Solana Emerges as Leader in DePIN Projects: A Comprehensive Analysis

The latest research report from Dune and Slice Analytics presents a comprehensive analysis of the Decentralized Physical Infrastructure Network (DePIN) projects on Solana, highlighting their development status, market performance, and on-chain data. DePIN is emerging as a transformative model that utilizes cryptocurrency incentives to operate real-world infrastructure, such as shared GPUs and telecommunications networks. Solana has positioned itself as a leading platform for these projects due to its high throughput and low transaction costs, making it an ideal environment for the growth of DePIN applications. As of April 2025, the total market value of DePIN projects on Solana reached $3.25 billion, surpassing other blockchain platforms significantly.
The report categorizes DePIN projects into five main segments: Compute, Wireless, Sensor, Server, and AI, with the Compute category dominating the market at 71.2%. Projects like Render and Helium are leading the way, providing decentralized processing power and wireless connectivity, respectively. The growth of registered on-chain nodes for DePIN projects on Solana has also been notable, reaching 238,165 by April 2025. Helium, in particular, has seen rapid growth in its mobile user base and node deployment, while Render and Hivemapper continue to expand their contributions to the ecosystem.
As the cryptocurrency industry matures, on-chain revenue has become a crucial metric for evaluating the sustainability of these projects. By April 2025, the total on-chain revenue for DePIN projects on Solana reached $5.98 million, indicating a strong product-market fit. Helium emerged as the top earner, while Render and Hivemapper also demonstrated significant revenue generation. The report underscores Solana’s dominance in the DePIN space and emphasizes the importance of transparency in tracking on-chain activities, which remains a challenge due to the reliance on off-chain hardware and third-party integrations.
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