MV Global: DePIN Poised to Be Crypto’s Next Major Use Case

September 06, 2024 03:35 PM AEST | By Team Kalkine Media

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MV Global: DePIN Poised to Be Crypto’s Next Major Use Case — Image source: shutterstock

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According to a report by MV Global, decentralized physical infrastructure networks (DePINs) are poised to become a major application in the Web3 space, potentially bringing a significant number of new users to the cryptocurrency ecosystem. The report, released on September 5, highlights the growing interest and adoption of DePINs, noting their potential to drive substantial growth in the sector.

DePINs are blockchain-based protocols designed to decentralize various real-world infrastructures and systems, including communications networks, data storage facilities, and energy markets. The MV Global report indicates that the DePIN ecosystem currently includes over 1,000 projects and has amassed a substantial aggregate market capitalization. These projects leverage token incentives and on-chain governance to address traditional challenges, such as the initial resource investment required for infrastructure and operational costs.

MV Global emphasizes that DePINs effectively demonstrate the capabilities of {blockchain} technology to resolve practical issues and enhance existing infrastructure. For example, connectivity protocols like Helium are disrupting traditional, costly infrastructure models by utilizing crowdsourced funding. Emerging projects such as Destra.network, Chirp, and Andrena are noted for their innovative approaches in this area.

Sensor networks, including Dimo, Hivemapper, and Geordnet, are also highlighted for their role in gathering valuable data through decentralized devices. Additionally, the report identifies decentralized energy storage solutions and marketplaces, such as Daylight, EC3, and Entheos, as significant emerging use cases within the DePIN space.

The report further notes the emergence of DePIN-specific blockchains, such as Peaq and IoTeX, which are being developed to cater to the unique requirements of DePIN projects.

Driven by increasing demand from artificial intelligence (AI) applications, the market for decentralized data storage and computation is projected to reach $128 billion by 2028. This growth underscores the tangible impact that DePINs can have on real-world infrastructure, enhancing connectivity, data capture, and energy management.

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