Messari对话Starpower: Bullish Outlook for DePIN
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Messari对话Starpower: Bullish Outlook for DePIN
This conversation delved deeply into key issues of energy DePIN, global market opportunities, and the considerations behind technology selection, bringing fresh insights into the convergence of the crypto and energy industries.
Navigating Web3 tides with focused insightsAuthor: Starpower
On the recent "DePIN Power" podcast, Laser, co-founder of Starpower, sat down with Dylan, a researcher at Messari, for an in-depth conversation about DePIN (Decentralized Physical Infrastructure Networks) and its applications and future development in the energy sector.
Dylan is one of the leading experts in the DePIN and RWA (real-world assets) space. He shared insights on the latest trends in the crypto market and expressed optimism about DePIN's potential to lead the next bull run.
Laser discussed Starpower’s progress in energy-focused DePIN initiatives and emphasized the importance of blockchain platforms in advancing the DePIN ecosystem. This dialogue explored key issues in energy DePIN, global market opportunities, and technical considerations, offering fresh perspectives on the convergence of crypto and the energy industry.
Opening and Guest Introduction
Laser welcomes Dylan to the podcast, introduces the background of the Starpower project and the rising interest in DePIN. Dylan shares his work at Messari and his professional experience.
Laser
It's a pleasure to have you with us today, Dylan. You're widely regarded as one of the top experts in the DePIN space, consistently offering deep insights. I'm honored to have you here. Let me briefly introduce our side.
I'm a co-founder of Starpower, an energy-focused DePIN project. In terms of device activations, we’re currently the largest energy DePIN project. Today, we're hosting a series of podcasts centered around DePIN topics.
We’d love to hear about your background, what led you to join Messari, and your current views on this rapidly growing sector.
Dylan
Thank you for having me. I’m a research analyst at Messari, primarily covering DePIN and RWA (real-world asset) infrastructure, along with some AI-related topics—part of our enterprise team’s focus.
Before Messari, I was part of the digital assets team at T. Rowe Price, a major U.S. asset management firm, where I helped shape their tokenization strategy and contributed to early investment outlooks, focusing on mainstream crypto assets and how to integrate them into multi-asset portfolios. I’ve also worked in crypto venture capital. Back in college at Princeton, I co-founded a blockchain club and have been involved in various projects over the past 5 to 7 years. Early on, I worked on a real estate tokenization startup, aiming to fractionalize homes and convert them into rental equity tokens.
Now, my primary focus is DePIN, which is undoubtedly one of the hottest sectors in crypto today—and intellectually, one of the most compelling.
Current Crypto Market Dynamics
Dylan discusses the crypto bull run following Trump’s election victory, the revival of DeFi, and other market movements.
Laser
Great, great. It sounds like you've been involved in blockchain since university. I see you founded blockchain-related organizations back then, moved into venture capital, and now joined Messari—the premier research firm in this industry. Your journey spans academia and practical research. Based on your experience, the crypto sector has been extremely active lately. Are there any new trends or interesting developments you're observing? Of course, DePIN is one of them.
Dylan
Yes, the biggest news right now is the election. Trump’s victory triggered a bull market across both crypto and equities, significantly boosting broader market sentiment. This is largely due to Trump’s strong pro-crypto stance—he promised measures such as establishing a strategic Bitcoin reserve for the U.S., ending the SEC’s crackdown on crypto, and even releasing Silk Road founder Ross Ulbricht. All of this fueled a Bitcoin-led rally, with BTC surpassing $90,000 and reaching $93,000 at the time of recording.
Other sectors followed suit. DeFi performed exceptionally well—some are calling it a “DeFi revival.” Derivatives platforms like Hyper Liquid gained massive traction and may soon launch tokens. Projects like Jupiter and Raydium also showed strong performance. Infrastructure chains such as Solana, Avalanche, and even Ethereum—which had lagged earlier this year—have rebounded. DePIN has done particularly well, with Helium and public token projects like io.net and Xnet delivering solid returns in the past week. Overall, market sentiment is highly positive. Additionally, the Fed plans to cut rates in December, and improving macroeconomic conditions further bolster optimism. That’s the current landscape.
