Solana

In the fourth quarter, Helium's native token, HNT, experienced a significant decline, with its circulating market capitalization dropping from $1.3 billion to $1.0 billion, marking a 20% quarter-over-quarter decrease. The token's price also fell by 22%, decreasing from $7.54 to $5.88. Despite this downturn in the market, the Helium network continued to expand, particularly in the area of hotspot adoption. According to a report from Messari, Helium Mobile's number of hotspots grew by 14% QoQ, reaching 24,800 from 21,800. The service's unlimited plans remain competitively priced compared to traditional telecom providers in the US, and the introduction of the Discovery Mapping feature has incentivized users to share location data, although rewards have recently shifted from HNT to Cloud Points. During the recent Hurricane Helene in North Carolina, Helium Mobile showcased its utility by maintaining operational hotspots that provided 5G coverage while many were left without electricity or water. The team also took proactive measures by distributing emergency kits, including Starlink devices, to assist affected communities. In addition to Helium Mobile, the IoT network also saw a 20% increase in hotspots during Q4, with a total of over 375,000 hotspots onboarded since migrating to Solana in early 2023. However, despite rapid infrastructure growth, demand has not yet caught up, as evidenced by low daily data credits (DC) usage. Helium has faced controversies in the past, including allegations that its founders hoarded a significant portion of early token rewards, with insiders reportedly mining millions of HNT tokens worth $250 million at their peak. Additionally, Helium faced criticism for overstating partnerships, such as with Lime, the rideshare company, which clarified that their relationship was limited to a 2019 test. Similar issues arose with Salesforce, which denied any partnership, leading Helium to remove their logos from promotional materials. These controversies have raised questions about the company's transparency and the sustainability of its growth strategies.

In February, the decentralized physical infrastructure network (DePIN) associated with Solana [SOL] experienced a notable rebound, driven by significant user growth in key projects such as Helium and Hivemapper. Helium Mobile reported a remarkable ninefold increase in users, reaching 145,000, marking its highest growth in a year. Hivemapper, a community-driven alternative to Google Maps, also saw its demand triple due to the introduction of new mapping devices. Collectively, these projects maintained steady revenues of approximately $350,000, indicating a stabilization in the DePIN sector for 2025. The resurgence of DePIN could potentially serve as a catalyst for SOL's value, especially following a significant decline in meme-coin activity that adversely affected Solana's decentralized exchange (DEX) volumes. In January, during the peak of DEX activity, SOL reached a record high of $295, largely fueled by the excitement surrounding the TRUMP memecoin. However, a subsequent 60% drop in DEX volumes led to a decline in SOL's value, which has since stabilized above the $120 support level. The question remains whether DePIN can fill the void left by meme coins and bolster SOL's value moving forward. Despite the resurgence of DePIN, the overall network activity within the Solana ecosystem remains heavily influenced by meme coins. Active addresses surged to 5.7 million during the TRUMP meme-coin craze in mid-January but saw a decline throughout February. Although there was a slight increase in active addresses to 4.4 million, this was followed by a drop to 2.7 million by the end of the month. By mid-March, the number of active addresses stabilized at 3.11 million, reflecting a 45% decrease from January's peak. As of now, SOL is valued at $130, maintaining its position above the critical 2024 support zone, leaving uncertainty about whether it can avoid further corrections.

In 2025, the DePIN track is emerging as a vital link between Web3 and real-world applications. According to the "DePIN Annual Report" by Messari, over 13 million DePIN devices are currently operational globally, contributing to infrastructure networks. Despite being in its infancy and representing less than 0.1% of the trillion-dollar terminal market, DePIN has attracted more than $350 million in early funding. As the on-chain battle intensifies in 2024, Solana is leading the charge in network infrastructure, while ROAM has gained significant traction with nearly 3 million WiFi nodes and 2.5 million users, showcasing its rapid growth and community engagement. Roam's impressive expansion is attributed to its integration of OpenRoaming technology and blockchain DID/VC technology, alongside a business model that combines free eSIM services with token incentives. This approach not only broadens its wireless network reach but also facilitates user entry into the Web3 ecosystem, offering continuous income opportunities. The recent launch of the ROAM token on 12 exchanges, including Bybit and Bitget, saw a remarkable trading volume of $120 million on its first day, establishing it as a leader in decentralized wireless networks. Roam's unique dual deflationary economic model further enhances its revenue potential, shifting focus from supply-side growth to demand-side exploration. Looking ahead, Roam is poised to solidify its position in the DePIN track through innovative applications and robust token economics. The upcoming use cases for ROAM tokens in gaming centers and credit card transactions will enhance user engagement and token consumption. With a total supply of 1 billion tokens and a strategic dual deflationary mechanism, Roam aims to create scarcity and drive long-term value. As it continues to expand its global open wireless network, Roam exemplifies the potential of decentralized technologies in shaping the future of connectivity and AI development, warranting close attention from the blockchain community.

