Messari and Escape Velocity released a State of DePIN 2025 report showing decentralized physical infrastructure networks grew into a roughly $10 billion market last year and generated about $72 million in onchain revenue. The report finds many early tokens are down sharply, yet leading projects now show verifiable recurring revenue and trade at roughly 10 to 25 times revenue.
The study says DePIN shifted from subsidy-driven expansion to revenue tied to real-world usage in bandwidth, compute, energy and sensors. XYO co-founder Markus Levin said revenue matters more than token price, and that valuations are beginning to reflect real economic activity (Ed. note: many DePIN tokens are down about 94%–99% from all-time highs).
The DePIN Leaders Index lists 15 projects that meet thresholds including at least $500,000 in annual recurring revenue and $30 million raised. The report also shows DePIN revenue proved more resilient than decentralized finance and layer‑1 chains in the bear market.
Examples include Helium (HNT) and GEODNET (GEOD), whose onchain revenue rose while token prices fell between December 2024 and December 2025. Funding hit about $1 billion last year, up from $698 million in 2024. The report highlights an emerging “InfraFi” model, and cites USDai, Daylight and Dawn as early examples, with USDai growing to roughly $685 million in user deposits.