DePIN’s Potential as a Bull Market Leader
Laser raises the possibility of DePIN leading the bull market, and Dylan analyzes the current state of the DePIN space and its long-term impact.
Laser
Yes, I feel that after Trump’s election, the entire crypto industry received a significant boost, pushing us to new all-time highs. Within specific crypto sectors, I believe DePIN—though I may be biased—could emerge as a front-runner in this bull cycle. What’s your take? Could DePIN lead this market upswing or become one of the dominant narratives?
I remember when we first launched Starpower two years ago, almost no one knew about DePIN, especially in our region—Australia and East Asia—where the topic was barely discussed. But now, just two years later, it’s gaining momentum. I’d love to hear your thoughts on whether DePIN can lead this bull run and what its long-term prospects look like.
Dylan
Absolutely. Over the past year, DePIN has seen tremendous success. Early-stage funding grew over 500% year-on-year, and public token performance was similarly strong. Just looking at Q3 alone, funding surged nearly 700%. We’re seeing a massive increase in investor interest across both private and public markets. Exciting new DePIN protocols are emerging weekly, spanning energy, wireless networks, RTK base stations via GEONET, CDN networks like Broadcast and Pipe, and GPU compute networks. These projects are tackling large-scale problems with vast addressable markets. This positions DePIN as a potential leader not only in this market cycle but possibly for years to come.
However, there aren’t many public DePIN tokens yet—many of the most promising protocols are still in testnet or early stages. These teams are prioritizing business model development, tokenomics, and game theory design over rushing to launch tokens. I see this as a positive. DePIN’s greatest strength lies in using crypto to create real-world value and build actual businesses—something unmatched by other sectors. The existing narratives around launched tokens like Render, io.net, and Helium suggest they’ll perform strongly in this cycle. Once these early-stage protocols launch tokens and solidify their operations, DePIN could explode—potentially becoming one of the largest, if not the largest, segments in crypto over the next 5 to 10 years.
The Importance of Energy in DePIN (00:09:41 - 00:12:30)
The discussion turns to the immense potential of DePIN in the energy sector, particularly solar deployment, virtual power plants, and demand response systems.
Laser
Yes, recently we saw Grass’ token launch with strong performance. I think DePIN will remain very hot over the next three to six months.
Alright, let’s circle back to energy. We’ve spoken with others in the DePIN space, and many are bullish on energy-focused DePIN projects. Over the past six months, three to five energy DePIN startups have each raised over $10 million from top-tier VCs like a16z, USV, and Multicoin. We’ve also secured funding from Alliance. It’s hard to find another DePIN subsector with this kind of momentum. What’s your perspective?
Dylan
Yes, I agree—energy is one of the most exciting DePIN subsectors in this cycle. The opportunity here is simply enormous. First, the world is actively transitioning to cleaner energy, with governments pushing to reduce carbon emissions. Renewable sources like solar and wind are central to this shift. Solar is now the cheapest form of energy globally, and DePIN could be the most capital-efficient way to incentivize solar panel installation and expansion. This is a massive opportunity, and Tier 1 VCs clearly recognize it.
Moreover, integrating solar panels and distributed energy resources (DERs) into the grid presents major coordination challenges. Virtual power plants and demand response programs can help solve real-time data issues and modernize the grid. Thus, incentivizing new solar deployments represents a huge market. Analysts estimate that upgrading the U.S. grid alone to accommodate renewables will require trillions annually. DePIN can address a significant portion of this challenge—making it highly impactful. That’s why this space is so full of opportunity and excitement.
I believe energy is one of the standout narratives of this cycle. Wireless is also performing well—Helium recently hit eight-figure annualized revenue, and DAWN and XNET are showing strong results. These too tackle trillion-dollar problems, but energy is existential—it may be the world’s largest market. If DePIN can make meaningful progress in energy, at any level, it would be a monumental breakthrough.
