The DePIN Explorer - DePIN Scan

Grass is an innovative decentralized physical infrastructure network (DePIN) project built on the Solana blockchain. It allows users to share their idle internet bandwidth, enabling them to earn passive income while contributing to AI training companies. Participants receive Grass Points, which will later be used as criteria for airdrop distributions. The project aims to transform unstructured web data into structured datasets through its two main components: Grass nodes and Sovereign Data Rollup, which work together to facilitate data sourcing and transformation. The Grass project has successfully raised $4.5 million through two funding rounds, with notable investors including Polychain Capital and Tribe Capital. The development team remains largely anonymous, with Andrej Radonjic, co-founder of Wynd Network, being the only member to disclose his identity. Grass is also partnering with Solana Phone – Saga to integrate its application into mobile devices, as well as Alignment Lab AI, which focuses on developing large language models. This collaboration is expected to enhance the project's capabilities and reach. To participate in the upcoming airdrop, users must register as bandwidth providers and follow a series of installation steps. The project has implemented a referral system that incentivizes users to invite others, allowing them to earn additional points based on their referrals' activities. However, participants are advised to exercise caution, as there are inherent risks associated with sharing bandwidth and installing the necessary software. Overall, Grass presents an accessible opportunity for users to engage in the blockchain ecosystem while contributing to the advancement of AI technologies.

The DePin Grass project has officially commenced trading on multiple exchanges following a successful airdrop. Despite facing some selling pressure from the airdrop, the price of the GRASS token briefly exceeded $1, driven by a significant increase in trading volume. Initially, GRASS was trading at around $0.73 in the pre-market, but after its listing, it surged from a low of $0.65 to a high of $1.10. This remarkable price movement suggests that the market has assigned a fully diluted valuation (FDV) of over $1 billion to GRASS, highlighting strong investor interest in this newly launched token. However, the price later retraced to $0.87, still higher than its pre-market level, indicating sustained optimism among investors. Data from CoinGecko shows that GRASS has surpassed the daily trading volumes of established tokens like Bittensor (TAO) and Filecoin (FIL), with nearly $225 million traded, making it the leading token in the DePin trading volume category. A discussion has emerged regarding GRASS's initial circulating supply, which is stated to be 25% of the total 1 billion tokens. An investor's analysis suggests that the actual circulating supply may be as low as 5-6%. This discrepancy raises concerns about the potential risks associated with investing in GRASS, especially given its high FDV combined with a limited circulating supply. The linear unlock process for GRASS will continue until 2028, with daily unlocks potentially exerting long-term selling pressure on the token's price. As a DePin project developed by Wynd Network, GRASS rewards active users for sharing their internet resources through a browser extension.

As the Decentralized Physical Infrastructure Network (DePIN) sector continues to gain momentum, November 2024 is shaping up to be a pivotal month for investors looking to capitalize on emerging altcoins. These altcoins are increasingly disrupting the crypto market by integrating blockchain technology with real-world applications. Among the top contenders, Bittensor (TAO) stands out with its open-source protocol that supports a decentralized machine-learning network. Despite a recent decline of 15%, trading at $510.86, analysts suggest that this may present a buying opportunity, with potential upward movement toward $681.85 if it maintains above the 50-day Exponential Moving Average (EMA). Filecoin (FIL) is another significant player in the DePIN space, currently trading between $3 and $4. The token has shown signs of recovery, increasing nearly 10% since late October. If bullish momentum continues, FIL could break the $3.85 resistance and rally towards $4.29. Conversely, if the upward trend falters, it may drop to $3.41. JasmyCoin (JASMY), focused on the Internet of Things (IoT), is also worth monitoring as it approaches a breakout from a falling wedge pattern, with a target of $0.034 if successful. Lastly, Livepeer (LPT) and Grass (GRASS) are notable mentions. LPT, despite a 25% decline, has shown resilience at the $10.68 support level, with potential to rise towards $13.27. Meanwhile, GRASS, which recently launched, is still in price discovery mode and could see significant movement if it retests $1. Investors should remain vigilant as these altcoins may experience volatility but also present opportunities for growth in the coming month.

In the latest developments within the cryptocurrency market, Bittensor's token, TAO, has seen a remarkable surge of 7.1% over the past 24 hours, with its trading volume skyrocketing by 104%. This surge coincides with a broader upswing in the crypto market, where Bitcoin has reached an impressive price of $71,500. As a result, many altcoins are benefiting from this bullish trend, but TAO has emerged as a standout performer, trading at $544 at the time of reporting. Other AI-themed coins, such as Injective (INJ) and Near Protocol (NEAR), have also experienced gains, but none have matched TAO's performance. The upward momentum for TAO is further supported by market analysis indicating a growing bullish sentiment among investors. The Long/Short Ratio for Bittensor suggests that long position holders are currently dominating the market, with 50.96% of positions being long. This indicates that most investors are optimistic about the future price movements of TAO. Additionally, the positive funding rate observed over the past week reinforces this bullish outlook, as it shows that long position holders are willing to incur premium fees to maintain their positions during market downturns. As TAO continues to gain traction, technical indicators such as the Relative Strength Index (RSI) have shown an increase from 45 to 50, suggesting rising buying pressure. If the current positive sentiment persists, TAO is well-positioned to reclaim the $584 resistance level. However, if this price increase is driven by speculation alone, there is a risk of a potential decline to $463. Overall, the current market dynamics indicate a favorable outlook for TAO, with the potential for further gains in the near future.