Latest DePIN Funding News

A couple of weeks ago, I attended the Nexus Forum in Brussels, where policymakers, researchers, and SMEs gathered to discuss the European Edge Cloud Continuum. This strategic initiative aims to enhance Europe’s capabilities in cloud computing and edge technologies by moving data processing closer to its source. This shift is crucial for achieving faster and more efficient data management, reducing reliance on distant data centers. However, with the European cloud market increasingly dominated by non-EU providers like Amazon, Microsoft, and Google, the EU faces significant challenges in establishing cloud sovereignty and competing on a global scale. The European Commission (EC) is actively investing in cloud and edge computing to address this imbalance, with ambitious goals such as ensuring that 75% of EU enterprises adopt cloud solutions by 2030. The proposed federated cloud model seeks to combine smaller players, including telecom operators and local services, to create a unified front against global giants. However, fragmentation within the European market complicates this effort. The cloud-edge continuum concept aims to integrate various providers, from large cloud services to small edge nodes, to deliver computing resources closer to where data is generated. During the forum, I inquired about the role of decentralized technologies like Streamr in this vision. While the EC's roadmap places decentralized technologies at the far end of the cloud-edge continuum, many DePIN projects are already operational today. Streamr, for instance, can serve as a decentralized data backbone, facilitating the integration of various services and enhancing the efficiency of data management. To realize the potential of decentralized solutions in achieving cloud sovereignty, there must be more dialogue between policymakers and innovators, ensuring that these technologies are recognized and integrated into Europe’s strategic framework for the future.

Binance has recently published its 23rd Proof of Reserves snapshot for October 2024, revealing notable shifts in its major cryptocurrency holdings. The report indicates a decline in Bitcoin (BTC), Ethereum (ETH), and USDT, while the exchange's native token, BNB, has seen an increase. This shift suggests a potential change in Binance's asset management strategy, prompting questions about the effectiveness of this new approach in the current market landscape. The snapshot highlights that between September and October 2024, Binance’s BTC holdings decreased by 1.58%, translating to a loss of 9,577 BTC, leaving the exchange with a total of 596,000 BTC. Ethereum reserves also experienced a decline of 1.37%, equating to over 61,000 ETH. The most significant drop was observed in USDT holdings, which fell by 3.16%, amounting to a decrease of $698 million. These reductions indicate a possible rebalancing of assets or user withdrawals, reflecting the broader volatility that has characterized the cryptocurrency market recently. Conversely, Binance's BNB holdings surged by 2.17%, adding 882,454 tokens to its reserves. This increase signifies a strategic pivot towards enhancing the prominence of BNB within the Binance ecosystem, which plays a crucial role in transaction fees and governance. The fluctuations in these assets underscore Binance's adaptability to market dynamics, with the increase in BNB suggesting a prioritization of its native token amidst the challenges faced by other cryptocurrencies. The October 2024 snapshot thus provides valuable insights into Binance's evolving strategy and priorities during these turbulent times in the crypto market.

Crust Network has made significant strides in its technical progress, recently upgrading its runtime to specification version 25. This upgrade includes parameterization of all control variables for order costs, which can be modified via Parliament, and an adjustment to the File Base Fee strategy. Additionally, the SManager 2.0.3 version optimizes the order timeout logic and introduces a retry mechanism to enhance order success rates. The team is also researching IPFS configuration optimizations and investigating the feasibility of porting the latest IPFS Kubo code to Crust, further integrating its services within the Algorand ecosystem through the wen.tools project. In terms of ecosystem collaboration, Crust has launched its ERC-7588: Blob Transactions Metadata JSON Schema on Ethereum, which enhances data visibility and auditability for blob transactions. This upgrade supports new decentralized applications and improves data management. Crust also sponsored the Polkadot Hackathon 2024 in Singapore, where the CDepin team won the Crust Bounty, showcasing the innovation within the Polkadot ecosystem. To ensure domain name availability, Crust is implementing a multi-domain backup solution, providing several accessible domains to mitigate potential risks. Community engagement remains a priority for Crust, as evidenced by its participation in various events such as the “POL Launch Countdown” in Shanghai and hosting Twitter spaces with partners like SightAI and Tanssi. These initiatives aim to explore the potential of decentralized storage solutions and appchain deployment. Crust also attended Token 2049 and supported the Blockchain Development Program, demonstrating its commitment to fostering community knowledge and collaboration within the blockchain space.

