The report by Messari on the IoTex platform update: the DePIN sector advances

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Messari, a well-known research company in the blockchain world, recently published a very interesting report on the state of the DePIN IoTeX infrastructure.

This platform is making great progress after implementing the 2.0 update in Q3 2024, and is now ready to lead the next market trend.

In the last quarter, we observe an increase in network activities, an increase in fees collected, and greater participation with the vast web3 ecosystem.

Messari report: what is the DePIN IoTeX infrastructure?

The latest study by Messari is focused on the IoTeX platform, a modular blockchain solution that supports decentralized physical infrastructure networks (DePIN).

It is a network that leverages real-world data, coming from a variety of sources (machines, sensors, dApp) to offer a wide range of new services.

This project combines its EVM-compatible blockchain with the off-chain intermediate computation layer to provide high scalability to its ecosystem.

Technically, IoTeX is a layer-1 that uses a randomized delegated proof (Roll-DPoS) as a mechanism for reaching consensus.

The IOTX token plays a crucial role around this DePIN niche as it allows for expressing a vote around community proposals.

Currently, the IoTeX platform manages approximately 21.8 million dollars as TVL, integrating with dozens of web3 crypto applications.

According to DeFiLlama data, at the peak in 2022, there were 90 million dollars stored within blockchain protocols.

As Messari observes, in the third quarter IoTeX implemented the latest 2.0 update which allowed it to boost the on-chain network metrics

The upgrade aims to support the entire lifecycle of DePIN projects by providing decentralized infrastructure for public goods and governance tools.

Also fundamental is the recent introduction of the ioID protocol, which aims to manage the lifecycle of decentralized identities by transforming hardware devices into publicly verifiable on-chain entities.

We also remember that a few days ago IoteX announced a partnership with the wallet provider MetaMask. This collaboration has allowed the extension of DePIN participation to over 30 million monthly users of the MetaMask ecosystem.

Messari detects growth in the activities of the DePIN IoTex network

As mentioned, the research company Messari reported growing data for the DePIN IoTeX network during the third quarter of 2024.

In particular, it emerged that thanks to the IoTeX 2.0 update, there was a strong increase in both blockchain transactions and active wallets.

Compared to the beginning of the year, the average daily transactions have more than tripled, going from about 12,000 tx to the current 28,000 tx.

If we consider the quarter-on-quarter (QoQ) change, the increase drops to 8%.

In Q3 2024 Messari observes a trend of organic growth in network operations that indicates a strong interest from the DePIN ecosystem.

This positive phase has nothing to do with the individual events of euphoria recorded in recent months such as the inscriptions and the introduction of the bridged assets.

The number of active wallets has also grown in the last quarter, reporting an increase of 13% on a QoQ basis to nearly 4,000 entities.

Since the beginning of the year, partly due to the mania for registrations, the participations of the DePIN network have increased by 80% from the initial 2,600 wallets.

A large part of the success recorded is attributed, however, to the launch of the IoID infrastructure protocol, as part of the 2.0 update

In parallel, the report by Messari highlights how the daily transaction volume has also benefited from the structural improvements of IoteX.

From October onwards, there has been a real boom in the volume traded by users of the decentralized physical infrastructure platform.

The fees increase exponentially after the activation of the DePIN device “ioID”

According to Messari the launch of the IoID protocol was fundamental to increase some network metrics of the DePIN IoTeX project.

This protocol allows the transformation of hardware devices into entities on the chain with verifiable identities. In short, IoID manages the information flows of the real world, transforming it into publicly verifiable on-chain data.

Starting from October 2024, 5,000 identities have been registered and verified thanks to the nearly 500 owners of IoID devices.

The increase in demand for this type of devices has allowed IoTeX to increase the fees collected from its DePIN network.

As Messari indicates, the project attracts 3 types of fees: those of the gas paid in IOTX; those of the DEX as part of the liquidity and those of IoID activation.

Overall, the fees increased by 1261% from a QoQ perspective, reaching 192,000 dollars in the third quarter.

Of this amount, 131,000 dollars are related to the activations of the new DePIN identity protocol, while 53,000 dollars come from the transactions of the DEX.

With the expected growth of activity on IoTeX Layer-1 following the launch of IoTeX 2.0, total fees will increase further in the coming quarters.

Other interesting data

In its report, Messari highlights how the DePIN IoTex project has significantly increased participation with web3 world applications.

In the last quarter, we count the participation of 230 dapps, making IoTex the third largest DePIN ecosystem after Ethereum and Solana.

The main use cases include connected smart vehicles, geo-mapping, energy data tracking, healthcare platforms, and proof of presence and proof of humanity apps.

Furthermore, activities have been recorded that include DeFi, GameFi, and NFT.

In recent months, IoTeX has been committed to providing constant support to projects in its sector through the DePIN Surf Accelerator and the IoTeX Ecosystem Fund.

This collaborative vision with the crypto industry has allowed it to establish a network of complementary services.

Among the major interactions, we highlight those with Network3, Nubila, Wayru, Inferix, Qualio, and PowePod.

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