Best DePIN Projects

Best DePIN Projects in 2024

DePIN projects are one of the most widely discussed crypto narratives online, with the sector's market capitalization currently estimated at $21.3 billion dollars. While all DePIN platforms strive to build long-term infrastructures for physical and digital assets, there are several important differences, particularly in the blockchains used and the use cases of the project's tokens.

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1. Render (RENDER)

Render Network stands out as the leading DePIN project overall in 2024, having just reached a market cap of $2.4 billion. Established in 2017, Render Network revolutionizes GPU cloud rendering by decentralizing the process, leveraging Ethereum-based blockchain technology. This platform connects users needing rendering services with owners of high-performance GPU power, enabling artists, individuals, and businesses to scale their rendering tasks more affordably and efficiently.

The project's multi-tier pricing protocol, based on a reputation system, enhances cost efficiency and minimizes power consumption, making it a foundational element for emerging digital products in the metaverse. Governed by The Render Network Foundation, the community voted on incentives to upgrade the RNDR token to RENDER which now has a circulating supply of 73.4%. Moreover, Render Network taps into the AI crypto narrative, solidifying its status as a top-performing asset in both categories.

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2. Helium (HNT)

Helium is recognized as the best DePIN application on Solana, boasting a valuation of $1 billion and having raised $360 million from prominent investors such as a16z, Multicoin Capital, and Pantera Capital. This decentralized infrastructure project revolutionizes the deployment and operation of wireless networks through token incentivization. By leveraging blockchain technology, Helium stimulates individuals to host hotspots—physical devices that provide network coverage—and rewards them with HNT tokens.

This innovative approach has led to the deployment of approximately 379 million active Helium Hotspots worldwide, greatly enhancing IoT device connectivity and asset tracking. Helium's strong social and market activity is reflected in its top ranking on LunarCrush’s AltRank. By rewarding users for setting up hardware devices, Helium fosters a global, community-driven ecosystem, encouraging active participation and expanding the network's reach and utility.

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3. Akash Network (AKT)

Akash Network has gained 390% over the past year, reaching $737.23 million market capitalization, making it the best-performing DePIN coin on the list. Akash Network, an open-source, decentralized platform, disrupts cloud computing by securely and efficiently selling computing resources. The Akash Compute Marketplace lets users lease cloud computing resources and deploy them via the Akash Container Platform using onchain records for Akash Token (AKT) transactions.

Constructed utilizing the Cosmos SDK on a blockchain powered by Tendermint, Akash Network functions as a supercloud platform, offering a unified layer above all other cloud providers. Through a peer-to-peer marketplace, this innovative method directly connects cloud solution providers and buyers, reducing reliance on large tech companies. Notably, Akash is the first blockchain to establish smooth connectivity with other IBC-compatible blockchains by using the Cosmos Hub.

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4. BitTorrent (BTT)

BitTorrent is the best DePIN protocol on Tron, leveraging the BTT TRC-20 utility token within its expansive ecosystem. With a market cap of $806 million and a circulating supply of 97.8%, BTT plays a crucial role in the BitTorrent Chain (BTTC) Ecosystem, serving as a gas token for transactions and incentivizing miners. Blockchain technology is integrated into the BitTorrent protocol, which has been a leader in decentralized file distribution since its inception in 2011.

BTT facilitates multiple functions within the BitTorrent ecosystem, including incentivizing users to share bandwidth, acting as a currency for premium content and better download speeds, and engaging with various dApps. The network is based on a Proof-of-Stake (PoS) mechanism, in which users stake BTT tokens to participate in governance and receive rewards. Furthermore, BitTorrent's decentralized file-sharing protocol optimizes the distribution of large files, making it more efficient as the user base grows.

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5. Filecoin (FIL)

Filecoin is known as the longest-lasting DePIN platform, having remained relevant and useful since its inception in August 2017. Filecoin is a peer-to-peer network that stores files using economic incentives and cryptography to ensure long-term reliability. Users pay storage providers to keep their files, and the providers use proof-of-replication and proof-of-spacetime mechanisms to demonstrate continuous storage. Filecoin's FIL price however is down by 63% since its peak in early 2021.

This decentralized approach creates an open market where the availability and price of storage are not controlled by any single entity, allowing for a range of use cases from Web3 native assets and metaverse storage to cost-effective archiving of Web2 datasets. The native FIL token incentivizes persistent storage, with providers earning FIL for their reliable service or by committing storage capacity. Filecoin raised $257 million in its 2017 ICO and only 29.3% of the maximum 2 billion FIL tokens are currently in circulation.

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What is DePIN?

Decentralized Physical Infrastructure Networks (DePINs) merge blockchain technology with physical infrastructure like telecommunications. DePIN, overseen by DAOs, advocates for group decision-making, boosts transparency, and decreases central control. The use of artificial intelligence in DePINs represents the next stage of technological advancement.

DePIN employs tokenomics models based on utility to motivate individuals to support and sustain infrastructure through token rewards. Trading, staking, or utilizing these tokens within the network all contribute to the sustainability of the ecosystem. DePIN aims to enhance infrastructure endurance and efficiency by utilizing the combined work of a decentralized community.

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How Does DePIN Work?

Decentralized Physical Infrastructure Networks (DePIN) blend physical infrastructure with blockchain technology to boost cloud efficiency, security, and scalability. This approach decentralizes oversight, enhancing infrastructure resilience and fairness.

By integrating tangible assets with blockchain systems, DePIN transforms resource management and supports more sustainable practices. DePIN projects incorporate several essential elements that move the DePIN flywheel forward:

• Blockchain Architecture: Employs smart contracts to automate tasks, handle fees, and maintain secure, transparent transactions.
• Physical Infrastructure Network: Involves tangible components such as sensors and routers, which participants contribute to data transmission and resource sharing.
• Middleware: Acts as an intermediary, linking physical infrastructure with the blockchain and managing data flow for optimized network performance.
• Offchain Network: Manages transactions that occur outside the main blockchain to boost scalability and facilitate access to external resources like computing power.
• Token Rewards: Distributes cryptocurrency tokens to incentivize service provision and network participation, rewarding users for their contributions.

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What's Coming Next For DePINs?

According to a recent report by FMG, the top 10 trends in the sector include enormous growth potential, with DePIN expected to expand 20 to 120 times by 2028. Layer 1 and Layer 2 blockchains like Solana and Polygon will benefit the most, while middleware breakthroughs are anticipated to lower entry barriers. Miner opportunities are rising, especially in global hardware supply chains.

GPUs are the fastest-growing field, driven by 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 integrate with major operators. Edge AI on smartphones and PCs is a key development area. Finally, DePIN is set to revolutionize the issuance of Real-World Assets (RWA), unlocking liquidity and providing new financial opportunities.

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Bottom Line

The best DePIN projects in 2024 include Render (RENDER), Helium (HNT), Akash Network (AKT), BitTorrent (BTT), and Filecoin (FIL). Render Network stands out as the leading DePIN project overall, revolutionizing GPU cloud rendering with its Ethereum-based blockchain platform. Helium excels in deploying decentralized wireless networks on Solana, fostering global IoT connectivity.

Akash Network disrupts cloud computing by providing a decentralized marketplace for computing resources. BitTorrent leverages the BTT utility token to enhance decentralized file distribution on the Tron network. Filecoin, the longest-lasting DePIN platform, creates a peer-to-peer network for reliable file storage using economic incentives and cryptography.