In the ever-evolving landscape of cryptocurrency, analysts are predicting significant gains for DTX Exchange and Bittensor (TAO) in the final quarter of 2024. A Shiba Inu (SHIB) analyst forecasts that these altcoins could see returns as high as 20 times their current value, driven by their innovative features and strong market presence. As the crypto market remains volatile, Shiba Inu has experienced a slight decline of 2.8% over the past week, fluctuating between $0.0415 and $0.0419. Despite this, it appears to be stabilizing around $0.0418, with investors closely monitoring market conditions. Bittensor (TAO) is currently trading at approximately $636.26 and has seen a remarkable price increase of over 14% in the past week. This surge is attributed to growing investor confidence in its decentralized machine-learning capabilities, particularly as major AI companies rebound. Analysts are optimistic about Bittensor's future, especially with the upcoming launch of the Bittensor Improvement Template (BIT001), which will tokenize each subnet within its ecosystem. This, along with the introduction of the $TAOBOT token, is expected to enhance the value of Bittensor (TAO) significantly. On the other hand, DTX Exchange is also poised for substantial growth, with predictions of 20x gains by the end of 2024. The platform's unique features, such as a 1000X trading capacity without KYC requirements and gas-free trading through its VulcanX feature, make it an attractive option for traders. Additionally, DTX Exchange emphasizes financial inclusion for unbanked individuals, providing them access to global markets. With a focus on security through on-chain verifications and non-custodial solutions, DTX Exchange is well-positioned for rapid growth, making it a strong contender in the crypto market alongside Bittensor (TAO).

Srcful, built on the Solana blockchain, and Arkreen, operating on an EVM-compatible chain, are at the forefront of decentralized physical infrastructure networks (DePIN) focused on energy. Their recent integration of APIs allows for real-time solar power generation data to be accessed from connected solar devices. This collaboration signifies a major leap in both the renewable energy and blockchain sectors, facilitating the on-chain monetization of solar energy data. By leveraging this partnership, solar equipment linked to Srcful can now utilize the Arkreen Network to issue tokenized Renewable Energy Certificates (RECs) on-chain, transforming solar power generation data into valuable on-chain assets. The partnership also opens up new avenues for miners on the Srcful platform, who can now earn mining rewards across both ecosystems. This dual engagement not only enhances the financial incentives for participants but also fosters a deeper involvement in the decentralized energy ecosystem. By allowing users to earn rewards from both Srcful and Arkreen, the collaboration aims to stimulate growth and engagement, creating a more vibrant community around decentralized energy solutions. Together, Srcful and Arkreen are dedicated to developing the distributed energy network of the future. Their focus on demand-side applications that convert energy data into environmental asset RECs aligns with the broader objectives of sustainable energy monetization. Furthermore, Srcful’s strategic partnerships, including one with Helium, are designed to leverage Helium’s extensive network of IoT miners, driving further growth. This collaboration marks a significant evolution in the energy data landscape, paving the way for decentralized energy networks to integrate with blockchain technology and enhance the financial viability of sustainable energy initiatives.

VeChain, a leading blockchain platform, has made significant strides in supply chain management by securing key patents in blockchain-based user authentication and inventory management. These innovations enhance security and efficiency across various industries, including retail, luxury goods, and automotive. The VeChainThor blockchain plays a crucial role in real-world applications, particularly within Decentralized Physical Infrastructure Networks (DePIN). The integration of Internet of Things (IoT) technology allows for real-time tracking and anti-counterfeiting measures, ensuring transparency and authenticity in product tracking. The platform's capabilities are exemplified through partnerships with major corporations. For instance, VeChain collaborates with Walmart China to track food products from farm to table, ensuring food safety through real-time data analytics. Additionally, luxury brands like LVMH utilize VeChain's blockchain to verify the authenticity of high-end products, addressing the persistent issue of counterfeiting. In the automotive sector, VeChain works with BMW to streamline complex supply chains, enhancing vehicle production and distribution efficiency. Furthermore, VeChain's applications extend to healthcare, securing the integrity of medical supplies and pharmaceuticals, and even carbon credit tracking to promote sustainability initiatives. Recently, VeChain received approval for a U.S. patent for a blockchain-based user authentication system, which aims to enhance security and authentication processes. This patent introduces a method for managing user identity data across multiple devices securely. Additionally, VeChain attained another patent for a mobile automated inventory container system, further optimizing inventory tracking and supply chain processes. These advancements position VeChain as a pivotal player in the blockchain space, driving innovation and efficiency in supply chain management across various sectors.

