AI+DePIN: The Main Wave of Value Narrative in This Bull Market
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AI+DePIN: The Main Wave of Value Narrative in This Bull Market
Established DeFi protocols, NFTs, emerging public blockchains, and numerous underlying technological innovations are all converging toward the DePIN direction.
Navigating Web3 tides with focused insightsAuthor: Haotian
Recently, I've devoted some effort to the AI+DePIN sector and have come to believe this could become the primary value narrative driving the current bull market. Established DeFi protocols, NFTs, emerging public chains, and various underlying technological innovations are increasingly converging toward DePIN. Below are several key thoughts I'd like to share:
1) Understanding the concept of DePIN: In simple terms, traditional physical infrastructure networks—such as servers, sensors, and communication networks—rely on centralized computing clusters like AWS or Alibaba Cloud to operate, which presents prohibitively high costs for many small and medium-sized enterprises (SMEs).
DePIN leverages blockchain-based token incentives to enable users with hardware devices to collaboratively build large-scale physical infrastructures that deliver service capabilities. This allows SMEs to access network resources in a cost-effective manner without heavy upfront investment.
2) Some may argue this is just a repeat of the previous bull cycle’s “hardware mining” narrative seen with Filecoin, Chia, and Arweave. Partially true—but not entirely. The key difference this time is the addition of the "AI" variable.
Decentralized storage has demand, but it's not a strong刚需 (strong essential need). It often includes pseudo-demands. For example, while data storage can be addressed, due to distributed network architecture and unstable node efficiency, real-time applications such as online video streaming or gaming struggle to be implemented effectively.
With the integration of AI, large model training emerges as a highly compelling use case. I’ve spoken with several mid-sized AI companies engaged in model training, and they find server hardware costs from providers like AWS unaffordable.
If DePIN can virtualize GPU supply chains or orchestrate global hardware resources into an infrastructure network, strong demands will arise across areas such as large model training, distributed machine learning, data storage validation mining, and distributed inference. This new wave of DePIN will largely depend on momentum from the AI sector. While there will inevitably be projects riding on nothing more than whitepapers at first, in the long run, those capable of actual implementation will stand out.
3) Most likely, AI+DePIN will assume the role previously held by DeFi Summer—becoming the dominant value narrative of this bull cycle. This explains why, after Bitcoin’s rise, we saw Meme coins surge while established DeFi protocols remained stagnant. Whether due to market preference for novelty over legacy projects or the excessive baggage carried by prior DeFi expectations, the core issue has been the lack of a compelling narrative to drive both on-chain and off-chain capital convergence.
Undoubtedly, during the last bull market, NFTs reshaped digital art markets and brought in traditional users and capital. This cycle, AI+DePIN might play a similar transformative role.
Does this mean traditional DeFi has no opportunity? Not at all. In my view, this moment represents a critical reshuffling—and thus a renewal opportunity—for legacy DeFi:
1) Public Chains: Last cycle’s DeFi was overly constrained by the EVM environment. The "EVM-compatible" narrative made chains increasingly homogeneous and improved interoperability, yet everyone focused on infrastructure development while application ecosystems lagged behind.
This time around, AI+DePIN must begin with moving beyond EVM dependence, allowing high-performance chains to take the lead and catalyze killer applications—such as Solana, Sui, and Aptos. Particularly, Solana already hosts a vibrant community of innovative developers. Whether SOL rises to prominence in this bull cycle hinges directly on how well AI+DePIN narratives materialize on its platform.
Bold claims about challenging or surpassing Ethereum will ultimately depend on tangible progress in AI+DePIN use cases on Solana. Recently, I looked into projects like io.net—their valuations are already high, but my experience using them was surprisingly positive, suggesting they could be a latent force ready to ignite the DePIN movement.
2) DeFi Protocols: Not long ago, Vitalik touched upon AI + blockchain, subtly pointing toward a promising startup direction: AI + intent-based DeFi transactions. Essentially, evolving smart contracts into super-intelligent contracts that lower user barriers, enhance UX, and reduce friction in cross-chain trading is precisely where intent-centric models aim to deliver.
Therefore, it's crucial for legacy DeFi protocols to rapidly advance upgrades in intent-driven transaction models and wallet frontends. By aligning with this trajectory, they can stay within the AI+DePIN narrative wave instead of falling behind. Numerous innovative DeFi projects are already exploring this space. A reminder: the intent-centric narrative isn’t over—it simply awaits a project that successfully integrates AI and achieves real-world deployment.
3) Other Underlying Technical Innovations: The current Web3 innovation landscape is already quite mature, with Web2 product excellence and creativity deeply influencing the space. As a result, concepts like "modularity" and "chain abstraction" have emerged—aimed squarely at resolving persistent issues in Web3 such as low inter-chain interaction efficiency and high collaboration costs. These directions are promising, but limited by the slow evolution of legacy chains, so these micro-innovations haven't fully unleashed their potential.
Take ZK technology, for instance. Many claim ZK is the endgame. Currently, however, ZK mainly solves trust between mainchains and sidechains. In reality, ZK can enable trusted asset transfers across all EVM and non-EVM chains alike. Its true value remains largely unrealized. Recently, I noticed a project @ProjectZKM, which implements multi-chain interoperability at the ZK layer and incorporates hardware acceleration aligned with DePIN design principles. It stands a strong chance of securing a pivotal position in the next phase of DePIN adoption.
That's all.
Note: I’ve briefly outlined several perspectives on why I believe AI+DePIN holds significant promise. These views aren't necessarily complete or correct. They stem primarily from a value-oriented research approach and analysis of industry maturation trends—not from secondary-market FOMO speculation. The above is for informational purposes only. Feedback and critique are welcome. Let’s learn together.
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Haotian | CryptoInsight
