Deep Dive: Solana DePIN - November 2024

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Syndica Deep Dive: Solana DePIN - November 2024

Hivemapper revenues have skyrocketed since June. The protocol achieved 796% revenue growth, with Helium and Render also posting impressive growth figures.

Srcful has seen massive contributor growth since June. While most DePIN protocols cooled in active contributors, Srcful saw an impressive 274% increase.

Render contributors received hefty payouts. Render contributors earn about $2k on average, significantly surpassing the sub-$300 average rewards of most protocols.

Part I: Mapping

Hivemapper demand reached an ATH. USD burned through $HONEY tokens surged 2.4x in November, reaching $141k. On November 26th, a Map Improvement Proposal was introduced to increase the price of map credits by 50%, which is expected to result in more $HONEY being burned per kilometer of map data.

The NATIX incentive mechanism is working. The network gave 20% more USD in rewards to 38% more contributors. The team recently launched VX360, a device that allows Tesla drivers to access and monetize their camera data, adding a new product line and valuable dataset to the network.

Wingbits' flight network database is scaling up. In just one month, the network expanded coverage by 20%, tracking 8% more daily flights. Live stations are expected to double with the upcoming delivery of hardware sold during October presales.

Part II: Wireless

Helium Mobile demand extended a 6th-month uptrend. Data credits burned and data transferred hit new ATHs in November, rising 13% due to strong offload carrier demand and increased network usage. Data credits directly reflect the amount of data transferred, creating a mirrored relationship between the two.

Helium Mobile's carrier offload initiative continues to scale rapidly. Average offload subscriber count and offload data hit new ATHs, surpassing 200k daily subscribers and 5TB of data.

Helium Mobile offload subscribers outpaced hotspot growth. Despite the increasing number of hotspots, the number of subscribers per hotspot increased by 14%.

Offload carrier dependency on Helium Mobile stabilized. Offload carrier dependency is the amount of data routed through Helium Mobile, on average, by an offload subscriber. After four months of steady growth, dependency on Helium Mobile dropped by 15% in November.

Roam user count surged 4.6x in November. Cumulative user count now tops 1.5M. New WiFi setups stabilized at the 100k range. Roam provides free eSIM data through daily app check-ins, with competitive pricing and free data incentives, likely attracting new users.

XNET offload data continued a three-month growth streak. The rise in offload data indicates growing usage by onboarded cellular providers.

XNET has burned $68M worth of tokens. The XNET Foundation allocates a significant portion of revenue from Network Operators to reduce $XNET supply. This brings value back to token holders due to the deflationary mechanism.

XNET contributors have remained consistent. However, $XNET rewards paid out dropped by 21%.

Part III: Compute, AI, & Data

Render's revenue has exceeded $200k for two consecutive months. Despite recent revenue growth, the number of active Render node operators has remained stable.

Nosana inferences reversed a five-month downtrend. Monthly inferences grew by 50% despite active GPU operators and $NOS rewards declining slightly.

Nosana revenue is back on the rise. The increase in inferences pushed Nosana's revenue up 18%.

Kuzco’s GPU supply has stabilized. Kuzco's epoch one concluded on November 18, and the network remained paused for the remainder of the month.

Grass demonstrated impressive growth in data collection. Grass is now collecting 131TB of data per day, highlighting its robust data collection capabilities. The network's scale continues to grow, as reflected in its progress from November to December.

Grass released the first video-audio interleaved dataset called VALID. The dataset is designed to handle multiple modalities (audio, visual and textual) simultaneously. This is crucial for training machine learning models in tasks such as multimodal learning.

Part IV: Energy

Srcful gateways continue to proliferate. Installed gateways increased by 55% in November. Despite the increase in devices, power production continued to decline, reflecting seasonality.