State of DePIN - June 2025

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Syndica State of DePIN - June 2025

Speaker: Danial Abbasi CoFounder, Head of Research

DePIN is a marketplace where supply meets demand

Successful marketplaces prioritize supply.

Uber: Driver sign-up bonuses

AirBnB: Invested in professional photography

Door Dash: Guarantees minimum earnings for drivers

DePIN’s Flywheel: Supply Growth Powers Success

1. Devices Add Fresh Capacity

2. Improved Capacity Boosts Activity

3. Activity Generates Revenue

4. More Revenue Attract Developers

5. Developers Launch Tokens & Apps

Teams create incentive mechanisms for supply.

Protocols have employed diverse tactics to boost supply.

Roam:
Launched "Roam Growth" with stronger financial incentives for contributors.

Helium:
Held a 1-year anniversary hotspot sale.

Starpower:
Partnered with an equipment supplier to onboard nearly 1M devices.

Solana has done a great job of attracting deployers.

Strong growth spanned multiple sectors despite drop in $SOL price.

Wireless:
+34% YTD data consumed.

Grass:
13.4x YTD data scraped.

Mapping:
+26% YTD kilometers mapped.

Average monthly DePIN revenue increased YoY.

From under $50k 2 years ago, average monthly revenue across protocols soread more than 14x to reach $426k.

How did we create our DePIN developer data database?

We built our DePIN developer activity database by tracking open-source contributions on GitHub for Solana DePIN projects. Of the 31 DePIN projects we track in Solana, only 11 have an active open-source presence on GitHub.

Included: Repository data, extracted commits from all branches and tags, and compiled a list of contributing developers with their data.

Excluded: Forked repos and private contributions from our analysis.

Solana DePIN has seen rapid developer ecosystem growth.

Developer activity accelerated since the second half of 2022.

Solana became the hub for new DePIN protocols.

Solana DePIN Ecosystem

Solana hosts the highest DePIN FDV market cap in crypto.

Since 2024, Solana emerged as the chain with highest FDV, showcasing how Solana houses some of the biggest protocols.

Supply side is king. – Andrew Chen, General Partner at a16z