Messari, a prominent crypto research firm, has released its latest report titled "State of Helium Q4 2024," which provides an in-depth analysis of the Helium Network's growth, adoption, and operational advancements during the last quarter of 2024. The report highlights significant metrics, including a staggering 555% increase in offloaded data, totaling over 576 TB. This growth is attributed to the expansion of the DePIN (Decentralized Physical Infrastructure Networks) project, particularly in mobile and IoT network capabilities, showcasing Helium's robust performance in a competitive landscape. In Q4 2024, Helium Mobile experienced a 7% growth in subscribers, reaching over 124,000 users for its unlimited talk and text messaging service, with recent updates indicating this number has surpassed 150,000. The network also saw a 14% increase in mobile hotspots, totaling 24,800, while IoT hotspots grew by 20% to 32,900 following its migration to the Solana blockchain. Notably, partnerships with major telecom companies, such as Telefonica in Mexico, and the integration of Ameriband’s 100,000+ Data-Only Hotspots, have significantly enhanced Helium's coverage and operational capabilities across the U.S. The report also discusses Helium's strategic implementation of HIP 138, which aims to simplify its token structure by unifying under HNT. This change is designed to lower barriers for new participants by redistributing HNT emissions, with 70% directed to the MOBILE subnetwork and 30% to the IOT subnetwork. Furthermore, Helium's inclusion in Coinbase’s COIN50 index and a case study at Harvard Business School underscore its growing relevance in the DePIN sector. As Helium continues to innovate and collaborate, its role as a leader in facilitating global connectivity and supporting other DePIN projects solidifies its position in the blockchain ecosystem.

Ambios Network is revolutionizing environmental monitoring through its decentralized platform that collects real-time air quality data. By leveraging low-cost sensors, Ambios enables transparent data sharing with various stakeholders, including data marketplaces and AI platforms. The upcoming launch of the $AMBIOS token in Q1 2025 on the Solana blockchain, with a capped supply of 1 billion tokens and halving-based emissions for mining, marks a significant milestone for the project. This transition from Algorand to Solana, completed in late 2024, aims to enhance throughput and reduce costs, allowing for efficient microtransactions across its network of over 50,000 users and 8,000 sensors, positioning Ambios among the top decentralized physical infrastructure networks (DePIN). The decentralized approach of Ambios Network offers numerous advantages over traditional environmental monitoring systems. By deploying thousands of citizen-hosted air quality nodes, the platform achieves cost efficiency and extensive coverage, capturing hyperlocal data that centralized systems often miss. The incentivization model rewards individuals for hosting sensors and contributing data, fostering community engagement and long-term participation. Furthermore, the scalability of Ambios allows for democratized access to environmental data, enabling various industries to utilize this information for better decision-making in urban management and public health. Ambios Network's partnerships with notable entities, such as Best Western and CMG Companies, showcase its real-world applications in enhancing indoor air quality and operational efficiency. As the platform prepares for its Token Generation Event (TGE) and continues to expand its ecosystem, it stands to tap into a multi-billion dollar market for accurate environmental data. The strategic migration to Solana not only improves operational efficiency but also positions Ambios to leverage the growing DePIN ecosystem, ultimately benefiting both the community and the environment.

The telecommunications industry is undergoing a significant transformation as traditional operators grapple with financial pressures and outdated business models. Roam (ROAM) is emerging as a disruptive force in this sector by offering a decentralized global WiFi network that connects users to over 3 million access points worldwide. By leveraging blockchain technology, Roam provides a secure, password-free connectivity solution while rewarding users and hosts for their participation. Since its inception, Roam has grown to 1.8 million users, showcasing the market's enthusiasm for its innovative approach to connectivity and economic opportunities. Founded in late 2021 as MetaBlox, Roam quickly evolved into an industry leader, launching its first WiFi-Miner in 2022 and becoming the only official web3 partner of the Wireless Broadband Alliance. The Roam app, released in late 2022, enables users to connect to over 1 million free decentralized WiFi hotspots through OpenRoaming. Despite the challenges posed by the bear market in 2023, Roam has continued to innovate, implementing decentralized identifiers (DIDs) and verifiable credentials (VCs) for enhanced security. The rebranding to Roam and migration to the Solana mainnet in 2024 marked a significant milestone, as the network expanded to over 100,000 nodes and 50,000 app users, further solidifying its position in the market. Roam's vision is to establish a decentralized global WiFi network that transforms connectivity delivery and monetization. Key objectives include creating seamless access to web3 and the metaverse, enhancing data security, and fostering global community participation. The platform incentivizes contributions through Roam Points, which can be converted to tokens after the token generation event. With a comprehensive suite of products, including high-performance routers and a user-friendly app, Roam is positioned to redefine how users access and benefit from internet connectivity, ultimately challenging traditional telecom models and paving the way for a more decentralized future.