Top 5 DePIN Projects in 2024

Best DePIN Projects in 2024

To find the best DePIN projects we've personally downloaded and tested over 20 decentralized physical infrastructure networks. Our analysts looked at recent price performance, technological innovation, geographical distribution, generated revenue, and token incentives for holders and stakers.

Here’s the table ranking of the top 5 DePIN projects in 2024.

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1. Render (RENDER)

Render Network is the top DePIN project of 2024, providing decentralized GPU computing for digital creators and AI developers. It features Proof of Render, which offers secure, verifiable power for 3D and AI rendering tasks. Render Network has a $3.21 billion market cap and over 170,000 holders, with 80.1% of RENDER tokens already migrated to Solana from Ethereum.

This platform supports projects in VR, AR, and generative AI, driving thrilling digital art experiences. Creators can benefit from Render's configurable GPU resources to remove traditional rendering bottlenecks. As a pioneer in decentralized computing, Render Network presents artists with the freedom to build at scale.

• ROI in 2024: 29.49%.
• Type of DePIN: Decentralized GPU Computing.
• Key Feature: Proof of Render system.
• Funding: $47.24 million with a $30 million funding round.

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2. Grass (GRASS)

Grass was the most anticipated DePIN project of 2024, with nearly two million users claiming over 67 million GRASS tokens in its airdrop. Grass enables users to earn rewards by sharing unused internet bandwidth, which is used by businesses and research institutions for data collection and AI training. Grass is redefining internet incentives, assisting users to benefit from their connectivity.

A key feature is its data rollup and zero-knowledge processor, which ensure data provenance and privacy, addressing transparency issues in AI. With over 2.5 million users, Grass sets high standards for security, partnering with companies like Avast and McAfee. The token recently hit an all-time high of $3.89 and ranks among the top traded cryptos on exchanges like Bybit.

• ROI in 2024: 316.71%.
• Type of DePIN: Internet Bandwidth Sharing.
• Key Feature: Data rollup and ZK processor.
• Funding: $4.50 million in Series A (led by Hack VC).

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3. Bittensor (TAO)

Bittensor is the leading DePIN and AI project of 2024, with a market capitalization of $4.3 billion after a 121% gain this year. It enables users to create and compete for valuable digital commodities, like machine intelligence and compute power. The platform operates through specialized subnets, where miners deliver top-performing digital outputs, and validators assess quality.

Bittensor’s native token, TAO, rewards miners, validators, and stakers for their contributions and supports staking through the Opentensor Foundation’s validation pool. This framework pushes innovation across decentralized infrastructure networks and other data-driven applications while maintaining transparency and quality standards.

• ROI in 2024: 121.29%.
• Type of DePIN: Decentralized AI Computing.
• Key Feature: Task-specific subnets.
• Funding: $0, completely community-owned.

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4. Helium (HNT)

Helium is the leading DePIN project on Solana, creating a decentralized wireless network for IoT (Internet of Things) and mobile connectivity. The project was funded for over $360 million from investors like Andreessen Horowitz and Pantera Capital. Helium's main token is HNT but the network also uses specific tokens like IOT for IoT connectivity and MOBILE for 5G services.

The network operates via Helium Hotspots, where users are incentivized with HNT tokens to provide wireless coverage, leveraging the unique Proof-of-Coverage (PoC) consensus to verify reliable service. So far the project has approximately 376,546 Hotspots globally, with 356,052 on IOT and 20,494 on MOBILE.

• ROI in 2024: -4.61%.
• Type of DePIN: Decentralized Wireless Network.
• Key Feature: Proof-of-Coverage (PoC) consensus.
• Funding: $360 million across six funding rounds (a16z lead).

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5. Akash Network (AKT)

Akash Network is a decentralized cloud marketplace that connects users in need of computing resources with providers, offering a cheap alternative to traditional cloud services. Operating like an "Airbnb for cloud computing," Akash allows users to lease compute power from underutilized resources in data centers worldwide.

It works by using a reverse auction model, where tenants specify their deployment needs and providers bid to offer the best price, creating a lease once a winning bid is selected. Despite the recent price drop, Akash’s native token, AKT, has seen a 166% increase over the past year, though it has dipped from a peak market cap of $1.42 billion to $658 million, suggesting potential for future growth.

• ROI in 2024: 12.04%.
• Type of DePIN: Decentralized Cloud Marketplace.
• Key Feature: Reverse auction model.
• Funding: $2.80 million.

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What is DePIN?

DePIN, or Decentralized Physical Infrastructure Network, refers to crypto projects that enable individuals and organizations to collectively build and own physical networks, like wireless connectivity or cloud storage, using blockchain. These projects provide a decentralized approach to infrastructure by attracting participation through on-chain token rewards like airdrops.

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Types of DePIN Projects

DePIN projects are categorized into two main types: Physical Resource Networks (PRNs) and Digital Resource Networks (DRNs).

PRNs incentivize location-dependent resources, such as energy production and network connectivity, rewarding users for deploying hardware in specific locations. DRNs, on the other hand, offer global, location-independent services like cloud storage and computational power, making these resources accessible to users regardless of their physical location.

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What are DePIN Tokens?

DePIN tokens are cryptocurrency incentives that drive participation and resource-sharing within DePIN projects. By distributing tokens, these projects encourage users to contribute infrastructure and services, creating community-owned networks that eliminate reliance on traditional centralized providers while maintaining user control and network transparency.

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How Does DePIN Work?

DePIN projects incorporate several essential elements that move the DePIN flywheel forward:

• Blockchain Architecture: Relies on smart contracts to automate processes, manage fees, and ensure secure, transparent transactions.
• Physical Infrastructure Network: Includes hardware elements like sensors and routers, which participants contribute to support data transmission and resource sharing.
• Middleware: Serves as a bridge between physical infrastructure and blockchain, managing data flow for faultless network operation.
• Offchain Network: Handles transactions off the main blockchain with access to external resources such as computing power.
• Token Rewards: Allocates cryptocurrency tokens as rewards, encouraging user participation and contributions to the network.

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Why is Solana good for DePIN?

Solana is ideal for DePIN because its high-speed transactions and low fees allow DePIN networks to handle large user bases and real-time data efficiently. Its smart contract functionality supports complex, multi-layered DePIN elements like IoT, wireless, and cloud services.

With a growing number of DePIN projects already migrating (Render, Helium), Solana arms DePIN projects with a tested blockchain environment that keeps costs low and performance high.

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What's Coming Next For DePINs?

A recent report of the top 10 DePIN trends shows enormous growth potential between 20 to 120 times by 2028. According to the paper, Layer 1 and Layer 2 blockchains like Solana and Polygon will benefit the most, while middleware breakthroughs will be key to lowering entry barriers. There are increasing opportunities for miners, particularly in global hardware supply chains.

GPUs are the fastest-growing field, thanks to AI and decentralized computing. Fierce competition is expected in AI, led by projects like Bittensor. Sensors will play a crucial role in AI data collection, and DePIN wireless networks aim to interact with major operators.

Edge AI on smartphones and PCs is a key development area. Finally, DePIN will benefit the issuance of Real-World Assets (RWA), potentially unlocking trillions in liquidity and providing new financial opportunities for other crypto sectors.

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Bottom Line

DePIN is a hot crypto narrative that became popular in late 2023. Since then, DePIN protocols and their tokens have grown into a $32 billion market, with projects like Render, Grass, and Bittensor at the forefront. By combining blockchain with real-world infrastructure, these networks offer decentralized services across connectivity, computing, and storage.