Differences Among DePIN Protocols (00:12:44 - 00:17:13)
Dylan breaks down the three main challenges and directions within energy DePIN: incentivizing solar deployment, integrating distributed energy resources, and enabling real-world asset markets.
Laser
Yes. Another reason I think energy DePIN is heating up is its close link to AI. Marc and Ben recently discussed the AI-energy nexus. On one hand, increased computing demand is causing congestion; on the other, the U.S. grid is strained, while solar panel installations accelerate. It’s like an “impossible triangle,” and solving it is a massive challenge. Ensuring sustainable power supply and enabling AI’s long-term growth are critical. In that sense, energy DePIN is like AI’s “twin brother.”
Also, energy is a broad field. Given your deep research, how do you differentiate between current projects? For example, one project might focus on one problem, another on something else. What drives these differences?
Dylan
Yes, every energy DePIN protocol is unique. Some tackle similar problems, others multiple ones. So it’s hard to categorize them all. But I see three major challenges:
First is incentivizing the deployment of solar panels and solar farms. Using token rewards to overcome adoption barriers—whether rooftop solar, utility-scale installations, or connecting batteries and EV chargers—this is a crucial area. Starpower works in this space, and there are several U.S.-based projects doing similar things.
Second is coordination—integrating distributed energy resources (DERs) into the grid. I believe blockchain is ideal for this, providing verifiable on-chain data and connectivity to DeFi networks. Its composability allows seamless integration with various apps, improving coordination efficiency. It can also incentivize users to share data or cede control of their energy to virtual power plant operators, who generate cost savings for the grid—savings that can be passed back to users.
Third is creating markets for real-world assets (RWA), such as investing in solar projects. These function like tokenized equity—investors earn returns through fully on-chain processes. This brings much-needed liquidity, as traditional markets for such assets are highly illiquid. Investing in a solar farm or wind turbine is extremely difficult in traditional finance. Blockchain, through integrated DeFi markets, enables tokenization and trading of these assets.
These problems are deeply interconnected, so many companies operate at their intersection. Some are experimenting with peer-to-peer energy trading—a complex challenge still in early, conceptual stages. So I’d group them into these three buckets, with each protocol addressing them in its own way—sometimes tackling all three simultaneously.
Geographic Focus of DePIN Protocols (00:17:25 - 00:18:47)
They discuss how different DePIN protocols target different regions and their potential for global expansion.
Laser
Yes, I think different protocols also focus on different geographic regions.
Dylan
Exactly. For example, Daylight focuses solely on the U.S., while Fuse targets Europe. Others prioritize Asian markets, and some aim for global reach—building a worldwide virtual power plant. So strategies and regional focuses vary. And given the sheer size of the energy market—$5 to $10 trillion—I don’t see much direct competition among these protocols yet. Instead, they’re competing against Web2 and traditional solutions.
Laser
Yes, the space is enormous. If you put all Web3 energy DePIN projects in one room, we might not even see each other—it’s that big.
Dylan
Completely agree.
Performance of Different Blockchain Platforms in the DePIN Ecosystem (00:18:51 - 00:23:23)
Laser and Dylan discuss differences in deploying DePIN projects on Solana, EVM chains, and others. Dylan explains why Solana has become popular among DePIN builders.
Laser
Another question: DePIN is undoubtedly one of the hottest narratives now. We see many Layer 1 and Layer 2 blockchains promoting their DePIN ecosystems, with Solana leading the pack. We’re also building on Solana.
Having studied so many DePIN projects, what’s your view? Some build on EVM chains, others on Solana, IoTeX, or Polygon. What are the technical and economic differences?
Dylan
Yes, one fascinating aspect of DePIN is that it’s finally solving real problems—genuine use cases. Most base-layer blockchains—Solana, Polygon, Ethereum—can support DePIN. Yet we see a clear trend of protocols choosing or migrating to Solana.
