According to a report from Messari, revenue in the Decentralized Physical Infrastructure Networks (DePIN) industry exploded in 2024, reaching over $500 million—a 100x increase from 2022. AI-powered DePIN projects dominated revenue streams, marking a shift from previous years when on-chain developments accounted for most of the revenue. The number of active DePIN projects nearly doubled in 2024, with over 13 million devices contributing daily. Investment in these projects also surged, with more capital raised in the seed stage than at Series A. Among the top DePIN tokens, only four lost value since their token generation event (TGE), while others experienced significant growth. Late-stage funding flowed into standout projects, often achieving multi-billion-dollar fully diluted valuations (FDVs). Solana and Base emerged as leaders in network infrastructure and consumer-focused applications. The DePIN industry is set to continue its momentum into 2025, with upcoming initiatives such as the Sui DePIN and the launch of the first play-to-earn game on the Sui blockchain, called Kage.



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