Messari: DePIN Hits $10B Valuation, $72M On‑Chain Revenue—Tokens May Be Undervalued
Messari’s joint report with Escape Velocity values the Decentralized Physical Infrastructure Network (DePIN) sector at about $10 billion and verifies roughly $72 million in on‑chain revenue last year. The research documents a shift from subsidy‑driven token cycles (2018–2022) to projects generating real world recurring revenue across categories such as decentralized wireless (WiFi/5G/IoT), distributed compute and storage, peer‑to‑peer energy, and sensor networks. Many early DePIN tokens remain deeply underwater (down 94–99% from all‑time highs), yet leading projects tracked in Messari’s DePIN Leaders Index (15 projects meeting thresholds of ≥$500k ARR and ≥$30m raised) now show verifiable recurring revenues and trade at roughly 10–25x revenue multiples—levels Messari describes as potentially undervalued versus growth prospects. The report finds DePIN revenues weathered the bear market better than many DeFi and layer‑1 chains; some networks even saw on‑chain revenue rise while token prices fell (examples cited include Helium/ HNT and GEODNET). The sector raised about $1 billion in funding last year and is spawning InfraFi models (stablecoin‑funded infrastructure) such as USDai, Daylight and Dawn. Structural tailwinds include Layer‑2 scalability, improved hardware/IoT integration, clearer regulation and growing enterprise/AI demand. For traders, key on‑chain and off‑chain KPIs to watch are recurring revenue growth, verified on‑chain payments, token supply inflation, liquidity/market structure, and enterprise or AI adoption—signals that could trigger a fundamentals‑driven rerating of DePIN tokens.
Bullish
The report highlights improving fundamentals for leading DePIN projects—verifiable recurring on‑chain revenue, stronger revenue retention through the bear market, and fresh funding—while token prices remain far below prior highs. For traders this sets up a potential fundamentals-driven rerating: if revenue growth and enterprise/AI adoption continue, valuation multiples (currently ~10–25x revenue for leaders) could expand. Short‑term impact may be muted or mixed because many tokens suffer low liquidity, high supply inflation, and remain sentiment‑driven; price spikes could be volatile on news or on‑chain revenue beats. Over the medium to long term the news is constructive: it reduces purely speculative narratives and shifts focus to cash flows and KPIs (ARR, on‑chain payments, supply issuance, enterprise deals). Therefore, for traders the announcement is bullish for DePIN tokens that can prove recurring revenue growth and manage tokenomics, but risk remains high—watch liquidity, circulating supply changes, and external adoption signals before allocating significant capital.