while TAO, ICP, FIL, RENDER, GRT are the largest DePIN cryptocurrencies by market capitalization. Since 2023, DePIN is one of the loudest narratives in the crypto segment.

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