DePIN Revenue Grows Over 100x in 2024, Messari Research Shows 

DePIN projects saw revenue explode in 2024, reaching over $500 million—a 100x increase from 2022—according to a report from Messari. 

AI-powered DePIN projects dominated revenue streams, followed by off-chain projects. This marks a major shift from the past two years when on-chain developments accounted for nearly all DePIN revenue.

DePIN Growth Trejenctory Mirrors Early DeFi and NFT Boom

Blockchain intelligence firm Messari published its comprehensive update on the Decentralized Physical Infrastructure Networks (DePIN) industry. 

According to the report, the number of active DePIN projects nearly doubled last year. DePIN tokens now represent 5% of the total cryptocurrency market cap. Over 13 million devices worldwide contribute to DePIN operations daily. 

In 2024, 20 DePIN projects exceeded 100,000 active nodes, with five surpassing 1 million nodes.

State of DePIN in 2024. Source: Messari

Investment in such projects also surged, especially at the seed stage. Private markets saw more capital raised at the pre-seed and seed levels than at Series A. In liquid markets, low listing fully diluted valuations (FDVs) were the key driver of high returns. 

Among the top 22 DePIN tokens, only four lost value since their token generation event (TGE). Virtuals Protocol posted exceptional growth, gaining over 30,000% since its TGE. Other projects like NEURAL and NodeAI both grew by more than 2,000%.

DePIN Crypto Projects Returns since TGE. Source: Messari

Late-stage funding primarily flowed into a few standout DePIN projects, backed by leading venture capital firms. These projects often launched tokens valued at 50-100x their book value, frequently achieving multi-billion-dollar FDVs.

Community contributions played a key role in the industry’s growth. Nearly $230 million was raised in 2024 through node sales, crowdfunding, and protocol-owned liquidity pools.

Meanwhile, Solana and Base emerged as leaders in network infrastructure and consumer-focused applications, respectively. Solana’s low-latency design continues to attract infrastructure innovators, while Base benefits from Coinbase’s established brand and retail reach.

Overall, the DePIN momentum remained strong heading into 2025. Sui DePIN, the first DePIN layer on the SUI blockchain, recently announced its upcoming Initial DEX Offering (IDO). 

In December, Chirp launched Kage, the first play-to-earn (P2E) game on the Sui blockchain. Kage combines gaming with IoT utility, featuring a treasure hunt inspired by “Pokémon Go” that rewards players through blockchain incentives.

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