The DePIN Explorer - DePIN Scan

The total value locked (TVL) in various cryptocurrency projects has seen remarkable growth, as highlighted in a recent research document by Phoenix Group, which utilizes data from DeFiLlama. TrueFi (TRU) has emerged as the leading project, boasting a TVL increase of $260.2k, equating to an impressive 424% surge. This growth positions TrueFi ahead of its competitors in terms of locked value, showcasing the increasing investor confidence in decentralized finance (DeFi) markets. Following TrueFi, three DeFi projects—Mint ($MINT), Maple ($MPL), and Zircuit ($ZRC)—have also experienced notable TVL growth. Mint currently holds a TVL of $1.5 million, while Maple and Zircuit report $454.4 million and $890.8 million respectively. This upward trend in TVL indicates a growing trust among investors and heightened activity within the DeFi sector, reflecting a broader acceptance of decentralized financial applications. Additionally, other protocols such as Note ($NOTE), Euler ($EUL), and Velodrome ($VELO) have shown substantial TVL increases, with values rising to $13.5 million, $377.1 million, and $66.7 million respectively. The overall growth in TVL across multiple platforms signifies a diverse and expanding DeFi landscape, driven by enhanced liquidity and user engagement. As protocols like $IDLE, $PUFFER, $BLUE, and $CPOOL report successive growth, the ongoing trends are reshaping the DeFi ecosystem, attracting more capital inflows and reinforcing the foundation of decentralized finance networks.

As technology continues to evolve, the Decentralized Physical Infrastructure Network (DePIN) is emerging as a transformative force in the realm of cloud computing. Built on blockchain technology, DePIN utilizes individual hardware devices, known as nodes, which can range from personal computers to IoT devices. This decentralized network eliminates the need for a centralized authority, enhancing security and transparency while outperforming traditional systems in efficiency and scalability. With the rise of AI applications, decentralized networks are becoming essential for managing data collection and processing, as highlighted by a recent CoinDesk report indicating that the market capitalization of DePIN tokens has exceeded $25 billion, driven by advancements in computing and AI sectors. Several projects exemplify the potential of DePIN technology. Akash, often referred to as the "Airbnb of cloud computing," connects sellers of excess computing resources with buyers, creating an open-source platform for cloud services. Meanwhile, io.net focuses on providing a decentralized GPU network for machine learning applications, boasting 83,000 GPUs and significant cost savings compared to traditional providers. Grass, another DePIN initiative, allows users to share their internet bandwidth in exchange for rewards, while Koii aims to democratize access to decentralized computing by enabling any device to participate in the network, thus broadening the scope of user involvement and reward opportunities. Despite the promising advancements, the DePIN market faces challenges in establishing a sustainable revenue model. Many projects rely on a dual-token system to balance supply and demand, akin to the Goldilocks problem of finding the right equilibrium. To foster growth, initiatives like Koii's EZSandbox are simplifying the onboarding process for developers, providing tools and resources to create and test decentralized applications. Collaborations, such as Koii's partnership with the Web3 search engine Adot, further enhance network efficiency and accessibility. As the reliance on cloud computing grows, DePIN platforms like Koii, Akash, and Grass are poised to reshape the landscape of decentralized computing, making it more accessible and cost-effective for users worldwide.

Bangalore, India’s tech hub, recently hosted the first-ever Solana DePIN Summit on March 25, 2025, marking a pivotal moment for the country’s digital landscape. This event gathered both Indian and international startups focused on Decentralized Physical Infrastructure Networks (DePIN), providing a unique platform for innovators to present their ideas to a global audience of investors. The summit highlights the growing trend of blockchain startups in India, particularly in the DePIN sector, which integrates IoT, energy networks, and wireless communications with blockchain technology to create more efficient and decentralized infrastructure solutions. One of the key players at the summit was Wifi Dabba, a Y Combinator-backed startup based in Bangalore, which served as the title sponsor. Wifi Dabba utilizes Solana's blockchain to enhance broadband access in Tier 2 and Tier 3 cities through a DePIN model, collaborating with local operators under India's PM-WANI initiative. Co-founder Shubhendu Sharma emphasized that Solana's choice of India for its inaugural DePIN Summit underscores the country's growing presence in the Web3 space, as Indian startups leverage blockchain technology to tackle real-world challenges, particularly in bridging the digital divide. Despite having only 41 million fixed broadband connections compared to China's 600 million, India is poised to make significant strides in its digital infrastructure. The DePIN model proposed by Wifi Dabba aims to lower the barriers to entry for broadband access, aligning with the Telecom Regulatory Authority of India's goal of achieving 100 million broadband users by 2030. Events like the Solana DePIN Summit are crucial for amplifying India's role in the global DePIN landscape, showcasing local talent and fostering international collaboration, ultimately positioning India as a key player in Web3 innovations and decentralized infrastructure development.

Grayscale, the world’s largest crypto asset management company, has unveiled its updated list of the Top 20 potential crypto projects for Q2 2025. This latest list introduces three promising newcomers: Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP), while removing Akash, Arweave, and Jupiter. As the crypto market continues to experience volatility, Grayscale is strategically positioning itself to capitalize on emerging trends that could redefine the industry landscape. According to Grayscale's Market Insights report, the first quarter of 2025 witnessed a decline in the cryptocurrency market, mirroring the downturn seen in tech stocks and other high-risk assets. Although Bitcoin's network activity remained stable, interest in meme coins, particularly within the Solana ecosystem, has diminished. Nevertheless, Web3 applications across DeFi, AI, and infrastructure sectors have collectively generated over $2 billion in revenue. Notably, Sui (SUI) has emerged as a leading smart contract platform, boasting rapid transactions and low fees without the need for additional scaling layers, currently holding just 3% of Grayscale’s Smart Contract Platforms index. For Q2 2025, Grayscale is concentrating on three pivotal areas: Decentralized Physical Infrastructure (DePIN), Real World Assets (RWA), and Intellectual Property Tokenization (IP). The addition of Maple, Geodnet, and Story Protocol to the Top 20 list reflects this focus. Maple is a lending platform for institutional clients with a total value locked (TVL) exceeding $600 million, while Geodnet provides real-time positioning data across 130+ countries, generating over $3 million in monthly revenue. Story Protocol aims to tokenize the $70 trillion intellectual property market, attracting high-profile artists like Justin Bieber and BTS. However, Grayscale cautions that these assets are highly volatile and risky, particularly highlighting GEOD's lack of major exchange listings as a significant concern.