DePin Case Studies

Decentralized Physical Infrastructure Networks or DePin for short, is the integration between blockchain and infrastructure networks. DePin currently exists in industries like energy, telecoms, storage, AI, and data collection.

During the last crypto cycle, many projects rode the DePin hype by identifying problems that had large market opportunities but turned to crypto tokenomics when the core product failed to gain traction, in either demand and supply.

However, to those that survived, many companies took the time to build out their infrastructure, to the point where many generate sustainable revenues by solving existing problems, even independent of tokenomic flywheels. Let’s go through some of them!

Geodnet (real-time kinematics)

Core Problem Being Solved

Traditional GPS systems often lack the precision required for advanced applications which demand centimeter-level accuracy rather than meter-level precision. Geodnet’s solution improves positioning accuracy by up to 100x compared to conventional GPS technologies.

Target Customers

Geodnet serves industries that depend on high-precision geospatial data, including:

- Autonomous Vehicles

- Agriculture

- Smart Cities

- Defense and Security

- Space Exploration

Revenue Model

- Data Licensing: Selling geospatial data to commercial clients.

- Node Participation Fees: Fees associated with miner installations and usage.

- Partnerships: Collaborating with industries such as agriculture and autonomous systems to integrate Geodnet services into existing workflows.

In 2024, Geodnet reported revenue growth of over 500% YoY, reaching $1.7M with a run-rate exceeding $2.2M by the end of the year

Tokenomics

Geodnet uses its native GEOD token to incentivize participants:

- Miners earn tokens based on data contribution and network uptime.

- Burn Mechanism: Tokens are burned during data transactions, adding deflationary pressure.

- Daily Earnings: Average daily earnings per miner are approximately $4.30, with an estimated payback period of 3-4 months.

- Circulation: Tokens are distributed to ensure liquidity while incentivizing early adopters.

- Token Utility: Used for payments, staking, and governance within the network.

Participation and Contribution

1. Becoming a Miner:

- Purchase a miner device (cost ranges from $500–$700).

- Set up and connect the miner to the network, uploading 20-40GB of data per month.

2. Using the Network:

- Access RTK correction data through subscriptions or direct purchases.

3. Developing Applications:

- Build software leveraging Geodnet’s data for specific industries.

4. Governance:

- Participate in protocol governance by staking GEOD tokens and voting on proposals.

Helium (wireless infra)

Core Problem Being Solved

Traditional mobile network operators (like T-Mobile) require massive capital expenditures to build cell towers, maintain infrastructure, and expand coverage. Helium solves this by creating a decentralized wireless network that leverages community-owned hotspots to provide affordable, scalable, and resilient connectivity for mobile and IoT devices.

Target Customers

1. Consumers – Offers affordable mobile plans ($20/month) for unlimited data through its decentralized network.

2. Telecom Providers – Enables WiFi offloading for major carriers, reducing their infrastructure costs.

3. IoT Device Manufacturers – Provides connectivity for low-power IoT devices via LoRaWAN protocols.

4. Businesses and Enterprises – Helps organizations deploy private wireless networks for asset tracking, sensors, and environmental monitoring.

Revenue Model

Helium generates revenue through two primary streams:

1. Direct-to-Consumer Mobile Plans:

- Offers $20/month unlimited plans using both Helium hotspots and partner networks (e.g., T-Mobile).

2. Carrier WiFi Offloading Fees:

- Charges telecom providers $0.50/GB to offload data through Helium’s decentralized hotspots instead of traditional cell towers.

Financial Performance

- Subscribers: Over 100k direct mobile subscribers and 300k+ indirect WiFi offload users.

- Revenue: Generated seven-figure annualized on-chain revenues from mobile subscriptions and carrier offload fees.

- Projections: With carrier partnerships scaling, estimates suggest potential revenues exceeding $50M annually from WiFi offloading alone.

Tokenomics

Helium’s HNT Token is central to its incentive and payment structure:

1. Earning Rewards:

- Hotspot operators earn HNT for providing coverage and transferring data.

2. Utility:

- Tokens are used for network transactions, payments for data usage, and governance proposals.

3. Burn Mechanism:

- HNT tokens are burned when used to pay for network services, reducing supply and creating deflationary pressure.

How to Participate, Contribute, and Access Helium

1. Hotspot Deployment:

- Purchase and set up Helium-compatible hotspots to provide network coverage and earn HNT rewards.

- Select from 16 approved hardware types designed for IoT or mobile offloading.

2. Consumer Plans:

- Subscribe to Helium Mobile’s $20/month plans for affordable mobile data coverage.

3. Carrier Partnerships:

- Telecom providers can integrate with Helium to offload data traffic, lowering operational costs.

4. Governance and Staking:

- Stake HNT tokens to participate in network governance, propose upgrades, and vote on key changes.

Akash (compute)

Core Problem Being Solved

Akash addresses the high costs, scalability limits, and centralization of traditional cloud computing providers like AWS, Google Cloud, and Microsoft Azure. Akash solves this by providing a decentralized cloud compute marketplace, which allows users to monetize idle machines while being lower cost.

Target Customers

1. AI Developers – Require high-performance GPUs for training and deploying machine learning models.

2. Startups and Enterprises – Need affordable and scalable cloud computing to support data processing, storage, and AI-driven applications.

Revenue Model

Akash generates revenue through:

1. Marketplace Fees – Charges transaction fees on compute leasing and payments processed through the network.

2. Compute Resource Leasing – Earns a share of revenues generated from GPU and CPU rentals for AI training and workloads.

3. Developer Tools – Monetizes API integrations and SDK licensing fees for developers using its compute infrastructure.

4. Enterprise Partnerships – Collaborates with AI labs and decentralized platforms to scale computing capabilities.

Financial Performance

- Annual Revenue: Akash reported $2.5 million in 2024 from compute leasing and fees.

- Growth Rate: Experienced 33x growth in demand for GPU computing resources, driven by AI adoption.

- Network Scale: Supports 400+ GPUs

Tokenomics

Akash uses the AKT token for payments, governance, and incentives.

1. Utility:

- Payments – Buyers pay for compute resources using AKT tokens.

- Staking – Providers stake tokens to secure jobs and improve reputation.

2. Incentives:

- Providers earn AKT tokens for supplying compute resources.

- Tokens are distributed based on uptime, performance, and job completion.

3. Governance:

- Token holders can propose upgrades and vote on protocol changes.

4. Burn Mechanism:

- Fees are burned, reducing token supply and adding deflationary pressure.

How to Participate, Contribute, and Access Akash

1. As a Provider:

- Set up GPUs, CPUs, or storage servers on the Akash network.

- List resources, set prices, and start earning AKT tokens.

2. As a Consumer:

- Use the Akash web interface or CLI to lease compute resources.

- Deploy AI training workloads, web services, and decentralized apps.

3. As a Developer:

- Access APIs and SDKs to integrate Akash’s services into applications.

- Utilize GPU clusters for deep learning training or inference tasks.

4. Governance Participation:

- Stake AKT tokens to vote on network upgrades and resource pricing policies.

Looking Forward

The above was just a shortlist of projects that work and have sustainable revenues. The following months will undoubtedly see an increase in acceptance of DePin and produce more sustainable, scalable, and profitable companies.

The list of companies were consumer-facing, but another aspect I am excited about is infrastructure. The underlying blockchain, oracle services, smart contract services, middleware, integrations, token launch services, and more, are a sector of companies that will benefit immensely from increased usage of DePin projects. Some examples include Solana, Peaq, Base, Story, Arweave, Opacity Network, and DeForm.

- Paul Veradittakit