Bittensor (TAO) has recently made headlines as its Open Interest reached an all-time high of $189 million, reflecting a significant increase from $50 million on September 5. This surge indicates that more traders are actively engaging with TAO, opening and maintaining positions, which is a positive sign for the token's future. Over the past month, TAO has outperformed Bitcoin (BTC) and the broader cryptocurrency market, gaining over 130%. The overall market capitalization for AI and Big Data cryptocurrencies has also risen from $26 billion to $35 billion, further boosting TAO's position as the second-largest AI crypto with a market cap of $4 billion. The recent performance of TAO has been bolstered by favorable market sentiment, as evidenced by the long/short ratio standing at 1, indicating a balanced outlook among traders. Additionally, more than $800,000 in short positions were liquidated within 24 hours, suggesting that the market is currently not favoring short traders. Technical analysis shows that TAO is trading at $590 and has formed a bullish V-shaped recovery on the four-hour chart, indicating the potential for continued upward momentum. If TAO can break through its current resistance level, the next target price could be $618. Positive indicators such as the Chaikin Money Flow (CMF) being at 0.21 and the Moving Average Convergence Divergence (MACD) line flipping above the Signal line suggest that bullish momentum is strong. Furthermore, the funding rates for TAO have remained positive since late September, indicating that long traders are willing to pay fees to maintain their positions, which reflects confidence in the token's performance. Overall, the combination of rising Open Interest, strong technical indicators, and positive sentiment paints a promising picture for Bittensor's future in the cryptocurrency market.

Firoza Finance has launched a groundbreaking $2 million pilot program featuring the world's first real-world Mudarabah smart contract, aimed at providing Shariah-compliant financing options within the decentralized finance (DeFi) sector. This initiative, a collaboration between Liberty Finance and HAQQ Network, will introduce three distinct investment pools with a Total Value Locked (TVL) exceeding $2 million. The Mudarabah contract, traditionally used by Islamic banks, allows capital to be provided by one party while the business is managed by another, addressing a significant gap for users seeking ethical financial products in the DeFi market. In another development, Eigen Labs, in partnership with LayerZero Labs, has introduced a framework for CryptoEconomic Decentralized Verifier Networks (DVNs). This framework allows developers to bootstrap their own DVNs using various tokens and operators, enhancing the security and efficiency of decentralized applications. The first DVN to utilize this framework is the LayerZero Labs DVN, which accepts EIGEN, ZRO, and ETH as staking assets. This open-source initiative aims to facilitate the creation of decentralized verification systems, promoting broader adoption of decentralized technologies. Additionally, Ava Protocol has partnered with Sony's new L2 blockchain, Soneium, to provide automation services for creators and developers. This collaboration aims to simplify blockchain interactions for users who typically do not engage directly with blockchain technology, thereby lowering barriers to entry in the Web3 space. The integration will be part of Soneium Spark, the blockchain's incubation program, offering participants easy access to on-chain automation opportunities. These developments highlight the ongoing innovation in the blockchain space, as companies strive to create more inclusive and user-friendly financial solutions.

IoTeX, founded in 2017, anticipated the rise of Decentralized Physical Infrastructure Networks (DePIN) long before the concept gained popularity in 2023. The project initially positioned itself as a Layer 1 blockchain focused on connecting the Internet of Things (IoT) with blockchain technology. However, IoTeX has recently pivoted towards a modular approach, reflecting a significant strategic shift in response to evolving industry needs. Jing Sun, co-founder of IoTeX, shared insights into this transformation during an interview at TOKEN2049. Sun explained that while traditional Layer 1 blockchains struggle to address the unique challenges of DePIN projects, particularly in data verification, IoTeX aims to provide foundational support for the entire DePIN ecosystem. This includes developing middleware and various tech stacks that enable efficient off-chain data validation and on-chain value capture. A key component of IoTeX's new strategy is W3bStream, a protocol designed to validate device data off-chain and selectively record critical information on-chain, thus reducing operational costs for DePIN projects. This approach, coupled with IoTeX's concept of 'Sovereign Smart Devices', creates a framework where machines can autonomously participate in economic activities, forming what Sun describes as a 'machine society' within the blockchain ecosystem.

Theta Labs has signed a multi-year agreement with Seoul Women’s University to provide its AI research lab access to Theta EdgeCloud’s decentralized GPU computing power. The partnership aims to boost computational power for AI research in healthcare, bioinformatics, and finance by leveraging Theta EdgeCloud's network of GPUs. Built on the Theta Network, Theta EdgeCloud offers scalable GPU computing resources for AI, media, and entertainment applications. The project secured a $1 million investment from VC firm DWF Labs last year. The collaboration with SWU exemplifies how decentralized physical infrastructure networks can solve real-world problems, reducing costs and increasing research productivity. Theta EdgeCloud reduces GPU costs by 50-70% and accelerates setup times, benefiting the entire AI ecosystem. The DePIN sector, including projects like Theta EdgeCloud, is rapidly growing in the crypto space, with Messari forecasting a market value of $3.5 trillion by 2028. Early-stage DePIN projects have raised over $246 million across 70 deals by August 2024, marking a 296% surge year-over-year.