One reason is Solana’s focus over recent years on being a user-friendly Layer 1—ultra-low fees and high throughput. This is highly attractive to DePIN projects, which want to avoid Ethereum-like congestion and the complexities of experimental Layer 2s or fragmented liquidity.
So Solana has naturally become the default choice. The Solana team has also done an excellent job promoting and supporting DePIN projects. To many builders, Solana feels like a safe platform because it avoids aggressive Layer 2 experimentation. Pure theoretical debates about decentralization or “Twitter wars” between Solana and Ethereum matter little to DePIN teams. Their priority is solving real problems—coordination, network bootstrapping. They just need a reliable, functioning base layer.
Moreover, with so many DePIN projects on Solana, composability and interoperability become seamless. This reinforces Solana’s position as the go-to platform. You mentioned peaq launching yesterday—it has a strong ecosystem. IoTeX does too. These chains attract projects by offering modular, service-oriented solutions. Going forward, we’ll see whether Solana remains dominant or if fragmentation increases, with more projects opting for customized setups. That’s how I’d summarize the current landscape.
Laser
Yes, personally, from a technical and deployment standpoint, ease of use and low transaction costs are our top priorities. As you said, full decentralization isn’t critical for us. The goal of every DePIN project—and the problems we aim to solve—are rooted in the real world. For energy DePIN projects, our mission is accelerating renewable energy adoption, meeting real needs, and solving tangible problems.
So whether it’s IoTeX, peaq, Solana, or EVM chains, the choice depends on familiarity. Also, in early stages, on-chain liquidity can be a key factor. It may influence where we launch our token and mainnet, since robust ecosystem support is essential. From that angle, Solana may have an edge.
Future Outlook for DePIN (00:23:23 - 00:25:10)
Dylan expresses strong optimism about DePIN’s future, predicting major growth next year—especially as energy-focused projects launch mainnets.
Laser
Just my personal take—I know I might sound biased. Do you have any final thoughts before we wrap up?
Dylan
Yes, overall, as we’ve discussed, I believe DePIN is one of the most exciting areas in crypto. It’s solving real-world problems—an anomaly in the space. We’re seeing phenomena previously unseen in crypto: founders with strong infrastructure and Web2 backgrounds entering DePIN to solve long-standing industry challenges that traditional methods couldn’t crack. That gives me great confidence in DePIN’s future.
We’re now seeing real businesses emerge. Glow, an energy project, already has seven-figure revenue. Helium has reached eight figures, Geodnet seven. We’re witnessing on-chain revenue generation in DePIN—a rare phenomenon in crypto outside a few niches.
I believe next year will be pivotal for DePIN. Protocols with proven product-market fit will grow revenues and scale operations. Some of the most exciting projects—especially in energy—will launch tokens on mainnet and begin expanding their ecosystems. We’ve already seen explosive growth this year—I expect even greater momentum next year.
DePIN will gain wider recognition—not just within crypto, but beyond. We’ll see more innovation, more compelling ideas, and more exceptional founders joining the space. I’m incredibly excited about what lies ahead.
Laser
Yes, I believe DePIN can serve as a bridge between Web2 and Web3, helping more Web2 users engage with Web3 in a positive way—unlike the negative perceptions left by events like FTX.
Closing Remarks and Guest Info (00:25:10 - 00:26:23)
They conclude the discussion. Dylan mentions where to find his research and previews an upcoming DePIN energy report.
Laser
Alright, that’s all for today. Have a great evening!
Dylan
Thanks for having me.
You can find my research on Messari or follow me on Twitter @DylanBane. I’ll soon release a comprehensive report on DePIN in energy—don’t miss it if you’re interested in this space.
Laser
Yes, I consider Dylan the best DePIN researcher out there. If you’re interested in DePIN, definitely follow him on Twitter—his content contains invaluable insights for investors. Thank you so much for joining us today!
Dylan
Of course, thank you for the invitation!
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