DePIN Revenue Grows Over 100x in 2024, Messari Research Shows
In Brief
- DePIN revenue increased over 100x in 2024, with AI-driven projects leading and offchain developments gaining traction.
- Over 13 million devices support DePINs daily, with 20 projects surpassing 100K nodes and five exceeding 1 million active nodes.
- Solana dominates infrastructure innovation, while Base leads in consumer applications, attracting key DePIN projects.
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.
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.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
 
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%.
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.
