Messari – Escape Velocity Report Puts DePIN on a $10 B Valuation, Highlights Resilient On‑Chain Revenues
January 29 2026 – Cointelegraph – A joint “State of DePIN 2025” study released by research firm Messari and venture studio Escape Velocity argues that decentralized physical‑infrastructure networks (DePIN) have quietly matured into a $10 billion market. The analysis says the sector generated roughly $72 million of on‑chain recurring revenue in the preceding year, a figure that the authors claim outpaces the growth patterns of many other crypto‑related verticals.
From Hype‑Driven Token Swings to Real‑World Cash Flow
DePIN projects that launched between 2018 and 2022 have seen their native tokens tumble between 94 % and 99 % from all‑time highs. Despite the steep price corrections, the report notes that a handful of leading networks now report verifiable, recurring revenue streams. These companies are trading at 10‑ to 25‑times annual revenue, a multiple that Messari describes as “significantly undervalued given the sector’s growth trajectory.”
The research contrasts the early‑stage “DePIN 2021” environment—characterized by heavy token inflation, speculative retail demand and heavy reliance on subsidies—with the present “DePIN 2025” landscape, where usage‑based fees and genuine customer contracts drive earnings. According to Messari, this transition reflects a broader shift from token‑subsidized expansion toward infrastructure that monetises bandwidth, compute, energy and sensor data in the same way as traditional telecom or cloud providers.
Voices from the Front Line
Markus Levin, co‑founder of the location‑verification platform XYO, told Cointelegraph that the sector’s valuation is beginning to echo its underlying economic activity rather than price speculation alone. “Revenue matters more than token price in DePIN,” Levin said, noting that the market’s maturity is prompting investors to focus on cash‑flow metrics that remain robust even when token markets are flat.
Revenue Resilience Compared With DeFi and Layer‑1s
Messari’s data sets DePIN’s earnings growth against that of decentralized finance (DeFi) protocols and major layer‑1 blockchains. While many DeFi platforms and L1 networks have seen revenue contracts shrink during the current bear market, DePIN projects have continued to expand. For instance, the Helium network (HNT) and GEODNET (GEOD) experienced token price declines of roughly 77 % and 41 % respectively from December 2024 to December 2025, yet their on‑chain revenues rose approximately eight‑fold and 1.7‑fold over the same period.
The report’s “DePIN Leaders Index” spotlights fifteen projects that each meet a threshold of at least $500 k in annual recurring revenue and have raised a minimum of $30 million. These projects span four verticals—bandwidth, compute, energy and sensor data—illustrating the breadth of real‑world use cases that are emerging.
Emerging “InfraFi” Model Blurs DeFi‑DePIN Lines
A notable trend highlighted in the study is the rise of “InfraFi,” a hybrid model where stable‑coin holders fund tangible infrastructure assets and earn yields derived from the assets’ operational cash flow. Early examples cited include USDai, Daylight and Dawn, which channel user deposits into GPU farms, renewable‑energy installations and broadband nodes. USDai alone has amassed close to $685 million in deposits, suggesting that capital is increasingly flowing toward tokenised, revenue‑generating infrastructure.
Funding Landscape
2023 marked an all‑time high for DePIN fundraising, with roughly $1 billion secured—up from $698 million in 2022 and well above historic averages. The influx of capital appears to be directed toward projects that can demonstrate sustainable earnings without prolonged reliance on token incentives.
Analyst Takeaways
| Takeaway | Implication |
|---|---|
| Market size reaches $10 B | Signals that DePIN is transitioning from a niche experimental space to an established infrastructure layer. |
| On‑chain revenue of $72 M (2024) | Indicates that a growing share of activity is being monetised directly on‑chain, providing transparent financial metrics. |
| Token price decoupling from revenue | Investors may start valuing projects on cash‑flow multiples rather than speculative price momentum. |
| Revenue multiples of 10‑25× | Suggests potential upside for projects that can sustain or accelerate revenue growth. |
| Resilience versus DeFi/L1s | Positions DePIN as a comparatively defensive asset class in prolonged market downturns. |
| Emergence of InfraFi | Opens a new avenue for stable‑coin holders to earn yield while supporting real‑world assets, potentially attracting more traditional finance participants. |
| Regulatory and competitive pressure varies by vertical | Sectors such as mapping and robotics may face tighter oversight, while bandwidth and compute face fewer barriers, influencing future growth paths. |
What’s Next for DePIN?
The Messari‑Escape Velocity report concludes that the “big divider” among DePIN projects will be their ability to generate revenue from genuine customers without extensive token‑based subsidies. Projects that can secure enterprise contracts and meet the scaling demands of AI‑driven workloads are expected to capture the majority of upcoming capital and market share.
As the sector continues to embed itself in real‑world infrastructure, analysts will be watching whether the revenue multiples stay elevated or converge with traditional telecom and cloud valuations. For now, the data suggests that DePIN has carved out a niche that is both financially transparent and relatively insulated from the volatility that still plagues much of the broader cryptocurrency market.
Source: https://cointelegraph.com/news/depin-revenues-grow-despite-token-losses?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
